Five Tips for Renting a Property Quickly
Renting a property can be a tedious task. A task that can either make or break any small landlord. Ensuring that ones properties get rented quickly and efficiently is the key to generating and sustaining healthy profits. For this reason, five tips for renting a property quickly and painlessly are discussed in the remainder of this article.
1.) Send out an “Intent to Return” form – One of the most powerful techniques, sending out a form asking current tenants if they intend to stay another year allows the landlord to prepare for a possible vacancy. If feasible, send the letter two months before the current tenant’s lease is due to expire. If the tenant is planning on leaving, this will give the property manager plenty of time to find a replacement.
Including a self-addressed stamped envelope along with the letter ensures that the tenant will mail it back within a reasonable time period.
2.) Give Incentives for Staying – Offering the current tenant a rent-deduction for a month or two shows the tenant that the landlord cares. Everyone loves a little extra money, especially those renting a home.
3.) List your Vacancy on the Web – If the local community has a web site that allows people to post listings for their rental properties, take advantage. Times are changing, and computer savvy people would rather browse through properties online than spend hours driving through local neighborhoods. These sites are especially useful and popular in communities that have local colleges and universities.
4.) Offer Referral Money – If the tenant is leaving for sure, offer them money if they can locate a new tenant. This is a win-win situation because both the tenant and landlord receive a financial benefit.
5.) Offer Informational Packets with your Rental Signs – Sticking a “For Rent” sign in the front yard is a time-tested way to let others know a property is for rent. Why not give ones self an advantage over the competition and place an informational tube on the rent sign. This not only gives potential tenants up-front information about the property, but also saves the property manager time by weeding out people that are not a good fit for the property.
Using the above tips along with their own ideas, landlords can be sure that they will rent their properties quick and beat the competition.
The author is an avid real estate investor, as well as the owner of http://www.landlorddocuments.com and the co owner of http://www.collegecampusconnection.com .
