Starting on a positive note – now that you aim to put your house up on the market for long term rent, it will be a good move. Nowadays, the real estate market is skyrocketing. People are looking where to invest their savings and not keep cash in the bank. Some people have lost their jobs due to the outbreak of COVID-19. In this situation, since people had to sell their homes or could not afford to have their houses, they are looking for the long term rent.
But give it a thought; you are not the only one who has houses or properties up for long term rent. There would be so many more people who are giving homes for rent; you might be able to find a dozen in your neighborhood only – why would someone rent your property?
Since there are many options available in the market, what you need to do is stand out from them; meaning, offer something to the potential tenants that one else is doing.
Keep reading, and by the end of this post, you will be ready to grab tenants:
Understand Your Market
The first step to success is understanding your market. Think about who are your clients. Are they the ones who still can’t afford their own home? Or some students who are from a different country and have come here for studies? Or young families? Maybe couples?
For each of these categories, there are different factors that you will have to consider. For example, if your target market is students from other countries, you can set up your house to facilitate them. For example, you can have single beds in all rooms, maybe a study table as well – this will attract more tenants to the house.
Similarly, if you are renting out the house to a tenant who is exploring the city for six months or a year, they will prefer a home with king-size beds, a good kitchen, and maybe a lovely TV lounge. It would be best if you thought accordingly.
Once you have decided your target market, next you need to prepare your house for long term rent:
Paint the Walls You have no idea how much neatness well-painted walls can add to the room. If you are looking for tenants who will be blown away with how the house looks, make sure you keep the house moving in condition. Walls take pretty much of the space in your home, and if they are dirty or have chipped paint, the chances are that it will be an immediate turn off for whoever sees the house. If you think no one will notice them, you are mistaken as they will not go unnoticed.
Add Furniture
As mentioned above, ensure that the house is in a move-in condition. If you keep the house up to the mark and move-in condition, whoever comes to visit or survey the house will picture themselves living there, which will influence them to rent your home for the long term. It is just like you should bake cookies when someone is coming to see your house for sale, keep your house in a move-in condition and dramatically raise the tenants’ chances of renting your home.
Try it out!
Upgraded Appliances
You should prepare your house for long-term rent in a way where you can give incentives to the tenants. For example, maybe you will have solar panels installed to decrease their electricity bills. Perhaps you could add cooking appliances like juicer machines, choppers, and ovens to have the facilities that the other houses on rent are not providing.
These little steps can go a long way when you are trying to get tenants and have them pay you higher rents for the services and incentives you are providing to them.
Cleanliness is Important
It goes without saying that you need to make sure that the house looks and is clean. The tiles are clean, and they don’t have any kinds of stains, the stoves are clean and don’t have any food spills, the edges near the walls do not have a lot of dirt, etc.
Most people will take care of such places that are normally and easily seen; however, if you want to make an impression try to clean the areas that most people don’t clean. For example, the washing area, the roof, and more; it will make an everlasting impression on all the potential tenants!
Home Inspection
Do you want to show the tenants that there are absolute transparency and no defects or faults in the house? Get a home inspection done! It will put you ahead of everyone in the race for renting houses for the long term. Once you get your home inspected, you will know if there are any faults in the place you need to fix; if there are faults, get them fixed; if not, you will get a clear certificate.
The certificate will do wonders as you will show the potential tenants that the place they are considering to rent is free of any faults and will be a suitable home for them.
Once you show proof of the house’s quality instead of just word of mouth, they will be much more confident in renting the house. If you think that you will have to spend money on a home inspection, you will have to do anyways if the tenants find any flaws in the house later – as a landlord, you will have to get them fixed.
Provide a great self-service experience for your tenants after they move in
You might think that when you find a tenant and sign a rent contract – it’s over, but everything only starts here. Communication, invoices, maintenance issues inquiries, rent collection, and much more is a long-term business’s daily life. Consider using online software for long term management, like PROPERENTY, to automate most of the daily tasks and enjoy your passive business. You can try our property management software free by opening an instant account here.