Moving abroad? Wondering about what to do with your own property which you left? Relocating for work and want to defray your costs for an empty house? Whatever reason you have to want to rent out your house, the goal is always to do it quickly and start making money.
When you have a vacant rental property, it costs you money for every day it sits empty, so it’s important to reduce that time between qualified, paying tenants to the bare minimum.
Filling a vacant unit with good tenants takes more than just printing up neighbourhood flyers. There are “n” number of things which matters a lot just to rent out your property at an earliest. Here are five steps that will get you going in the right direction.
- Understand the Market: This is something you just cannot ignore when it comes to find out the best rent you will get. Knowing the fact there is a boom in the market of vacant properties, it’s important. Set the cost of the rent by learning what other rental properties are going for in your neighbourhood and community the rent prices of comparable properties will give you a good idea of how much you will be able to charge your own tenants. If you’re asking for rent that is too high, you’ll soon find you don’t have many applicants, leading to longer vacancies and more money out the door. Remember, potential tenants will be scouting around for deals, so set the rent at a competitive price and make sure you highlight all the most valuable aspects of your home. Don’t get too greedy.
- New Technology: Times are changing and we thought it would be good to include a new technology that will be changing the way people market their rentals. Doing things differently affects a lot. We all know how to click photograph or make a video so why don’t we try Panoramas. Taking 360 degree virtual image of rental property would help you to showcase your rental property in its entirety. And then you can advertise it on where ever it is possible to do so. This will be something unique which will attract the renters in a bulk.
- Prepare Your Home:Tenants are more attentive and choosy in a down market because of the increased availability rental homes, and their expectations are much higher. Just to attract more and more clients for your property, you need to even work harder on it as well. Because “Who sees what sells”. You need to clean the house thoroughly and making sure all the appliances are in working conditions.
- Do have the “Empathy Vision”:An owner needs to have the Empathy Vision. You need to think according to Tenant. What all are the things he must in need for! What could be more facilitative for him! What will be the comfort zone for him to stay in my property? Keepings such questions in mind, one may figure out what could be the rent of my property. We all are familiar with one thing that nobody wants to travel with huge and heavy luggage. All we want to have our daily consumable things easily. Right! What could be more fantastic than this!! Owner should put basic things in his property like Modular kitchen, AC, water purifier and ward robes. These are the basic things your tenant will look for. Though it will cost you higher but your rent would suffix it.
- Choosing the Right Tenant: No matter how eager you are to rent out your home, having no tenant is almost always better than having a bad tenant, as they can cause you more headaches. Choosing someone to occupy your house, especially if you are going to resume later is a big decision that should not be taken into lightly. Asking a couple questions and then handing over the keys is not sufficient. Use your instincts regarding potential clients, but also verify all the information they provide.