Rental properties have become great investments. Reports suggest that Americans renting properties has hit its highest point in over 50 years. However, there will be plenty of apartments and houses to rent in any city, so you need to give people a reason to rent from you. If you have had trouble with filling a vacant unit in the past, here are some tips that can help you keep the places filled.
Keep the Existing Tenants Happy
One of the biggest selling points of your rental unit will be how happy other people are. You should expect people coming to tour the property will talk to the other tenants to see if they have any suggestions. During this time, you want to respond to any maintenance requests promptly and keep the area around the building clean. Stellar reviews in addition to a great-looking apartment will likely result in someone wanting to rent sooner.
Hire a Real Estate Expert
It may be tough for you to figure out what you need to change to rent an apartment faster. This highlights the importance of an apartment management company or a real estate professional. This expert will be able to tell you what you need to change. An expert will also be able to answer any questions you have about the process in case you are a first-time landlord.
Make a Great First Impression
You can do a lot of good for the property by applying a fresh coat of paint to the outside. First impressions are everything in the world of real estate, and you do not want to send people away before they have even stepped inside. You should also take care of any foliage on the outside, making sure to trim any trees and bushes.
Price It Right
It is recommended for landlords to look at similar apartments or houses in the area to see what they are renting for. You do not want yours to be exorbitantly higher, but you also need to consider what amenities your property provides. Sometimes selling a rental property fast is better than getting a little more money out of rent over the following months.
Write Good Marketing Copy
There are many places online you can post the open unit, and you want to make sure you market it properly. You do not need a marketing degree to know that you need to tell applicants everything they need to know to make an informed decision. You should tell people the number of bedrooms, rent due, any utilities included in the rent, the deposit and the pet policy. You should also consider what features make your property stand out, such as a pool.
Use as Much Advertising as Possible
Landlords have more marketing options than ever before to fill a vacancy. In addition to posting the opening on various websites, they should also consider taking out an ad in the local newspaper. It is also a good idea to put a sign out in front of the building saying there is a unit for rent. Many landlords also see a lot of success through word of mouth. They inform the other tenants of the open unit and encourage them to reach out to coworkers and friends.
People need places to live, so even by following a few of these tips, you are bound to receive quite a few phone calls from interested parties. After you show the property, you will need to thoroughly vet the applicants to make sure they can afford rent and be amicable to their neighbors. In many cases, landlords can rent out a unit in as little as a week with the right actions.
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