Property is a long-term investment where investors generally aim to profit from increases in value over time. However, rental income is also important because it enables investors to hold the property for the long haul. In most cases, rental income covers some of monthly repayments, insurance, and other regular expenses. If you don’t have rental income, you will end up shelling out your own money.
To lower the chances of this scenario, you need to have tenants most of the time. If they move out, you need to find your next tenants right away. Here are several tips on how to rent out your investment property faster:
Maintain a clean and visually-appealing environment.
You want to make a good first impression with your prospective tenants and trash, dirty walls and unkempt open areas will not do you any good. Keep your property clean. You can add potted plants to make the area look homely and inviting. Also, you can remind your existing tenants to maintain the cleanliness of the place.
Cover the repair and maintenance work.
Investment properties cost a lot of money so it’s only right to ensure that it is in tip-top shape. Regularly check your property for things that need to be repaired. The simple issues, when taken for granted, can lead to bigger problems that may be more difficult to resolve. Also, maintaining your property will protect the long-term capital value.
Assess the local rental costs.
Prospective tenants will likely compare properties and one of the things that they will consider is the rent, so make sure you know how much other landlords are charging for similar properties.
Plan your advertising strategy.
Don’t think that your existing tenants will automatically renew their leasing contract. It’s essential to find out early so you can advertise the property as soon as possible. It’s a waste of potential income if you advertise too late so your property is vacant for a period of time.
Keep communication lines open with your tenants.
Take care of your tenants and make them feel welcome. When you have a good relationship with them, they may be more comfortable informing you of any issues in the property, resulting in longer occupancy.