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Updated 10 days ago on . Most recent reply

User Stats

7
Posts
7
Votes
Jim Lynch
  • Property Manager
  • Nashville, TN
7
Votes |
7
Posts

The two things you can do to stand out in rentalistings and max cash flow later on...

Jim Lynch
  • Property Manager
  • Nashville, TN
Posted

This is largely my opinion and it's based on observation and experience as a PM BDM...as an owner listing a rental property in this market, you'll need to consider the two "options" on your lease that will help you stand out int he crowd (and pay off later). A. Lawn Care (if applicable). Yes, you can make it tenant responsibility pretty easily, but I'd say you should strongly consider arranging it yourself, picking up the cost, and baking all or a portion back into rent. Here's why: 1. What applicant doesn't love that you're handling the lawn care so they can chill on the weekends? No one! 2. Especially if your property is in an HOA development, you'll have control over the appearance 3. Assuming you raise the rent over comps (with justification), you should be able to break even or come out ahead because of the seasonality in the Mid-South...too hot to cut in the summer, too cold for growth in the winter. Win-Win. You'll pay for 8 mos. of care (tops) and receive bonus rent for 12 mos. B. Pet Policy. Yes, you can (try to*) not allow pets. But here's why you should: 1. the pool of applicants with pets is multiples larger than those without 2. you'll make bonus rent via pent fees and pet rent 3. you won't be able to stop a bonafide Emotional Support Animal (ESA) anyway. So bite the bullet, don't sweat about those hardwood floors, collect the cash and touch it up later. :)

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