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Renting

Make Rental Property More Rentable

5 Ways to Make Rental Property More Rentable

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Make Rental Property More RentableHow can you make your rental property more rentable? For most property owners, the top priority is the bottom line. And that is important. Certainly, you are in business to make money. But a small shift in priorities can make your rental property more attractive to renters and increase your bottom line at the same time. Here are five tips to get you on the right track:

#1: Be Visible

From the very beginning of the rental process, let your tenants know who you are. Be available when they need to talk to you and be prompt in taking care of your responsibilities. Happy tenants stay longer and take better care of their rental. Every landlord knows that frequent turnover and vacancies take a serious bite out of profits.

#2: Offer Additional Services

You can charge a bit more for additional services such as lawn mowing, garden maintenance, or house cleaning. Your tenant will be happy not to have to do it or search for a reputable service.

You can negotiate fees for the services with local businesses. Or, family members might provide some of the services. If you do the job yourself, such as mowing the lawn, it provides the added benefit of making you visible.

For renters, this added service may be the difference between choosing your property or the one down the street.

#3: Consider Furnishings

Not everyone needs a furnished unit, but if they do, providing that option not only focuses on the needs of the market but improves your profits. Wherever possible, utilize permanent furniture – less movement equals less damage.

You can purchase excellent used furniture at a fraction of the cost of new. Not only can you charge a bit more for rent, you can also charge a higher security deposit for a furnished unit.

One drawback, however, is that tenants who rent furnished units tend to stay for shorter periods of time.

#4: Be Creative

To make your property more desirable, you need to think outside the box. In what creative ways can you be of better service to tenants? Can you provide extra storage space? Everybody has more stuff than they have room for. And everybody hates to part with their stuff. Providing a safe place to store that stuff is a real plus.

What about parking? If you have extra spaces or a garage space, a safe place to put a car could mean a great deal to a tenant.

#5: It’s a Business

You are providing an invaluable commodity to your tenants – a home. So, while you want to be friendly and caring, it is still a business.

Provide professional documents. Give your tenants a telephone number (not your personal one) where they can reach you at all times. Be prompt in returning calls and taking care of problems. Get proper insurance. Provide for electronic payments. Enforce a late policy.

As a professional and attentive property owner, your tenants know that you take pride in the service you provide. When you give both value and service, you will have happy tenants and desirable units that ultimately make your rental properties more rentable.

For more tips to make your rental property more rentable or to learn about our professional property management services, get in touch with the team at Vineyard Property Management today.

Tips for Renting a House

4 Tips for Renting a House Through a Property Management Company

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A lot of property owners have considered renting a house through a property management company but hesitate to follow through. It can be overwhelming to try to find the right fit with a company that will manage your rental home and has your best interests in mind. Instead of doing a Google search and picking the first in the results, there’s a better way. A little research will go a long way to a good working relationship and better return on your investment.

Tips for Renting a HouseTake a look at these four tips for using a management company to rent out your house:

Tip #1: Take a Look at Their Experience

Look for a company with experience. You want someone who knows the area and who understands the market. Consider how long they’ve been in business and what types of clients they’ve had. Ask potential candidates for examples of properties similar to yours and their success rate with them. Treat this as if it were an interview and they’re the job candidate. Because they are. Their experience matters.

Tip #2: Consider the Tech They Use

It’s important for property management companies to use technology that makes your tenants’ lives easier and that makes your life easier. They should have online portals for making and receiving payments and the ability to send and receive electronic invoices. It’s a huge benefit if you can log in and see any maintenance requests, billing history, and a record of issues, should there be any. Don’t settle for a company that isn’t willing to bring their business up to speed with the latest technology. It will only become a burden in the long run.

Tip #3: Get Referrals

Sometimes the best place to find the top companies is by talking to people you know. Talk to your friends and see if they have any stories, positive or negative, from working with a property manager. Ask a real estate agent you know or work with; they’re an excellent resource for this type of service. And ask for tenant information so you can talk to them directly for feedback. Get several referrals from different sources to weed out any biased opinions. If you find someone who is happy with a company, ask them what they like about them, what they don’t like, and then get the company or contact info and give them a call.

Tip #4: Look at Their Marketing

One of the best sources of information is their current work. Take a look at their current ads for other house rentals. Does it look professional? Is it appealing and compelling? Do they advertise in multiple locations or do they stick to one platform? Make sure their marketing strategies are in line with your expectations.

Before you hire someone to represent you and take care of your rental property, make sure you do your due diligence. When you start the process of renting out a house, be sure to talk to the professional team at Vineyard Property Management for the value you expect.