If you own rental property, all of your revenue is tied to keeping the property rented at all times. An empty house is not producing any revenue and that defeats all of your other efforts.
Here are five quick tips to successfully rent your home:
Curb Appeal: Curb appeal is an important area on which to focus your money and your efforts. When potential residents drive by, you want your property to be attractive and appealing. Statistics show time and time again that people rent homes because of what they see when they drive by. If your property is unattractive, you will have a hard time renting no matter what other tactics you use.
Signage: Be sure to put a sign in the yard. The sign should be large enough that it will catch the eye of someone driving by. You want your sign to be professional and attractive. Drive by the property often to make sure the sign is still up and the property is in top shape.
Get the Word Out: Make it easy for people to know about your home. Research the area and see how people are looking for homes. Use at least five different online sources to market your home. Craigslist is a popular website, but not everyone uses Craigslist. Make sure you are marketing the home every day!
Answer the Phone: Answer the phone when it rings! Many people or businesses use an automated voicemail service for convenience, but this can make it frustrating for potential tenants. Have a person available to answer the phone and respond to questions.
Set Asking Rents Deliberately: Be sure to thoroughly research the asking rents for similar homes in your immediate area. Do online research, but get out and drive the comparables the way your tenants will. It is tempting to base your rents on the amount of your mortgage payment, but there is no connection between these two figures.