A New Meaning on the term “Rental Home”

Make Great Rental Homes

Many of us have been there. Living in a rental home and not being satisfied with the condition or landlord. The heater doesn’t ever seem to be warm enough in the winter and the air conditioner never seems to keep up with the summer heat. It is important to change what it means to live in a rental home for the renters. A rental should not be looked at as only temporary living, but a place of relaxation and comfort. It is the responsibility of the property manager and owners to make sure that the renters are getting the home they pay for.

Does your Rental Stand Out?

Read these helpful tips from Shearer Realty about renting out a property successfully:

1. Oo La la, That Something Extra

   The rental market has been on the rise for several years now and is one of the most competitive businesses when it comes to real estate. It is important that to be successful with your properties, your rental needs to have that something extra. Whether it is hardwood floors throughout the living room, or tiled in the kitchen with granite countertops, no matter what it is, a rental property owner should annually invest money to make the rental property stand out. Keeping your rental property up to date will help it stay rented for longer periods of time.

2. Reduce Turnover

   Turnover is when the tenants seem to be leaving after short periods of time rather than becoming long-term tenants. You may be finding that you are having to replace tenants quicker than you hoped and even paying the rent for the property while trying to re-occupy the home. There are several things that can be done to a property to reduce the turnover rate of tenants.

   • Manage Demand: The moment a tenant gives notice of their departure, start advertising the property, even if the tenant isn’t leaving for another few months. Let any parties be interested when the property will be available.
   • Characteristics: Make sure your property has features and amenities that stand out from other typical rental properties. This could be a completely remodeled kitchen with new appliances or a beautifully landscaped backyard.
   • Pricing: Market values and prices are always changing. Do research on the location of your rental property and make sure that the price of the rental property is still accurate with the market value of the neighborhood. A balanced fair price could increase your tenant’s stay.

3. Tenant Screenings

   Owning and renting properties is a business and requires good management to maintain the value of the property. Every business comes with the ups and downsides. One of the most common downsides to rental properties that many property owners have experienced is a tenant leaving without notice and the property left a mess. Stained carpets, holes in walls, missing doors, and broken windows. It would be ideal to make the tenant pay for all the damage done to the property, but more than likely the tenant will avoid this at all costs. This is why it is important to screen all tenants before providing them with the keys to your investment. Things like background checks and past rental history records should be taken into consideration before renting to tenants.

4. Consider a Property Manager

   If you’re the type of person who just wants to continue buying rental properties, but would rather reduce all the management required with a rental property, consider hiring a real estate company or property management company to take care of your property. Property managers will check up on your property, provide maintenance services, handle evictions, screen tenants, rent out your properties, and take care of payments.

   Many rental owners hire property managers to relieve themselves of stress and get their money from the property, rather than handling the tenants themselves. Hiring a professional property management company to do the work for you is important. Do research for a property management company that takes into consideration the tenant and the owner. Finding a rental management company that will constantly be involved with each property as if it were their own is extremely important.

Begin your Rental Journey

Now you know the basics of owning and successfully renting a property. Think of it as you would the golden rule, how would you want a home to be if you were renting it yourself? Just remember: Attract, satisfy, and maintain the tenants.

• Attract: Have a beautiful rental property that has been so well maintained, that tenants will feel at home the first time they step through the front door.
• Satisfy: Check up on the property every couple of months and make sure that the property is in good condition. Provide repairs where needed and be responsive to every tenant.
• Maintain: If you successfully keep your property up to date and provide excellent service to your tenant, you will find that tenants tend to stay for longer periods and some will become loyal tenants for several years.