There are three main factors to consider when you consider renting out your house. First is the marketing of the home, then promotion, and last but not least is the asking price of the home. Let’s start with marketing. Marketing is ao important because it gives us the opportunity to accentuate the features of the home that tenants are looking for. Making a video, taking great pictures, and even using high tech techniques like 360° virtual tours will only increase the likelihood of finding better tenants. In addition, having great marketing can potentially get you a higher rent and/or lower days on the market.
The second factor you need to consider when renting out your house is promotion. Promoting is how we communicate with tenants and how you are procuring those leads. It’s also how we list the properties. We list our homes on tens of sites, plus our own website, in addition, we use tenant procurement software. This software helps us whenever we get a tenant lead to then give them the information that they need, give them similar homes of what they’re searching for, and to add the ability to follow and get feedback from showings and appointments. This is essential with high volumes of interest. We also have a leasing manager that manages these systems, that way she can have the best promotion possible. We even take it a step further and follow up with each and every completed showing prospect and call them to ask if they have any further questions and if they are going to apply. Essentially, there is no stone left unturned.
Last and certainly not least is the asking price. Setting the price of the property is not an exact science, but we can figure out what a home should rent for by looking at similar homes for rent in the surrounding area. Remember that the other homes for rent are who you are competing against. Therefore, it’s extremely important to set the asking rent amount correctly because potential tenants definitely know what a house should rent for, or at least what they’re willing to pay for it. We consider the renting price last because if you have great marketing and great promotion, and the house still isn’t renting, it’s because it’s overpriced. Therefore, you need to lower the rental price.
These three factors work together to produce the results you need in renting out your house. Being proactive on each of these is really how you can save time and money on vacancies and get the best value and tenant for your house.