The summer isn’t just a busy time for buying and selling. Rentals pick up, too. Why? Because families like to move during the summer and college graduates are done with school and looking for their first (or next) place to rent.
If you’ve got a vacancy this summer, make sure your rental is ready for tenants looking for a nice home without the responsibility of owning it.
Update the Price
Home values and the local market change over time. If your last tenants paid the same rent for more than a year, it’s time to reassess the rent. Can you increase the rent to keep up with the market? Do you need to drop your price a bit to attract tenants? Now is the time make sure your rental price is competitive for your area. If you want to drastically raise rent, make sure your property reflects the increase.
Take a Look at Your Lease
Each time you have a chance to rent to a new tenant, it’s a good time to check your lease to make sure it fits your policies. If it’s the same lease you used 10 years ago, it’s definitely outdated. Does it have a section on subletting and AirBnB? Have you made any language updates regarding service animals? Something that wasn’t an issue a few years ago could be very important now. Give your lease a quick glance before you find a new tenant.
Keep It Clean
After your tenants moved out, you had a cleaning service come in, right? Maybe you grabbed your mop and bucket and did it yourself. While your rental sits vacant, you’ll want to keep it clean. As long as dozens of people aren’t walking through each day, a basic dusting, sweeping, and vacuuming once a week should be good. When potential tenants walk through, you want them to see the property, not the dust.
Spruce Up the Yard
People want a home that makes them feel good to live in. This includes what they see when they pull into the driveway. If the yard is a barren wasteland of dead plants and overgrown weeds, it’s time to do some work. Work with a landscaping company or DIY it with a trip to a home improvement store. A few cheap plants, some mulch, and a lawn mower is probably all you need. If the yard is completely dead, consider putting down sod or planting trees.
Update Where You Can
If you’ve recently done the big updates like the appliances and countertops, a new HVAC unit, or a new roof, you might think there’s nothing else to do. (And if you haven’t done these things, figure out when you can and budget for them.) Small updates will get the attention of well-qualified tenants -- a smart thermostat, smart locks, and USB compatible electrical outlets are small changes that can make a big difference.
Market Your Rental
A lot of people start their search for a new home, even rentals, online. Make sure your property shows up on a variety of websites with great images. Don’t forget to use social media to get your property in front of more people. With a few dollars spent per day, you could have your rental seen by thousands of people on Facebook.
The more you can do to make your rental look great and get it in front of the most amount of people, the quicker you’ll be able to rent it. Take care of your rental property, and you will be able to ask higher prices, too.
Need helping finding tenants or getting your property ready to rent? Work with a property management team that has the resources and experience to quickly find the best tenants for your rental. Contact us at ERA American Real Estate today!