The current uncertain economy can be problematic for anyone who owns a property that they rent out. This is because of the frequent waves of COVID-19 that have been spreading across for more than a year now. While many people are panicking about the uncertain economy, others are taking advantage of it.
If you’re one of the latter and have a property to rent out, there are things you can do to help you succeed during these tough times. This will ensure your rental property is rented quickly and at a price that meets your expectations.
Renting your property during an uncertain economy doesn’t have to be difficult. Here are five tips to help you rent your property during these tough times:
1. Price Your Rental Property Realistically
One of the most important things you can do when renting out your property during an uncertain economy is to price it realistically. Don’t set the price too high and hope that someone will rent it anyway. You’ll likely find that you won’t get any inquiries at all if you do this.
Therefore, set the price at a point where you feel comfortable, but be sure to factor in current market conditions. If the market is slow, then be sure to lower the price accordingly. You may even want to consider offering a discount to long-term tenants.
Make sure that you are also flexible with the terms of your lease agreement. This includes things like the length of the lease and whether or not you will accept partial rent payments. You may even want to consider offering “rental specials” in an attempt to attract the attention of potential renters. However, avoid anything too extreme, like reducing your price by 75%. This can be seen as a sign that you are desperate.
2. Have a Well-Maintained Property
One of the quickest ways to turn away potential renters is by having a property that is not well-maintained. This includes dirt or dust, broken appliances, and even structural damage. If you want to attract quality tenants, then you need to make sure your property is in good condition. This means taking care of any repairs that need to be made and keeping it clean at all times. You should also landscape the property so that it looks inviting.
3. Use a Professional Property Management Company
If you’re having a difficult time dealing with tenants and all of the associated paperwork, then you may want to consider using professional rental property managers. This will take care of everything for you, from finding tenants to collecting rent and handling any repairs that need to be done.
While this may seem like an added expense, it may be worth it in the long run. A good property management company will help you find quality tenants who will care for your property and pay rent on time. A good rental agent can also help you negotiate a better rent price for your property.
4. Market Your Rental Property Online
In order to find quality tenants, you need to market your rental property online. This means creating a listing that is attractive and includes all of the important details about your property. Be sure to use high-quality photos of your property and write a detailed description. You should also list the price, the terms of the lease, and any special features your property has.
The economy is uncertain, but that doesn’t mean you should stop renting your property. Renting your property is an excellent way to generate income during a downturn in the economy. If you’re looking for ways to rent out your home, consider the above simple tips.