Want to know what real estate professionals know about renting a home? Successful advertising campaigns don’t just happen. Good property managers and real estate agents provide their clients with tips to prepare their home for the market with targeted advice to ensure that their home rents (or sells) as high and as fast as possible.
Entice well-qualified renters by following the tips below and by having reasonable expectations of what shoppers want and don’t want. Not everyone can update their home for the rental market, but there are certain expectations that cannot be ignored if you want to come out on top. Success = short market times, well-qualified tenants and great rents.
#1 Price
Even if it’s not price, it’s still price. The truth is, there could be a multitude of reasons why your home isn’t renting, but if you drop your price low enough, it will go in spite of them! People will make exceptions to location, style, and many other “must-haves” if the price is great.
Don’t price yourself out of the market with unreasonable costs other than rent. Have standards, but don’t be unreasonable by requiring large sums of money that many renters won’t have. Maybe your rent price is fine, but you are requiring 1st and last month’s rent plus a deposit and pet deposit. People rent because it’s a lower commitment than buying. Always check out the competition and remember vacancy loss adds up faster than you think.
#2 Photography
No photos – No photos in real estate means something is wrong with the home. No ifs, ands, or buts. When I see a listing without pictures, I skip to the next one.
Bad photos – Taking quality photos highlighting the best attributes of the home is key to getting shoppers in the door. If your pictures are awesome, but no one is calling, see #1.
Home not prepared for photos – Preparing the home for photos before snapping them is extremely important. Rule #1, close the dang toilets before snapping photos. Other examples – Declutter, polish stainless steel, have working/matching bulbs, put away toiletries, arrange furniture, etc. Remember the importance of curb appeal. That first photo is of the utmost importance.
#3 Showings
If your photos are fabulous and the price is right, you will get showings. If you have showings but no one is moving forward to rent your home, it may be the product. You must prepare your home for each showing, leave nothing to chance. Ask for feedback from shoppers after they see your home. Get a 2nd opinion from someone who isn’t afraid to hurt your feelings.
No one is attracted to a dingy home or a home with obvious repair needs. If you think prospects will know you plan to address certain repairs or upgrades before they move in, think again. Let prospects know in your description if the carpet will be replaced or the home will be painted prior to move-in. Neighbors with unsightly homes and yards can affect the interest in your home. If you have a neighbor with an unsightly home or yard, it will likely come down to price – yes again. Consider staging!
#4 Pet Acceptance
Pet owners make up 50%-75% of the shopping public at any given moment. If you are stipulating that your rental is a no-pet home, then you should know that your home is not coming up in 50%-75% of active search engines, no matter what price you change it to. Changing this in your listing will open your home up to a MUCH larger tenant pool which will include more well-qualified tenants who happen to be pet owners.
#5 Search Engine Errors & Omissions
If you have missed inputting important information in your advertisements you may have inadvertently ruled out some traffic. Important features like a stove, air conditioning, pet acceptance, or garage must be selected in the listing software for maximum search engine success. Look over your listings with care to make sure you haven’t missed anything that should be included.
#6 Description
Check the tone of your listing – Do you sound like a tyrant? If you are firing off requirements and stipulations about only what YOU are looking for in a tenant, you may be turning prospects off. No one wants to live under martial law. Your description should paint an inviting picture. Describe the lifestyle that someone living in your home can look forward to.
What features are going to appeal to renters the most? FYI – tenants don’t care that your roof is 2 years old. They are renting, not buying. Don’t waste listing verbiage on things that don’t matter to tenants. If your home isn’t all that exciting, talk about the community, proximity to the interstate, beaches, bases, shopping, and dining. What do YOU like about the area around the home? Know a special locals hangout? Tell them about it.
#7 Amenities – Community & Home
Your home and community amenities will entice renters to choose your home over others and may even encourage them to pay a higher rate for conveniences that other homes don’t offer. Leave those important tidbits out at your detriment. Included extras like utilities are a big draw and rare – be sure to highlight that if applicable to your rental.
Other examples: Nearby fun, pet-friendly, high-end appliances, screened porch or sun room, fenced yard, wet bar, pool, workshop, etc. Are you open to multi-year leases? Say so. Add photos of community amenities to your listing – not everyone will fully read your description, but everyone scrolls through the pictures. Tag community social media pages. People in that community who are not searching for rentals but have friends or family looking to live there will see your home on social media pages and share.
# 8 Fencing Matters to Many
Homes without a fenced yard can be harder to rent in a competitive market. Shoppers with pets and children (there are many) like a fenced yard, and many will not rent a home without one. Consider adding fencing if you plan to be a long-term landlord. Remember it’s an investment property. Invest. These things are tax deductible.
#9 Smoking/Non-Smoking
Obviously, no one wants smoking inside their home, but smoking outside doesn’t hurt anything. If you have advertised your home only to non-smokers, you are ruling out people who may smoke outside or enjoy the occasional cigar on the patio. Don’t rule out shoppers for reasons that don’t affect you.
#10 Color Schemes & Updating
By and large rentals should have neutral color palettes. Shoppers can skip homes where they are going to have to change their style to be able to live with your interior color scheme for the lease term. Consider neutralizing at least the common areas of the home and the master suite. When I was shopping for a 4-bedroom home in 2009 from out of state, I ruled out all homes with blue interiors. Dated interiors matter to many shoppers. If you haven’t updated your home in a while, consider that you may not be able to continue renting at the higher rates that more updated homes are getting. #taxdeductions
#11 Garages
Homes with garages rent faster and higher than homes without garages. However, a garage without a garage door opener can be a deal-breaker to some. Consider investing in this affordable update.
#12 Maintenance
If your home has obvious repair needs during marketing periods, you are presenting as a landlord who cannot afford or is unwilling to take care of your home, even at a time when you are trying to entice shoppers and impress them with the home’s attributes. If your home has a large amount of necessary deferred general maintenance, tenants know they cannot rely on you to handle future repair needs like HVAC, appliance repairs, and maybe even safety concerns.
#13 Size Matters
If you have a larger home with 3+ bedrooms, it may be best served by marketing and turning over during the months that school is out of session. Many folks with school-age children plan moves during the summer break. Try to align your home turnover at this time of year when you can.
Mary – PROperty Manager for Stephanie Clark Property Management
Tags: Home, Marketing, Photography, Renting