There are so many hurdles to cross when dealing with rental properties and you have done them! You went through all the touring in finding the right home,you have done all legal work to own the property, and you have even made the home “rent ready.” There is just one more hurdle, advertising and getting a tenant for your rental. To do this, you will need to decide how much your rental property is going to rent for, as well as where and how you are going to advertise the rental.
How do you decide what the rent is for your rental property? An easy way is check local listing and how other do advertsing around where your property is that are similar to your property. Try Craigslist or other local listings for rental rates, also the classifieds sections of local news websites can give some discernment. Online vendors such as Rent Range also may give you some clarity in your decision. Remember that what you think your home is worth (what will cover the mortgage, etc.) most times is not the same as what the market will bear.
When determining security deposit amounts make sure you understand your State Statute (if applicable) with regard to maximum amounts. Many States limit the amount of security deposit you can charge for your rental property to cover damages from a renter. Determining market rental rates in Coeur d’Alene and appropriate deposit amounts will take about an hour of your time. As a rule of thumb the security deposit is around one month’s rent.
Once the market rent and security deposit amount have been determined, it is time to do the advertising by posting your rental. Taking photos and/or video may seem like a great idea, but make sure you take the time to get the right shots. Remember you are selling a renter to live in your rental property, and dark, ambiguous, or ill-centered (sideways, upside down) photos will be unattractive to your buyer and reflect poorly on you.
- When taking photos in the bathrooms, for instance, make sure the toilet seat is down and you are not visible in the mirror.
- If the room has a large window that brings in natural light, take the photo with your back to the window to capture the room filled with light.
- Remember, too, a bedroom is more than a window and a closet, so ensure that you get full pictures showing the entire bedroom.
The photos you take should entice you or your family and friends to want to see more. Once you have the right shots, use an online editor to ensure the photos are the right size for uploading and adjust things like the brightness as needed. This is a big step in advertising your property because t shows potential tenants the property and also your professionalism. Taking quality, well-lit photos and/or video and editing will take about four hours of your time.
Now that you have photos and/or video of the home, prepare an advertisement that speaks to the renter. Try to steer clear of writing in such a way that you are advertising “who” you want to live in the home instead of advertising the home and its amenities. List appliances and utilities that will be included, as well as restrictions and special neighborhood highlights. While Craigslist is still widely used for rental advertisements, look into paid advertisements in local sources and online if your home is not getting “hits” requesting a showing or application. Writing your advertisement and placing it online will take about one hour of your time. Paid advertisement range from $35 and up.
On a final note, although this isn’t always preferred, place a for rent sign at the home that conforms with your neighborhoods standards. If you are in a common interest community, for instance, there may be restrictions on the type and placement of signs. Some common interest communities may require a post sign, similar to those used by realtors. Obtaining and placing a for rent sign will take about one to two hours of your time. Many rental signs are inexpensive, but a post sign, can cost $75 and up.
With the right preparation, advertising your home for rent properly will pay off with the rental rate you wish to achieve in Coeur d’Alene, and even the possibility of a tenant that treats the home not like a rental, but truly a place to be proud of.
If all this seems like a lot of work, it is. However it doesn’t have to be your work. When you hire Real Property Management Coeur d’Alene all the advertising isput into the hands of seasoned professionals.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
