A rental property isn’t worth much in your investment portfolio if no one wants to rent it. At Castle, we spend a lot of time speaking to tenants and applicants about what drives them to choose or pass on a home. We’re a Detroit company, but these tips are universal.
- Get great photos: Cell phone pictures just don’t cut it. Hiring a professional photographer guarantees that your property will stand out online. Pop quiz! Which one of these was shot by a professional?
If you chose B, you’re correct! If you chose A, try again?
- Make sure the property is move-in ready: Dirty floors and visible repairs are a big deterrent. If you still have repairs to complete, that’s okay, but don’t expect anyone to jump to sign a lease. Try to take care of most of the major maintenance before showing the property. When it’s basically move-in ready, you’ll have better luck finding someone who will be really interested.
- Add a few simple upgrades: One of the most frequent requests we get at property showings is, “Is there anyway you can install a new carpet?” These little details make a big difference, especially if you’re hoping to find a long-term tenant. Put in those upgrades now, and you’ll have less to worry about down the road.
- Try to list during the more popular times of year: At Castle, we intentionally have our leases expire at the end of August. That way, if tenants are interested in moving out, we can minimize the vacancy period by relisting at a time of year that generally has more rental traffic.
- Lower the asking price: This goes without saying, but if no one is interested in your property, it may just be overpriced! Use a good rent estimating tool like Rentometer to figure out what other rentals in the neighborhood are renting at.
Here at Castle, we know how to find qualified long term tenants for your rental property. Think we left anything out? Contact us.