Tuesday, 20 August 2019
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This Old House - Do-it-Yourself

5 Tips to Boost the Interest in Your Rental Property

Written by Posted On Tuesday, 13 August 2019 17:33

Many people turn to rental properties, otherwise known as investment properties, as a way to generate more passive income, especially when the real estate market is doing pretty well. If you have a rental property, you’ll want to ensure you’re getting the most money out of it—after all, the purpose is to MAKE money with these properties, not lose money or break even. But in order to make money on your rental property, you need to ensure it stands out and meets the requirements that renters are looking for in a rental. Check out these five tips to boost the interest in your rental property below.


1. Fix any issues or damage.

If you want to get the most money out of your rental property, you need to ensure it’s up to renters’ standards. This means you need to take the time to go through the property and fix any issues or damage that you notice. For instance, something as small as a broken door could be enough to deter someone from renting your property. Plus, the more issues they find, the more money they’ll want off their rent. If you are looking to generate a decent rent on your rental property, then you need to ensure it’s move-in ready and appeals to those potential renters.


2. Price it appropriately.

Most property owners can get a good penny for rent, but you need to make sure you’re not asking too much money for the style of home and the area it’s located. If your rent is much higher than other rental properties in the area, you can rest assured you’ll have a hard time generating interest in your property. Instead, take some time to compare other rental properties in the area and see what they are asking for. In addition, it may make sense to talk with a local realtor and hear their thoughts on how you should be pricing your property.


3. Pay attention to detail.

Another way to generate more interest in your rental property is to pay attention to detail and add in perks that other rentals may not offer. For instance, if you have a nice patio on your property, find a patio furniture sale and make that outdoor living space more attractive. Doing this will make your rental property stand out from others in the area and make people excited to live there. You can also think of other perks you can add, such as including a parking space, renting the space furnished, throwing in some utilities free of charge, etc. All of these perks will certainly help you generate interest in your space and make your property easier to rent.


4. Consider price incentives.

The biggest problem landlords have is not having renters. One way to ensure you get people in your home is to consider price incentives. For instance, if you have renters willing to sign a rental agreement for more than one year, consider giving them a discount on their monthly rent. You can also consider giving renters price incentives on their first month or their last month, depending on when they are planning to move into your property. This small gesture will make your property stand out to others who aren’t offering any type of incentive. 


5. Offer a referral bonus.

Another way to help generate interest in your property is to have others do the work for you. Talk with friends, family members and local businesses and have them advertise your property for you. If you get a renter from someone’s referral, give that referrer some type of bonus, whether in the form of cash or even a gift card. When others are incentivized to help you spread the word about your property, you will find you don’t have to do as much work. 


If you currently have renters and know they are planning to leave, you can also offer them an incentive to find new renters. Maybe you don’t charge them their last month’s rent or give them some extra money back on their security deposit. Either way, you will be spreading the word on your property and getting more people in the door. And since these are referrals from people you know and trust, you can rest assured you’ll be getting good renters.

Rental properties are a great way to boost your income, but you need to ensure you have people willing to live there. By using these tips, you’ll find that your property becomes one of the most popular in your area.

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