If you own a home, your mortgage is probably one of the biggest bills you pay each month. It’s also the most important. If you don’t pay your mortgage, you run the risk of foreclosure — and could eventually lose your home. If you have a rewards credit card, you might be tempted to use your credit card to...
When you own a rental property, whether it’s for long-term tenants or simply for those looking to get away for the weekend, you have to ensure that your property is the best. This means not only keeping it clean and full of desirable features but also running efficiently, even when you’re away. However, if that property is vacant, you might be looking for more ways to make your rental property more marketable.
We hope that this post prvides a few simple tips that will help make your property more marketing, especially when trying to find renters online.
The people staying in your property want to enjoy a safe and secure rental experience. This is especially important if your property is in a high crime or tourist area. Spend a few hours evaluating how secure the home, condo, cabin, or apartment really is. You can also use this rental security checklist.
For freestanding properties, bring any landscaping professional that can trim any overgrown bushes that might serve as a hiding spot for someone to break through a low window.
You can also install a smart home security system, which can integrate with your outdoor cameras, path lights, and video-enabled doorbell.
Convenience Is Key
In addition to feeling secure, vacationers and long-term tenants alike will appreciate convenience in all of its forms. The RentRedi app is one example. Directly from the mobile app, tenants can pay rent, sign the lease, and even connect with local moving companies when it’s time to go.
Something else to consider here is making sure your guests have access to someone 24/7. You can outsource to a premium maintenance service or assistant, which can route inquiries to the appropriate source. This is especially helpful in the overnight hours, and advertising that you have agents available around the clock gives you a competitive advantage.
If you have yet to purchase your rental, know that affordability is subjective and does not mean the same thing from one area to the next. A $1000 per month rental in the city will likely be considered a better value than the same price 30 minutes outside of town.
When you are buying your first property, Rocket Mortgage explains that understanding your costs is part of the process. You’ll be required to pay everything from property taxes and utilities to the mortgage and maintenance expenses. So, it’s important to understand just how much you can rent your house for without scaring off tenants with the price.
Since you’ll have to factor these into your nightly or monthly rental fee, speak with your mortgage broker to confirm that you can afford the mortgage and then look at similar properties to see if the rent will cover everything you are paying.
Do you envision owning your property with completely passive income? If so, it’s time to look into using a property management software or, if potentially using a property manager. There are lots of benefits to both, so you can check out the pros and cons of using a property management software vs a property manager here.
Tenants can like the concept of using a companion tenant app to pay their rent and even boost their credit score like they can using RentRedi.
Importantly, make sure no matter what you do that you comply with the Fair Housing Act and the Americans With Disabilities Act, both of which may be difficult to understand for a novice investor. (This outline touches on the major points of the Americans With Disabilities Act.)
4 Ways to Make Your Rental Property More Marketable
It takes time to get to know all of the subtle nuances involved in owning real estate. Fortunately, there are many parallels between the different types and investments you might make.
Whether you’re choosing a nightly rental or you want long-term lessees, there are steps you can take to make your property the most compelling.
The above are just a few. If you’re still looking for more ideas, ask your renters. They will always be the best source of information for what they want and need.