Leasing properties is an attractive and lucrative way to make steady, passive income, especially when approximately one-third of the population is renting. However, succeeding in real estate management takes hard work; and you won’t always get the results you want right away. When you choose to rent out your home, there are multiple steps you can take to make sure the process goes as smoothly and quickly as possible. Here are top tips to reduce the amount of time you spend searching for the right tenant.
Pay Attention to Curb Appeal
When people think of curb appeal, many think of the attractiveness of a house as viewed from the outside. While this is true, curb appeal refers to more than just the exterior of the home itself—it includes the aesthetic appeal of the entire property, including landscaping. Looking at your property as if you were a prospective tenant as well as getting a professional opinion will help you prioritize what needs improvement. Consider painting over chips and stains, pressure washing steps, driveways, and sidewalks, sprucing up flowers to add color, cleaning up cobwebs, and fixing other minor (or major) defects that you may have grown accustomed to seeing on a daily basis.
Use Excellent Photography
A picture may be worth a thousand words, but when it comes to renting property, it’s priceless. Most people start their search online and may consider or dismiss a property based on how it looks in photographs. If you don’t have quality photos posted, you could be losing potential tenants and delaying the time it takes for you to fill the vacancy. Why ensure your curb appeal is incredible if you plan to use mediocre pictures? Not all renters will first come to see the property in person, so photography is crucial to make the best first impression. It’s also helpful to take several photos rather than just a few that show the outside and a couple main rooms. People want to see a great photo of each room, all entry ways and staircases, and the backyard and/or patio. Make sure the photos are bright and show off some of your home’s best selling points.
Fix Up the Interior
Regardless of whether or not you choose to furnish your home for your tenants, the interior should look clean, fresh, and organized. New coats of paint, clean carpets, and polished floors make a big difference in photos and when you’re showing it off to prospective tenants. When a family or individual checks out a new place to live, they picture themselves living out their daily routines. During this process, they are considering whether the house will fit their lifestyles and if they feel comfortable moving into it. If you have furnishings, more neutral, modern decor in your home may help potential tenants imagine various room layouts and furniture selections (even if they have completely different preferences than you). For example, you may have painted your daughter’s bedroom lavender, but if a young, male professional comes to the house, the impact of that room decreases dramatically. Genderless rooms, neutral-colored walls, and modern furniture will help you highlight the attractive aspects of your home and reach a broader pool of tenants.
Hire a Property Management Company
When you use a property management company to help rent out your home, it can take an average of 30-60 days to find the right tenant. Unfortunately, attempting the process on your own tends to take about twice as long. If you find a company that has a history of success and experience, they should have effective vetting systems and marketing tactics in place for finding tenants. These companies can make sure that you’ve done a good job with the curb appeal, photography, and interior because they have extensive knowledge of what sells and what doesn’t, finding you a tenant faster so that rent check comes in on time.
