How to Get the Best Rent for your Rental Home

Today we are talking about how you can get the best rent for your rental home. To put it very simply, the best product gets the best price. This is true whether you’re talking about a t-shirt or a piece of rental property. In order to be a successful investment property owner, you have to make sure you have the property priced correctly.

First, get some solid rental comparables. Take a look at what similar homes are renting for in your neighborhood and make sure you are in the same range as everyone else. Remember that the market changes all the time. A rental price from five years ago may be higher or lower than it is today, but it won’t be the same. You have to price that home based on the market. Maybe you think your property is worth $1,500 a month, so that’s what you list it for. In reality, if that house is really only worth $1,100 per month, it will sit vacant on the market for a long time. That’s not good. Keep reviewing the numbers and the statistics, and be sure to price your rental home in line with what the market bears now.

The best way to increase the rental amount for your home is to keep the property well maintained. It has to be clean. No one wants to see another person’s trash when they go into a property. Keep the house smelling good as well as looking good so people feel welcome and invited. Sometimes people will put a little bit of vanilla extract in pots of water, and that makes the house smell good. Provide good lighting for when potential renters are looking at the property. Open up all the blinds and windows.

To achieve the best rental price, you have to market it well and get as many people as possible to your home. When you only have two people seeing the property, you’re going to find yourself tempted to choose a less qualified tenant than you would have if there were 100 people looking at the property. Use the Internet, the Multiple Listing Service and other websites. You want to be able to say no when you have to and keep a good price so you aren’t desperate. You don’t want to pick someone you wouldn’t normally have allowed because they’re the only tenant who called.