As a property owner, putting your rental on the market can feel like an overwhelming task. From taking pictures of the property to crafting a good listing description and knowing where to list for maximum exposure, there's an art and a science to listing rental properties.
Today we're here to help simplify the process with practical property management tips, equipping you with all the tools you need to get started. We'll cover insights on everything from preparing your property to the finer details of free lease agreements, right down to considering a professional Detroit property management company to take the wheel.
Set the Right Rent Rate
Setting the rent rate is a balance between wanting to maximize your income and ensuring your price is competitive within the local market.
The rent rate should be based on factors like the neighborhood, demand, the property's amenities, and current market trends. To find this information, look for comps, talk to a real estate agent, or work with a property manager in Detroit to run a rental market analysis.
Get the Rental Market-Ready
Before listing your property, getting it in the best possible condition is crucial. This includes cleaning, repairs, maintenance, and landscaping. A well-maintained property not only commands a higher rental rate but also attracts more quality tenants.
Regular maintenance, such as fixing any plumbing issues, checking the heating and cooling system, and ensuring that all appliances are in working condition, is essential. Additionally, enhancing the property's curb appeal through landscaping can leave a great first impression on potential tenants.
Take High-Quality Photos and Videos
After sprucing up your property, you'll need high-quality photos and videos for your listing.
These visuals are often the first impression potential tenants have of your rental. Make sure they accurately represent the property and showcase its best features.
While you can use a quality smartphone camera to take a few photos, investing in a professional photographer can be wise. Someone specializing in real estate photos will know the best lighting and angles to show the property at its best.
Create a Detailed and Effective Property Description
In addition to high-quality photos, an effective property description provides a clearer picture of what the property offers. Be sure to include all relevant details, such as the date the property is available, whether you allow pets, information on the security deposit, and lease duration options (i.e., 6 or 12 months).
A detailed description should also cover property specifics, like the number of bedrooms and bathrooms, the type of heating system, available parking, and any included amenities or special features.
While it's crucial not to get too wordy (or overexaggerate any features), a well-written listing can help catch the eye of an excellent tenant.
Attract Tenants With a Catchy Listing Title
Even with eye-catching photos, your listing title is the first thing potential tenants see.
Make sure it's catchy and concise, accurately depicting your property's best attributes. A well-crafted title intrigues potential renters and makes them want to learn more.
List the Property On Multiple Sites
Once your rental is ready and you have great photos and videos, it's time to list it.
Using multiple platforms, including social media, word-of-mouth, and advertising, can help you reach a wider audience. In addition, don't limit yourself to online listings; in-person networks and traditional forms of advertising can also yield good results.
Tailoring your strategy to the target audience and locality can make it even more effective.
Establish a Thorough Screening Process
With an excellent property listing on multiple sites, you'll start to see plenty of tenant applications coming in. So, a crucial step in the rental process is tenant screening.
A thorough screening process can help you identify reliable tenants who pay on time and take care of your property. It often includes credit checks, references, and background checks.
Tenant screening also helps you avoid potential renters that could be the wrong fit for your property, whether they have a low credit score, a history of late rental payments, or left their last home through an eviction.
Create an Air-Tight Lease Agreement
After selecting the best tenant for your property, make sure you have a strong lease agreement.
Using a free lease agreement can leave your property unprotected, so be sure to customize the lease to the property, the tenant, and the tenancy. You might also want to run it by your lawyer or a property manager to ensure it includes all legal requirements, like a lead paint disclosure, if necessary.
Why Consider a Detroit Property Management Company?
While we've provided a roadmap for listing and renting properties in this blog, managing a rental can be a time-consuming process. These tasks can be a lot of work, especially if you own multiple rental properties in the area.
Bringing in a Detroit property management company can be the ideal solution to reduce vacancy times and find quality tenants quickly. With seasoned investment experts and established processes, the best property managers can manage your entire portfolio while you enjoy passive revenue!
Apply These Expert Property Management Tips To Rent Properties Quickly
Putting your rental on the market doesn't have to be daunting. With the right strategies and the assistance of one of the best Detroit property management companies, you can ensure your property is market-ready, attract the right tenants, and set a fair rent.
Remember, a successful rental experience starts with thorough preparation and a keen understanding of your market! If the experts of Own It Detroit can help you with any of the tips we've mentioned today, reach out to learn more about our property management services.
Or, get more tips for managing rentals! Request our free resource, the "Expert Guide to Rental Property Management."