Like every rental property owner in Denver, you want to rent your house out as quickly as possible. A vacancy is the biggest detriment to your investment. To help, we’ve put together this property manager’s list of 6 landlord tricks and tips for renting out a house fast.
- List Your House Rental Online
- Offer A Move-In Special
- Keep Rent Competitive
- Screen Tenants Carefully
- Make Your Property Move-In Ready
- Hire A Property Management Company
1. List Your House Rental Online
Today, the first place renters go to find a new home is online. So, it’s just good business sense to put your rental online, too. Make sure your listing includes quality photos, specifics about the property, and details about the neighborhood.
It’s impossible to guess which platforms potential tenants will prefer using, so it’s best to be on all of them. Do you have the time (or tech-savvy) to manage them all and respond to all of the inquiries you’ll receive? If not, consider hiring a marketer who can handle it for you.
2. Offer A Move-In Special
This property management tip is more common than you might think. Many landlords use these kinds of deals to persuade prospects into signing a lease quickly. They’re also helpful incentives if you must list your home at the high end of the market.
If you want tenants to sign quickly, consider a “first month free” deal. Alternatively, you can offer a lower rent in exchange for a longer lease to guarantee a long-term tenant. Waiving the security deposit or application fee are other small ways to entice a prospect to sign with you.
3. Keep Rent Competitive
Keep an eye on other properties similar to yours in the area and what rent they are charging. Note how long each property stays on the market, and study the examples that get rented the fastest. If you find a similar property that’s been on the market for two months or more, that landlord is probably making mistakes you’d do well to avoid.
Common financial sense dictates that listing in the middle of the market trends will lead to more inquiries from prospective tenants. Many home rental managers recommend listing slightly under market value, claiming it’s a sweet spot. This strategy is built on generating a lot of interest (and applications) quickly, thus allowing you to accept the best of the bunch.
4. Screen Tenants Carefully
Conducting background checks on prospective tenants is a must. Doing so gives you the security of knowing that a trustworthy person is living on your property. It will also spare you future headaches and stress.
You want to use a third-party service that provides credit checks, rental reports, and criminal and employment history. If that sounds too overwhelming, consider paying for professional management that includes tenant screening services. These home rental experts know what red flags to look for.
5. Make Your Property Move-In Ready
It’s much easier to advertise and show your house when it’s already in “move-in condition.” It’s as simple as telling all prospects that the house comes as-is. Then, if there’s something about it a candidate doesn’t like, they can go elsewhere instead of assuming you’ll change it before they move in.
“Move-in condition” doesn’t just mean taking all of your furniture out. It means cleaning the carpets, mowing the lawn, and putting on a fresh coat of paint inside and out. Replace any carpet over three years old and any kitchen appliances or bathroom fixtures over ten years old.
6. Hire A Property Management Company
As the name suggests, professional property managers excel at managing your rental property after tenants move in. We’re also experts at marketing the property, screening tenants, and collecting rent. We don’t just save you time. We also help get your rental off the market fast.
For example, if you’re not available to show your property when a prospect wants to see it, it will take much longer to rent out that property. You’re less likely to lose opportunities when you have a team of professionals who are available to show your property seven days a week.
Hire A Denver Property Management Company Today
Denver rental property management is a lot of work that often leads to an equal number of headaches. If you’ve discovered that it’s just too much for you, contact Cobalt Creek Property Management today. We’re happy to answer any questions you have and determine if we’d be a good fit for your rental business.