Today, we are talking about how to rent your property in Sarasota and Bradenton, and there are five specific tips that we can share with you. These tips will help you get your property rented, your cash flow increased and the return on your investment realized.
1. Make sure your property is in good shape. The condition of the home you are renting is important. It needs to be as appealing as possible. There are lots of rental properties on the market, and your home is competing with all of them. You want your property to look good, so have it professionally cleaned and updated to some degree. You want to make sure everything in the property works, and if something does not work, make sure it is fixed or upgraded before you put it on the market.
2. Get exposure on the market. People need to be able to find your property in all of the places they could be searching. This includes online listings, print listings and yard signs. If your property has broad exposure, you will have a better chance of attracting potential renters. You never know where your next tenant will be looking, so be sure information about your property can be found everywhere.
3. Read the marketing data. Pay attention to how many clicks you are getting online, how many calls you are receiving and email you are getting about the property. Then evaluate how that data is translating into the number of showings you are conducting for your property. You might be getting many clicks but very few showings. If so, this could mean that there is something wrong with the way you are presenting your property. Make adjustments on the marketing, the pricing or the conditions in order to increase your showings.
4. Adjust to market realities. If the market tells you there is a better value in other properties, you need to adjust your price. If your listings online are not getting a lot of hits or bringing in calls and emails with requests for information, you might have to broaden your exposure or adjust the way you are marketing the property. Your ability to be flexible and adjust to what the market is telling you will make a difference in whether you rent your property quickly, or leave it sitting on the market month after month without earning you any income.
5. Price accordingly. Everyone thinks they have a set value in mind when it comes to determining the amount of money your property is worth. However, the price must always come from the market. The rental market might be stronger in one month compared to others. For example, the end of the school year is a much different market than the fall, when school has already started. There are also seasonal considerations that affect a price. Be willing to adjust your price to what the market dictates.
We hope these tips gave you some ideas on how to rent your property quicker and get your cash flow moving. Renting your property quickly will allow you to get a positive return on your investment. If you have any questions about what you’ve read, or you’d like more information, please visit us at Sarasota Management and Leasing: www.sarasotamanagement.com.