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.
Posted on Jun 20, 2014


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