When you have some money for an investment, but you are unsure what to do, real estate is always a good idea. Once you have acquired a well-chosen property and maybe invested some more in its design, there are several things you can do with it. The easiest of them all is definitely to rent it out. Renting out an apartment or other kinds of property will not make you a fortune right away like when you “flip” a house, but it pays much more in the long term. It is a safe monthly or yearly income, which will make your everyday life easier. Whether you have one apartment or a whole building with lots of units, regular money in your hands is guaranteed. So, what is the catch? Well, you will have to find the right people to rent your space to. Not all tenants are reliable, not all of them fit your conditions, or you don’t fit their demands. You will have to market it wisely in order to be happy with the results.
Therefore, we will talk about some of the ways to successfully rent out your property and enjoy the income for a long time.
Choose Your Target Groups Wisely
When you post your ads, the first thing you will have to ask yourself is who the audience you are trying to attract is. Also, some current market research is necessary. Is there gentrification happening around? Some serious city plans? Which demographic is mostly moving in or out of the neighborhood? And, of course, what kind of people or groups are you trying to rent your place to? Maybe you are comfortable renting your apartment(s) to families or maybe students and business people are your preference? Is renting day-by-day your thing or do you want six-month or yearly rent agreements to feel secure?
Take all of this into consideration and make a concrete plan, with just a little space for negotiation (just in case). Then you will know where to post your ads, which kinds of marketing strategies are best, and what to write/record in your ad.
Choose The Best Real Estate Websites
Once you have chosen your audience, the next move is to find the best places to do your advertising. The most advisable thing is to start with websites since people rarely look for ads in papers anymore and they are always on their phones.
This is when you start looking for the most recommended websites that have the most hits from serious (future) tenants. Shape your ad well and make it informative, while keeping it straightforward. Think about your market. For example, if your space is in Texas, you are probably aware that it is a prosperous environment, ready to accept new business owners and ambitious students, and that it offers so much to people that want to start something fresh. Therefore, your ad would have to aim for the websites that attract that kind of audience. If your property is in Odessa, find the most reputable website that offers Odessa apartments for rent and just sit and wait for the flood of phone calls and emails from reliable future tenants of your space.
Choose The Right Price
When you are calculating which price to set for your property, you’ll have to consider several things. First of all, explore the market in that specific neighborhood. See how high the rent of the spaces around is. See how high the price of real estate by square foot or meter is. Calculate the budget of the groups and single tenants you are trying to attract. Of course, value the effort you’ve put into renovating, designing, securing the place, etc. But, nevertheless, the overall market dictates everything. So, find a middle ground between the value of your investment and the usual price in that neighborhood, and you’re set.
Spoil Your Tenants Right Away
The first impression you give tenants as a new landlord is crucial. When a future tenant (especially if they are experienced) enters your property, they will probably notice everything and even feel almost everything. Invest in design. Have some attractive colors around, maybe some nice decorations. Have Wi-Fi and air-conditioning. Invest in good furniture and even good doors and windows. The carpeting as well. It will all pay off pretty soon! When you talk to your future tenants, listen to their needs and ask about their work and habits (subtly, of course). This will help in the overall negotiations since maybe you can mention some advantages that your property has which match their lifestyle. Tell them about local gyms if they are fit. Tell them about stores and kindergartens if they are a young married couple. Let them know about anything interesting, fun, or useful that can influence their decision to choose your property over any other.
Conclusion
This is all just the beginning. As a new landlord, you will probably find tenants fast, but be prepared to face problems as well. Some people are needier and some people are late with rent. Just be patient. With experience, all of that will mostly fade. Respect your property, but also respect your tenants, and you will be totally okay. Good luck landlord!
