As real estate prices in large cities continue to skyrocket, the popularity of apartment living is on the upswing. If you are considering getting into the apartment rental business, there are a few ways to ensure your property remains occupied. Read on to find out how to rent out an apartment posthaste.
Place an Ad
Start out by placing a classified ad in your local newspaper and online. The key here is to create a rental listing that tells prospective tenants about basic information such as rent price, address, number of bedrooms and bathrooms, and highlights the best features – that could be amenities or nearby attractions, for example.
Be sure to take high-quality photos of every room so tenants can easily visualize the space and see themselves living in your property. If the apartment complex has a social media presence and a website, these could be great places from which to advertise vacancies for free.
Lastly, remember to put up a “For Rent” sign, where permitted, along with your contact number. Sometimes, the simplest solution is the best.
As tenants look at multiple properties to decide which one is right, the ability to effectively manage inquiries cannot be overstated. To avoid losing out on opportunities, make sure to reply to prospects as quickly as possible, ideally faster than your competition.
With that said, the speed of response does not mean that you should gloss over the screening process. It’s important to filter out good potential tenants from the sea of applications you might receive as troublesome tenants can cause you more issues and cost more money than if the apartment sat empty for a few months.
Hire a Professional
Hiring an experienced property manager can be a great avenue to explore if you’re looking to save on the time and hassle involved in renting out and managing the daily operations of being a landlord.
Not only will these professionals take charge of your marketing efforts, but also captain tenant screening and background checks, collect rent, conduct inspections and repairs, communicate with tenants, and more. If you have lots of rental units, live far from where the apartment unit is located, or don’t have much time on your hands, a property management company is a no-brainer.
Are you ready to invest in real estate and see the value it can provide? RLG would love to help you! Call us today to learn more.