As a rental property owner, you may know that most of your time is spent with an occupied rental. It might take a few weeks to rent your property, and you will have someone sign a lease for a specific length of time. There is also the possibility of the tenant staying beyond their lease.
However, despite the short vacancy period, you can accomplish a ton in that time. A smart move is to hire a property manager for their knowledge and expertise.
Figuring out a rental rate is tough because you must analyze the competition and determine where your property fits with all the others. When going through this process alone, you might not know whether you are pricing the rental too low or too high. Also, the price often plays a huge role in a rental sitting on the market for a long time or getting applications immediately.
A property manager's experience and knowledge allow them to make a proper assessment and decide on a rental rate that is both desirable and profitable. Ideally, you want people to be interested while generating enough income to feel satisfied with your investment rental.
Setting the rental rate is only one part of filling a rental vacancy. You will also need to make it known that the property is available for rent by marketing online and in person. A property manager can use their social media presence to provide immediate exposure to your rental.
Another way that a professional can help is by posting your rental on listing websites. Their knowledge may include knowing what websites get the most traffic. Sometimes, certain listing websites may be popular in specific regions but not others. Being smart and efficient with time allows a property manager to market effectively.
Creating rental listings is tricky, especially when you want the rental to impress potential renters in every way. This requires high-quality photos and videos with the proper lighting and angles. You also want to write accurate descriptions that anyone can understand.
Modifying the rental is sometimes worthwhile, especially when a professional has a track record of knowing what improvements make a noticeable difference. Specific paint colors may look great in photos and impress people who request a tour and see the place in person. This minor change may be all you need to set your rental apart from the competition.
Contact a property management company for more information.