Top Proactive Ways Landlords can Increase Rent of their Rental Property
If you have recently bought a rental property and are looking to rent it out, there are many different things that you will need to consider. One of the things that you need to think about is the way you can increase the rent and the return on the investment. To do so, it is essential not just to get high quality of tenants, but also lease the property faster when it is vacant. Here are some of the top tips to help you not only increase tenant retention, but also get the maximum rent out of your rental property –
Enhance the Appearance of the Front of the Property
Most tenants will make up their mind in merely seven seconds if they want to rent your property or not. Thus, to make a good first impression, it is vital that you make a simple aesthetic improvement to the front of your property. You can choose to paint your front door, mow the lawn, replace your old mailbox or hedge the bushes properly and all this can make a huge difference to the rent of your property.
Good Quality of Advertising
Many property owners believe that all they need to do to find a tenant is to put up a sign in the yard. But, it means that you are under-renting the house, and you will probably end up with low rent. You need to put up quality advertising online to help you find a high-quality tenant. You should use high-quality images of the house along with detailed description of the house to get more calls allowing you to pick someone willing to pay higher rent.
Ensure that the House is Lit and Smells Great for Showing
Before showing your house to prospective tenants, you need to clean your house properly. You should also ensure that the lights are on and the blinds are open to let natural light come in. Dark rooms can make rooms look much smaller than they are. You should also use air fresheners to make the house smell nice. A well-lit house that smells good will be more welcoming, and the prospective tenants will be able to remember it much after they have left the house.
Instead Of Just Showing the House, You should Sell It
If you think that by just showing your house, the prospective tenant will like it, then you are absolutely wrong. You should try to sell the house to them by building a good rapport with them. You should be friendly with them and try to answer their questions. But remember not to be too pushy or oversell it. If you are going to rent your property, you need to set it apart from other good properties. By being kind and friendly with the prospective tenant can be a huge plus as people like to rent properties from friendly people.
Do Not Under-Rent a Property
Putting a rent to a house can be quite tricky. You do not want to put it too high that it will keep prospective tenants away and it should not be too low that you will have to stick with it. Remember that every day your house remains vacant, you are losing rent, but it also does not mean that you charge much less than you expect from it. It is best to start the rent at a high range rather than low.
Screen the Tenants Properly
It has been seen that bad tenants can cost you ruin your cash flow. You need to ensure that the tenants you pick are quality ones. Check the credit history and criminal record of the prospective tenants. They should also be able to provide you with past landlord references so that you can talk to them about the tenant’s behavior during their stay in their house.
Allow Pets on Your Property
Often people with pets are looking for houses to rent rather than apartments. Thus, if you have a house to rent, you should allow pets, and then you can also charge pet rent. Most pet owners would be willing to pay the pet rent as there are fewer landlords who allow pets on their property making you one of the few. It is quite common for pets to do some damage, but it can be easily be covered by the pet rent and also with a non-refundable pet deposit that you are free to charge.
Remember that proper management is crucial if you want to increase the rent of your house. If you are unable to spend time on its management, it is best to hire a professional property management company.
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