When you are looking to sell an old camera or bicycle that you no longer use, how do you go about the process? Well, you first look at the qualities of the item and use those enticing traits to attract buyers. Right?
The same thing applies to putting out a rental unit on the market as well. It begins with ensuring that you make the rental unit as attractive to potential renters as possible. Here are some steps you can take to do that.
Do Any Necessary Repairs
Before you put your rental property on the market, you will want to ensure that there aren't any major faults in the property. You want potential tenants to come in and be happy to see the property, not annoyed that there are so many things that don't work properly.
Highlight Your Rental Unit’s Best Features
Your rental unit will probably have one or two things that will entice tenants to rent it. It could be its proximity to a great university or the abundance of delicious food places around. Or maybe the fact that it's in a quiet neighborhood.
Whatever it is, make sure you highlight this in the listing. Don't forget that your listing photos matter quite a bit, so have someone take them professionally, if possible.
Do Some Marketing
Instead of just putting your listing on the market and waiting for tenants to come through, do a bit of marketing for it. This could be as simple as putting it on Facebook Marketplace or going into Facebook groups meant for renters and posting your rental property there.
Choose Your First Tenant With Care
You will want to price your rental unit high enough so that you have some positive cash flow coming from it, but not so high that tenants get turned off by the price.
Also, you will want to do the proper credit checks and ensure that you choose your first tenant properly. You don't want to spend your precious time chasing after non-paying tenants.
Make Sure You Keep Doing Regular Maintenance
Once you have rented out your unit, your work isn't done. You will need to keep a watch on your unit to make sure that you repair anything that's broken immediately and do regular maintenance on it so your rental property stays viable for a long time to come.
Ready to List Your First Rental Unit
Follow the steps above, and your rental unit will be ready for the real estate market. Even if there's lots of competition in the market, if you have a good rental property with enticing features, you have nothing to worry about.
Tired of taking care of your properties on your own? When you reach that point, contact us for property management services, so you can relax and enjoy life while taking advantage of the positive cash flow.