An investment property must make you handsome money, but fee charged by a real estate agent cuts much of your profit. The majority of property owners bear ‘this loss’. If you are one of those ‘property owners’ and wonder how you can avoid ‘such cuts in your profit’, you are at the right page.
Since inclination to go DIY is growing in many walks of life, it is fully applicable in real estate business too. Though the legalities and legal terms may scare the property owners, DIY real estate rental management is absolutely possible and profitable. In this post, we will share with you time-tested tips to market and rent out an investment property without an agent.
You must prepare your property to rent out for a fair market rental price. The following tips will help you make your investment property irresistible to the tenants:
- House exterior, commonly known as kerb appeal, makes the first impression, so it is bound to be the best one. You can enhance the kerb appeal by taking the following steps:
- Eliminate any weeds, waste or debris outside the property.
- Ensure the lawn is well-mowed.
- If you have plants in porch or outdoor area, ensure they are alive.
- Fix the broken windows.
- Kitchen and bathrooms play a crucial in a tenant’s final decision. A kitchen or a bathroom in poor condition is a big turn-off for the prospect tenants. Examine the plumbing pipes, taps, shower, etc. and fix them quickly if needed.
- Choose a neutral paint colour since you will be encountering prospect tenants with a variety of tastes and backgrounds. Tis way, you might not get a request for repaint either.
- Since you are doing it as a business, it will be an encouraging gesture if you can arrange a small giveaway accessory for visiting prospects. For instance, a keychain or a pen from CustomGearwill be effective in this regard. Moreover, it won’t be costly.
An investment property to earn rental income needs a time-tested marketing plan to appeal the interested tenants. The following tips will facilitate you to design and execute a ‘tenant-magnet’ marketing plan:
- Ad creation is the first thing to do. The ad should contain highly descriptive information about each and every thing about your property, i.e., the number of rooms, lawn, kitchen, bathroom, monthly rent, etc.
- Since a picture is worth a thousand words, take photos of interiors and exteriors. Ensure the photos are bright and clear. A blurry or shaky photo won’t do the trick.
- A video is worth a thousand pictures, so a video will make your ad more impactful.
- Publish your ad on rental property listing sites.
- Social media is a great way to make anything go viral. Utilise social media and spread the word among your contacts.
- Don’t underestimate the signage. Place a sign post outside your property and that will attract a few interested tenants.
An investment property to make rental income is surely a lucrative business provided that property maintenance and marketing plan are carried out correctly. The tips above are time-tested and always work pertaining to maintenance and marketing. Just ensure that you follow these tips to the core and you will investment property become a magnet for tenants.