Rental properties remain a fantastic investment. They can require a lot of work though, and you only make money when units are filled.
In a competitive rental market, this can be a challenge. The good news is that there are some basic things you can do to optimize your chances of success.
Below are some basic rental leasing hacks for new landlords. Keep reading to learn how to keep your Fort Wayne, Texas, properties filled, so that you can get the most out of your investment.
Define Your Target Audience
Before you do any marketing, determine who may be most likely to rent your property. If is it a smaller two-bedroom near restaurants, shopping, nightlife, or a college, then young, single, or childless couples may be your demographic. If it is a larger space on a quiet street with a big yard, then it may be more suited to the housing needs of families.
This does not mean you should unilaterally rule out particular types of prospective renters. It merely gets you thinking about who is most likely to be attracted to the property and the area, so that you talk up those strengths.
Have a Sound Pricing Strategy
What a property rented for last year could be very different than what you should list it for today. Doing your research means you can price your rental competitively while still getting the most revenue possible.
Determining the right rate involves staying up-to-speed on local market trends. Do a property search of online listings for similar-sized units in comparable locations. Think about all the assets the property has to offer and be realistic about any drawbacks.
Include Relevant Information in Marketing
When you are advertising a property, be sure to include as much relevant information as possible. A succinct blurb that describes the unit size, number of bedrooms, cost, and the neighborhood is a good start.
Emphasize any amenities or proximity to things like parks or shipping. State whether pets are allowed and what appliances the home or apartment has.
Giving potential renters a clear picture can save you a lot of time and effort. It lets you connect with the right renters and keeps you from having to field questions that could already have been answered.
A lot of people who have rental properties are very self-sufficient and innovative. But you should not underestimate the capabilities of professionals.
Good property management companies can fill in gaps while allowing you to make all the important decisions. They can market the property and screen tenants.
They can handle rental leasing, rent collection, and maintenance. It can ensure your property gets and stays rented by quality tenants, without all the work and headaches.
Learn More Rental Leasing Hacks
Now that you know some tried and tested rental leasing hacks for new landlords in Fort Wayne, you can get the ball rolling. Remember that leveraging the expertise of professionals can help you expedite the leasing process and free you up to focus on more important things.
At HomeRiver Group, our goal is to be the premier residential property management company in the United States. We offer a range of services, including acquisition, renovation, leasing, routine maintenance, and more. Reach out to us to schedule a free consultation today.