Posted in Blog  
  on Jun 20, 2014

How to List a Rental Property

When you've got a property that you want to have rented, then one of the most effective ways to get that done is to list the property as available for rent. Many property owners tend to migrate toward professional assistance to get that done, but you can do it on your own if you're willing to put in a little sweat equity.

Here's how you can create a competitive listing for your rental property:

Step #1: Make Your Rent Competitive


Although you may be limited by the amount that you're paying for your mortgage, a competitive monthly rent is required to make a property tempting to rent. In order to determine what the fair market value of your property happens to be from a rental perspective, there are a number of websites available like Zillow or RedFin that will let you see what a fair estimate of monthly rent is for your area. You can use that as a guideline for your own rental rate.



Step #2: Add Upgrades to Your Property


Any upgrade your property has is a justification to increase the amount of rent you are able to charge. If you have modern appliances and a remodeled kitchen, then you can charge more than a home that has appliances that are more than a decade old and are showing signs of wear. Look for upgrades to faucets, fixtures, and even flooring to push up your profitability margins. People will pay more to live in luxury.

Step #3: Advertise Your Property


There are a number of free websites that will let you create a rental listing for your property. You can upload pictures, get an instant listing, and be able to refer people to this website. Most will even funnel email contacts to you from interested parties. Make sure you supplement these efforts with local advertising efforts that can be as simple as placing a sign in your front yard that tells people the home is for rent.



Step #4: Create Specific Criteria


You will get a lot of prospects coming your way in time. That's why now is the time to make sure you've got a secure set of criteria to help screen tenants out. Run a credit check on every prospect, make sure a background check gets done, and be very strict in all of your qualification criteria. Income, credit score, and rental history are three primary places where having strict standards now might slow down the initial rental process, but you'll save yourself a headache later on.

Step #5: Show Homes As Much As Possible


The final step in creating a competitive listing is being able to show off the home to your prospective tenants as much as possible. Most people won't rent a home without looking at it first, so the more you can make yourself available and advertise this fact through your rental listing, the faster you'll be able to get a tenant into your property so you can start earning rental income.

Related

The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More


How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More


The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More


The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More


Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More


Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More


Landlord Inspection Checklist: Rights, Letters, and Reports

Landlords across the state have the prime responsibility to make sure they inspect and up keep their property once they have rented it to the tenants. Inspections can occur monthly or yearly depending... More


Landlord Maintenance Costs and Responsibilities

Everyone knows that a landlord’s job is not easy. These folks have specific duties and responsibilities that they must perform in order to be fair. Being a landlord is not a position but it is, in... More


When to Withhold Tenant Security Deposit

Asking for a security deposit is quite common in property dealings. The reason to ask for a security deposit is to have something that would help a property owner recover some of their financial... More


How to Report Bad Tenants

Bad tenants are the worst-case scenario for any landlord; no one wants them, and if someone has them, they want them out in any way possible. There are times when landlords try as much as they can to... More