Over the past two years the rental market has been pretty stagnate in terms of pricing. However, we are now actually seeing rental rates rise in our area. Why? It’s simple; too many renters and not enough properties to rent! A struggling economy and tough financing guidelines have forced a vast number of people to rent vs. buy. Lance Martinicchio, leasing specialist with Gulf Pointe Properties, recently said, “We have a waiting list of qualified tenants, but no where to put them!” If you are a landlord, or thinking of becoming one, here are some tips from him to take advantage of this market:
1. Clean. First impressions are everything. All carpets should be cleaned and shampooed, and walls should be cleaned and touched-up. The appliances and bathrooms should be deep cleaned. Cleanliness is a psychological factor. If a tenant sees a dead bug or trash they will think the whole home is dirty and poorly maintained. Renters often make the decision to rent while they are viewing a unit, so you want them to see it at its best!
2. Add fixtures and blinds. Simply adding some ceiling fans and making sure there are blinds on all windows will make the home show much better and will most certainly get it rented faster.
3. Paint. Tenants are so sick of seeing the institutional white walls that every landlord seems to paint the interior of their properties. Add some neutral colors or off-white colors; it will help warm up the home and make it stand out to prospective tenants.
4. Maintain. Make sure all light bulbs, appliances, faucets, etc are in working order. Renters want to know they could move in today and not be bothered by a handyman tracking in and out of their new place, fixing what should have already been fixed.
5. Be knowledgeable. Renters will have lots of questions about what type of amenities the community has to offer. They will try to imagine their furniture in your home. Having a floor-plan with the dimensions of the rooms will be a big help to them. What’s the exact approval process for new tenants? Is there an application? Does your Home Owner’s Association charge move in fees?
If you are looking to eliminate the headaches of managing your own rental properties, then please hire a pro! Talk with Mr. Martinicchio at 239.465.0113. If not, then these tips should help you immensely! As the rental market heats up, make sure you are positioned to take full advantage of it. Quickly renting your properties will yield more dollars in your pocket!