Rental Strategies by Rob Massey
RISMEDIA, August 12, 2008-In the rental business, all of us have heard the nightmare stories about bad tenants destroying properties and causing prolonged evictions. Realistically, anyone can prevent most bad occupancies by following a few simple guidelines:
– Location-There is no question that the more desirable a neighborhood, the lower the risks of having a bad resident apply. It is also worth noting that the higher the rent, the lower the risk.
– Condition-A very vital but controllable influence for attracting desirable residents is its condition. The formula is simple. Make it look like everything was just completely redone. Exterior property condition is very important as well.
– Pricing-Don’t be afraid to price a property slightly below what the market dictates. For every 2½ weeks a vacancy sits on the market, the annual rent could have been lowered by 5%.
– Internet Marketing-Renters today turn to the Web in search of a new rental home. Internet listing services provide an excellent value for promoting rental properties. They also come in handy for making rental rate comparisons.
– Signage-A prospect calling from a yard sign should be treated as a serious lead. They have seen the exterior of the property and know its precise location.
– Response Time-Rapid response time can make all the difference. Use cell phones or text messaging to allow prospects to quickly reach someone who can show the property or answer any questions.
– Screening-Despite all of the above, screening is still vital. Be sure to adhere to a written tenant selection plan that is in compliance with all Federal, State and Local Fair Housing Laws and the Federal Fair Credit Reporting Act.
Great residents in rental property do not have to be elusive, so long as simple but effective steps are taken to ensure that they are found.
Rob Massey, Jr., CPM, is founder of RentalHouses.com and a consultant for Rentals.com.
For more information, please visit www.rentals.com.
