According to various researches, most property buyers start their search online. The same applies for renters.
The modern world is characterized with high levels investment in real estate; probably for being the safest, easiest and return assured investment option. This has even been made easier with the growth of real estate industry, which apart from building the own property and selling or renting out, they also seek to connect those who are selling or renting out their property with the consumers.
What this means is that if you’re new in the industry as a property owners and seeks to rent it out, you should warm up a very stiff competition from like-minded individuals and real estate firms. Nevertheless, with these tips below you should be able to rent out your property quickly in a modern world.
How to rent your property quickly in a modern world
• Location: The location of your property plays a big role in determining how fast you find a renter. For instance, if your property is situated somewhere along the street that experience a lot of traffic, you’re bound to receive a lot of calls or visits from interested parties. However, if it’s situated at a dead end, the opposite is true. You’ll be lucky to see a few cars drive every day. The more your property is exposed to people, the better your chances of renting it out quickly.
• Make it attractive: Prepare your property to rent the same way you’d prepare a property to sell in. Renters equally value the same benefits or amenities that buyers seek. Thus, make your rental property inviting. This involves making repairs that you’ve been ignoring, painting the walls, removing unnecessary clutter, thoroughly cleaning the carpets, and ensuring the lawn and flowers are trimmed, and cleaning the balcony and pavements.
• Advertise your property: According to various researches, most property buyers start their search online. The same applies for renters. Post the property on community specific websites such as national websites and Craigslist and on the local newspaper’s website. Use social media accounts to market your property. The more people know about your property, the higher your chances of getting a renter quickly.
• Screen potential candidates: Apart from simply finding a renter fast for your property, you’ll want to find a good tenant. To achieve this, you’ll need to check three basic areas: the client’s criminal record, credit history and past tenant behavior. To do this effectively and able to protect your assets, consider hiring a property management firm or, on the other hand, hire an objective third-party to help you with that.
• Have an open house: Having an open house day will enable potential renters to view your property without the pressure or tension that comes with meeting you individually. Advertise the open day in your local newspapers, local newspapers’ websites and your website. Have your Realtor promote the open house day on his company’s website.
• Set competitive rates: Ultimately, the monthly rent charge will play a huge role in determining how fast you rent out your property. Before deciding on the monthly rent charge, conduct a little research to find out the rent charged on comparable rents within your community. The best way to do this is through the internet. Does your monthly rent include utilities and pool or lawn maintenance? If not, does it include a washer or dryer and kitchen appliances? Put all these factors into consideration, and then set a competitive monthly fee.
• Rent with fairness: Every potential renter that you come across must be treated with utmost respect. In addition, there are laws that protect renters in case they feel the property owner is treating them unfairly. For instance, the Federal Fair Housing Act. It identifies 7 protected classes: sex, religion, race, national origin, ancestry, disability, and familial status. Good relationship with your clients will paint a good picture of you to the other people or community, thereby helping you find a renter quickly.