You have gone
through the “legal” legwork and have our home “make ready” so now it is time to
get a renter in the home. 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 home for rent.
How do you
decide what the rent is for your rental property? Try Craigslist or other local listings for
rental rates of comparable properties. The classifieds sections of local news
websites can also help. Checking with online vendors such as Rent Range may be
an option, too. 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 Phoenix and appropriate deposit amounts will
take about an hour of your time.
Once the
market rent and security deposit amount have been determined, it is time to
post the property for rent. 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 not show your property in the
best light. When taking photos in the
bathrooms, for instance, make sure the toilet seat is down and you are not a
“ghost” 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 will show your
property in the way that you see it while attracting renters that will want to
live in the home. Taking quality, well-lit photos and/or video and editing will
take about four hours of your time.
Dark photos do not make the property look attractive
Well lit photos show off the properties assets!
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 advertisements range from $35 and up.
On a final
note, do not forget to 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 Phoenix and even the possibility of a
tenant that treats the home not like a rental, but truly a place to be proud
of.
RPMWV Phx offers full service Phoenix Real Estate & Phoenix Property Management services. For additional information you can contact us at info@rpmwvphx.com or 602-281-2884
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