Renting Property

Have you decided to rent your property recently? Then the first step is to ask yourself "would I want to live there?" Few people want to rent a place that is dirty, in poor condition, fitted with outdated appliances or in poor repair. In each of these cases there is something you can do about it. In just a few days you can clean up the place, paint it and make repairs or modifications that will make it more attractive to potential tenants. The time and money you invest in the upgrades will pay off by reducing the amount of time the property sits vacant and possibly higher rent.

In some markets, an important criteria in renting your property is when it becomes available. If you have an annual lease that runs from December to December, there will be a lot less people looking to rent at those times. A good idea would be to rent the property either for a period of a little more than one year or for a substantially shorter term, so the lease term ends when most renters will be looking for a new place.

If you have existing tenants, ask them if they will be renewing a couple of months before the current term ends. If they want to stay and have been good tenants, sign a lease with them right away to secure their tenancy. Make sure you review any changes to the lease such as rent increases. If the tenants have decided not to renew the lease, begin advertising your property well in advance of the end of the current lease term (once any repairs/upgrades have been made). Are you charging too much? If the rent is too high, you will limit the number of people willing to look at your place, even if you have some special features that make your property highly desirable. To determine the amount of rent you are going to charge, you can consider some points such as comparable rents in your area. Just as rents differ from city to city, in some towns, they change from one block to another! The general rule for determining rent is to evaluate what other landlords are charging in the same area for comparable properties and match that amount. If your property offers more features or more square footage, you can raise your rent over that amount accordingly. If your property has fewer features or perhaps an inferior location, you can't expect to collect the same amount of rent, so adjust downwards.

Another factor you can consider while renting is parking. Off-street parking can be a huge plus! Is an on-site washer and dryer included? Can tenants use the basement or attic for storage? If other owners in the area are not including these in their properties, that may help you fill vacancies and/or raise rents.

One final consideration is the "curb-appeal" of your property. First impressions count. Pull any weeds in the lawn, trim bushes, make sure outside lighting is in working condition and that fixtures are not broken. Check that the paint is fresh-looking and not fading or peeling. Damaged screens on windows and doors or broken windows don't show well. Remember: you never get a second chance to make a first impression. If potential tenants find the outside of a property to be appealing, they will be inclined to view the interior more favorably.

Article by William Benjamin. William Benjamin is a renowned journalist and a real state investor. Click here to contact William.

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