If you’re not currently living in a property you own, renting it out can be a lucrative way of generating a return on your investment. However, renting out a home is generally more complex than a condo, for a number of reasons.
Notably due to the higher rent it commands, the greater amount of maintenance required, and the smaller pool of potential tenants. So, what can you do to find a tenant despite these challenges?
Make Sure the Place Looks Its Best
First impressions count a great deal! Therefore, invest in the services of a professional who will photograph your house as flatteringly as possible. Bright, clear images showcase rooms in their best light and garner more clicks on rental platforms.
Focus on Lifestyle
Give each room a specific ambiance as appropriate for photos and visits. This might include making over the bathroom with candles, fluffy towels and soft lighting, or creating an inviting balcony with a chaise, book and a small side table for a cup of coffee. You could also set up a game room to attract young families or turn the main bedroom into a cozy haven.
Write an Appealing House Listing Description
A well-written description can make all the difference. Highlight your house’s unique characteristics, such as a renovated kitchen, a spacious backyard, or proximity to public transport. If the price is the main selling point, explicitly state you’re charging below the market rate for similar rentals in your neighbourhood. If your property is the only rental in the area, stress this specific point! You could likewise mention the friendly community spirit and the general atmosphere. The important thing is to be honest and provide detailed information to avoid disappointing visitors.
Set a Competitive Rental Price
Conduct a market study of your region and compare your property with the other rentals. Don’t forget to take aesthetic considerations into account. That is to say, don’t limit your analysis to the number of rooms or included features, but also the overall appearance (current or dated decor). An inflated price may drive away potential tenants, yet if it’s too low, people may grow suspicious. Strike the right balance!
If you haven’t gotten any bites after several weeks, the time might have come to reduce your price. Renting out for less is better than not renting at all!
Offer Creative Perks
Extras can make your rental more attractive. Consider giving a discount on the first month’s rent or including services such as free Wi-Fi. Offer to take care of the lawn mowing, yard and pool maintenance, or snow removal. These little touches could convince a tenant to pick your house over another.
Be Responsive and Available
Another way to attract tenants is by responding quickly to queries and being flexible with arrangements. This proactive approach shows you’ll be an attentive landlord once they sign the lease.
Renovate
Investing in improvements can boost your house’s appeal. When you carry out your market analysis, consider what more you can offer compared to the competition! A fresh coat of paint, modern appliances or an outdoor kitchen can make quite a difference and justify a higher rent.
Leverage Social Media and Various Platforms
Social media is an excellent tool to market your property. Share photos and details on local groups and sites dedicated to real estate. And don’t limit yourself to a single rental platform. Create listings on popular websites such as those of real estate agencies for maximum visibility.
Hire a Real Estate Broker
Some brokers also offer rental property services. Thanks to their network of contacts and their expertise, they’re well placed to help you find tenants.
Offer Flexible Lease Terms
Tenants appreciate flexibility. Offer short-term or long-term rental options according to their needs. Such adaptability may draw in a wider range of people, especially those with temporary work commitments.
Maintain Your House
A well cared for home is much more appealing to potential tenants. Ensure all the plumbing, electrical and heating systems are functioning properly as well. A clean and safe environment is crucial to attracting and retaining good tenants.
By following our advice, you’re sure to find one or many tenants for your property!