Making money with rental properties depends on renting your home faster and for more rent. Today, we’re talking about some of the things you can do.
Focus on the Product
The first thing to do when you want to know how to rent your home is to focus on the product. Really put careful consideration into the home you’re putting on the market. A rental property is a product, and people judge it based on the features it has. So, you’re asking tenants to accept and overlook anything the home is lacking or any deferred maintenance or things that need upgrades. This won’t make you more money or find you a great tenant. McDonald’s knows their hamburgers are cheap. They aren’t trying to charge a lot for their products because they know what they have. You need to know your product and the market. You can lease anything, but it has to be priced right and have the right features.
Embrace Curb Appeal
Curb appeal is the first impression people will get, so don’t hold back. If trees need to be trimmed and all you see in pictures of the house are the trees, make sure you take care of that. If the yard needs work, pay attention to landscaping. In central Texas, the yard is always the first thing to go. Even with good tenants, it’s too expensive to maintain, and water-consuming grass will soak up the water and not be drought tolerant. Keeping a lawn alive in Austin with St. Augustine grass can cost $300 or $400 a month in the summer. So, look at curb appeal and look at the neighborhood. Is there a party house or a short-term rental or a chicken coop or a hoarder living next door? See what you can do to get the entire area looking nice and then price accordingly.
Make Interior Upgrades
Look at interior upgrades that will help you raise your rent and attract great tenants quickly. These upgrades can also help you keep properties rented. Tenants are proud of the home and they want to stay there. So, it’s a double bonus because the upgrades will last longer, protect the home, and make your tenants happy.
Pricing the Home
You want to rent for more, but sometimes renting faster gets you more money. Don’t wait for $100 more in rent if it takes you six months to do it. Prices need to make sense to the public. If your home has features other properties don’t, make sure people know that. If it lacks features that other properties have, you need to account for it in the price. Consider incentives with some sense of urgency. For example, offer two weeks of free rent for leases that start before January 31. There’s no use having an incentive if you don’t put urgency behind it. Think about bonuses for agents too.
Finally, have an application process where everyone is treated like a valued customer. If you get a reputation for not treating people well, you’ll have a hard time renting out your property quickly and for more money.