Like every rental property owner in America, you’d want to rent out your property as quickly as possible – and why shouldn’t you? A vacancy in your property is money down the drain. To help mitigate the losses you incur, we’ve put together this brief guide that helps you attract tenants fast.
Follow these tips and start enjoying the benefits of a passive income!
1. Screening is Essential
Conducting a background check on the tenants who submit an application is vital. Doing so will give you a sense of security since you’ll know whether the person living on your property is trustworthy or not. This will also save you from future stress and headaches.
To do this, you’d want to use a third-party service that can provide you with tenants’ rental reports, employment history, criminal records, and a credit checks. If that sounds too overwhelming, you can also hire a professional management service that provides tenant screening services. These people are essentially experts of rental agreements, and they know what to look for.
2. Ensure Your Property is Ready for a Move-In
One way to attract a lot of tenants is by ensuring your property is in move-in condition at all times. By doing this, you’re quite simply ensuring that your house is ready for tenants to move in without waiting for a considerable period. If a prospective tenant doesn’t like something about the property or if it doesn’t meet their needs, they can continue their search for a different rental property.
To put it simply, it saves you and your potential tenants a lot of time. That said, the “move-in” condition doesn’t only mean that you take all of the old furniture out. It means that you clean those dirty carpets, put a fresh coat of paint on the walls, clean the house completely, and mow the lawn. Pay special attention to your house’s curb appeal since your front yard will be the first thing people notice when they come to see your house.
Replace any carpet that is damaged and any kitchen appliances that aren’t working. It’s also a great time to evaluate the condition of the bathrooms to see if any fixtures need to be replaced.
3. Keep the Rent Competitive
While you’d want to attract the highest number of tenants towards your house, it’s also going to be in your best interest to keep a competitive rent for your establishment. To do this, you’ll have to keep an eye on properties that are similar to yours, and you’ll need to know the rent they’re charging. Make a mental note of the time each property spends on the market and study cases that get off the market the fastest.
Why did they get rented out fast? What did the property owner do differently? Was it a good price, or was it a legitimately impressive property? If you find a property that’s been on the market for more than two months, you’d also want to learn from its mistakes. How have they listed their property? Why are people not moving in?
Industry experts suggest that you list your property for rent in the middle of a market trend. This will lead to more inquiries for your house, and there are going to be several prospective tenants wanting to move in.
Veteran property managers suggest you list your unit slightly under the market average since it’s the sweet spot. This way, your property will generate interest from people looking for a property, letting you accept the best out of the bunch.
4. Consider Hiring a Property Management Company
As the name may suggest, property management experts help you attract tenants fast, and it is their job to manage your property after the tenants have moved in. They’re also excellent at marketing your property, collecting rent, and screening tenants on your behalf.
Not only are they going to save you time, but they’ll also help get your house off the market fast.