While running a successful rental marketing company and renting out my numerous rental properties. I have picked up a few tricks along the way.
Below are 10 things you can do to rent out your home faster:
1) Pricing Matters
There are many ways to price your home competitively in the marketplace. Some tools to help you along the way are: Rentbits Rental Rates, Zillow, Trulia and others.
2) The Best Months to Post
The best times to gain a tenant are March, April, May, June, July and August. These are the main months when renters move due to seasons, schools, etc.
3) Throw some Make-up On
Have you ever toured a model home for sale? What do you notice? Are there magnets on the fridge? Are there clothes in the hamper? Are the walls scratched? The answer is no. Why? This is what sells homes. Touch up with paint and remove all clutter and you will see a big difference.
4) Replace Light bulbs and Fixtures
A rule of thumb is more light is better than less. Make sure all lights actually have light bulbs
5) Good from Far, Far from Good
We all know first impressions count and people DO judge a book by its cover. With that said, make sure your address numbers are hanging straight, you touch up the paint, you mow the lawn and pull the weeds.
6) My Granite, Stainless Steel Beauty
According to Steven D. Levitt, the author of “Freakonomics“, he suggests that homes that tend to not have many specific attributes worth describing, like “Beautiful”, “Charming”, “Great Location”, “Spacious”, “Attractive”, “Gorgeous”, “Fantastic” and “Lovely” correlate to a lower sales / rental price. “‘Spacious’ homes are often decrepit or impractical. ‘Great neighborhood’ signals a buyer that, well, this house isn’t very nice but others nearby may be.”
What are some of the words or adjectives that are used to help increase the value of ones home and decrease vacancy rates for rental properties? Here’s the breakdown: Granite, State-of-the-art, Stainless Steel Appliances, vaulted Ceilings, Maple, Gourmet, Corian, Wood Floors.
7) Toilet Paper (not the kind in the airport bathrooms)
The small things count. Women in particular like it when the toilet paper is rolled nicely and if it has a triangular shape towards the end like you see in hotels. Men are just glad it has a bathroom.
8) Smell Good
Fragrance is extremely important when a tenant is touring the home. View 10 tips on making your home smell better.
9) Photos are Worth, well You Know
Adding photos to your online and offline ads are very important. Studies have found that photos can increase lead generation by more than 400% as compared to not having photos at all. All of the suggestions within above need to be applied when taking photos. No clutter, clean, lots of light, etc.. Top rooms tenants are most interested in when viewing photos are front of property, kitchen, living, master, bathrooms and backyard if it has one.
10) Get a property manager
I personally use a property manager to manage all my properties. This makes it much more easier for me to concentrate on other things like acquiring new properties. A property manager has lots of contacts and past tenants that they can contact to help fill your vacancy faster. Total cost of a property manager is usually 1/2 of first months rent and then 10% of gross rent each month after that. For more information on property managers go to NARPM.