With millions of rental properties available in the U.S., it's crucial to ensure your listing stands out above the rest. Some properties sit on the market for months. When this happens, you can begin to lose money quickly.
Being a for rent by owner landlord has its share of challenges and benefits. It can be a lucrative financial decision, but it can be hard to maintain good tenants and stay on top of maintenance, repairs, rent collection, and financial details. The key to success is having the right owner rental strategies in place.
Here's a guide to some key private landlord tips to set you up for success.
A Strong Rental Listing
If your rental listing is lackluster, you're not attracting renters to your property. Start by taking note of the positive details of your property to help your listing make an impact. Consider including the following:
- An eye-catching header
- Detailed description of your property
- Amenities
- Information about the local area
- Special features
- School district information
- Utilities
Before you invite potential renters for a showing, make sure your property looks its best. Consider your rental's curb appeal and some simple ways to improve its aesthetic. A virtual tour is always a good idea and can attract serious applicants for in-person tours.
Invest in Photography of Your Property
If possible, consider hiring a professional photographer to help you update your rental listing. Professional photos highlight your property and bring your listing to life. Today's direct property rentals benefit from video and photos as marketing tools. Renters want to see and tour properties virtually before making an effort to see them in person. Without the right owner rental strategies, you will miss the opportunity to reach serious renters.
Leverage Social Media
Don't underestimate the power of social media to help your rental property stand out in an already saturated market. Share photos and videos of your rental property and start a conversation. Use location-specific hashtags to draw in ideal renters. As viewers begin to comment and share your posts, engage with them and respond. Answering their questions can draw the attention of your next potential renter.
Hire a Property Manager
Although it's possible to market your rental property on your own, hiring a property manager is always a good plan. They can oversee your property and deal with rental issues daily. They can ensure that maintenance and repairs are done in a timely and economical way. A good property manager can help you attract the right tenants, collect rent on time, and avoid extended vacancy periods.
For Rent by Owner Strategies
Deciding to go the for rent by owner route can be stressful, especially if you have trouble finding long-term renters. Using these tips and hiring a professional property management company can help you find the renters you need and boost your ROI. If you're looking for property management in Reno, Nevada, we can provide a landlord advice hub to help you accomplish your rent-by- owner goals.
Contact us today to learn more.
