If you are a landlord or rental property owner that currently has your property listed for rent, you must lease the property fast to reduce the vacancy time. A Rental property vacancy can become an expensive rental property expense that you may not have accounted for when you initially purchased your rental or listed your property for rent.
Renting your home fast is a real estate investor’s dream, but what if your rental property is just not leasing? If you are a landlord doing everything from advertising, rental showings, and screening prospective renters – you may think it’s you that is the problem. But, that is not the case – it comes down to just a few simple tips for renting your property.
As a professional property management company in Orlando, Florida – we have the keys to success when renting your property. Our years of property management experience have fine-tuned the leasing process, and renting your home will be simple if you follow these simple tips.
How To Rent A House?
Whether you are a first-time rental property owner or seasoned real estate investor – it is essential first to understand how to rent your property to find a high-quality renter. So, how do you begin renting your property?
1. Make Ready Repairs
To rent a property and stay in compliance with Landlord-Tenant Laws, it is crucial to take care of any rental property repairs before listing your property for rent. This can help reduce maintenance issues and costs once your tenant moves in and help showcase a well-maintained property.
2. Property Management Plan
If you do not want to list your rental property, you will want to interview property management companies to see what services they can provide you and your rental property. In addition, you’ll want to ask questions about their property management pricing and property management services offered.
3. Market Your Rental Property
If you will be self-managing and listing your home yourself, you’ll need to consider posting your rental property to listing sites such as Apartments.com, Hotpads, and Trulia. To expose your rental property to as many prospective tenants as possible, it will need a rock-solid marketing strategy.
4. Screen Potential Renters
If you want to own a successful rental property – one with no issues, late payments, or lease defaults, you’ll want to make sure you are screening all prospective renters. You’ll want to have prospective tenants fill out an application. You can get set up with landlord-friendly software such as property management software Cozy to filter your renters.
My Home Is Not Renting – What To Do?
If you know the current real estate rental market, you’ve likely heard that the market is hot. Rental homes are leasing like crazy, and numerous renters seek rental housing, especially in Orlando and Central Florida.
At The Listing Real Estate Management, our years of Orlando property management experience have shown two critical attributes to a rental home, not renting.
1. Rental Property Pricing
Accurately pricing a rental property is the number one reason why a property is not renting. If you’re way overpriced on your rental rate, then your home will sit vacant for an extended period.
Any rental home will rent – for the right price. However, we often come across a rental property owner who thinks their property is the bee’s knees. Being too attached to the rental investment drastically over-priced it and made no rental income.
Pricing your rental home correctly can save you thousands of dollars in vacancy costs. Unfortunately, the numbers are in, and rental vacancy costs are expensive – we’re talking in the thousands! We’ve created a breakdown of how much a vacancy costs you and your rental property.
2. Rental Property Condition
If you want to rent your home fast – first impressions are essential. You’ll want to make any rent-ready repairs before you list your property for rent. Simple rental property upgrades can transform your rental home without breaking the bank. Just a little TLC can increase the likelihood of your home renting fast.
When it comes to property conditions – Cleanliness is the most important. If your rental home is clean, tidy, and smells good, prospective renters can often look past the minor imperfections. According to ShelbyClean Orlando, rental property cleanings and deep cleans can quickly transform your rental property and lease your home. You’ll want to perform a professional deep clean of your rental property, and many cleaning companies can do this for just a few hundred dollars.
How To Price My Rental Property?
Suppose you will self-manage your rental property and list your home for rent. You’ll want to understand how to accurately price your rental to gain the most amount of exposure. We have years of experience leasing and property management in Orlando & Central Florida and have provided the following guide to pricing your rental home accurately.
– Past Rental Rate Data
Wherever your rental property’s located, you’ll look at past rental history and data. Local area statistics can be a great indicator of your current rental market conditions. For example, analyze whether rental rates have been increasing or decreasing and if there is a lot of rental inventory or low inventory.
– Current Rental Market Rates
You’ll want to compare your property to current rental homes on the rental market. If there are numerous rental homes similar to yours, you’ll want to price slightly lower than their listing to drive prospective renters to choose your home versus your competition.
– Rental Demand
Rental home demand can dramatically change your rental rates, both positively and negatively. For example, if you are in peak leasing season (June, July, and August) – you may be able to rent your home for much more. In the holiday season, your rental property will typically lease for less due to a smaller renter pool.
Simple Rental Property Upgrades That Boost Price
A few rental property upgrades can boost your rental property and make it stand out from the rest. As a property management company, we frequently deal with rental property repairs and rent-ready items. Some simple rental updates to increase your rental rate are:
- New Paint
- Laminate Flooring
- Stainless Steel Appliances
- New Light Fixtures
- Deep Clean
When it comes to simple rental property repairs, we always recommend keeping it simple. If you overspend and renters don’t see the significance, it was not worth the rental property investment.
Contact A Property Management Company
If you’ve already reduced the price and made rental property repairs and your rental property is still not renting. Then it may be time to contact a professional property manager. There will be reputable property management companies in your local market that know your rental market and can recommend rental property pricing or provide a free property management analysis.
Not only can a property management company rent your vacant unit, but they can also provide full-service property management options where you can reap the benefits of owning a rental investment property without doing any of the work.
What Do Property Managers Do?
Rental property managers lease your rental home and will work on your behalf and keep your rental property running smoothly. Professional property management companies will provide the following services:
- Rental Property Leasing
- Property Marketing
- Screen Prospective Tenants
- Dedicated Property Managers
- Rental Property Inspections
- Legal Compliance & Protection
- Rent Collection
- Financial Reporting
- Year-end Tax Preparation
Having a designated and professional Orlando property management company can help not only lease your property fast but also protect you and your rental investment.
Property Management Summary
If you follow these simple tips – rest assured your property will rent. Rental property pricing and cleanliness are the two most important factors for leasing a rental home. Although your home still doesn’t rent – there are still other options, such as allowing a professional property manager to help you.
If you have any questions or need renting your Orlando rental property, feel free to contact us here at The Listing Real Estate Management, Central Florida’s trusted property management company.