Whether you have a portfolio or just one rental property, it’s important to minimize the time your property spends on the market. As the saying goes, “time is money”, and every day your property spends on the market is money lost on your investment. Every day, 110 people move to Austin which makes it a strong rental market with a large pool of potential tenants. The fact of the matter is that while Austin is great for landlords, it's also great for tenants as there is no shortage of available rental properties. How do you set your rental property apart from the others? Here are 4 tips that we apply to the rental properties that we manage in Austin:
Curb Appeal
It’s the little things that count and a first impression is always the most important. This is how they will tell their friends and family where they live…”It's the cute blue house with the white trim and wooden shutters.” Also, this will be the first photo that renters and showing agents see on the listing online. Easy ideas include:
Trimmed Lawn/Landscaping
New Exterior Paint
Sleek House numbers
Updated Shutters
A Front Door that Pops
New Mailbox
Front Doormat that says “Welcome Home”
Price
As a landlord, you want the highest amount possible in monthly rent, but forcing a higher price on your property than what it should be could cost you money in the long run. If you could lease your property for sure at $1,150 but decide to list at $1,200 and it sits for a month. At $1,150 you'd have made $600 less for the year, but due to your property sitting on the market an extra month at $1,200 you've effectively lost money on your investment.
To a renter, price is very important. If they feel like they received a good deal then they start off living in your property with a happy attitude. If you want to start with the property priced higher at the beginning that is not an issue, but you should ever expect to just receive top dollar for your rental property. If after a couple of weeks you haven't had much interest you can't be unwilling to cut the price to adjust to the market or you could experience extended vacancies.
Running comps is a great way to see what comparable homes in your neighborhood/region are receiving in monthly rent. This gives you a better idea of what price to list your home to garner the most attention on the MLS. Stone Oak is happy to provide property owners in Austin with a free market analysis for their property. No obligations. no catch.
Availability
Leasing is a much more fast-paced transaction than your typical real estate deal. Making your property available to potential renters for showings is important. If someone is looking for a place to rent, they more than likely need to make a decision soon and the more available your property is the better chance you have at leasing your home quickly. Being available is key. For example, our Austin property managers provide showings to potential renters by request every single day until 9 pm making it convenient as possible for potential renters to see our home and sign a lease. Again, renters are making quick decisions. If you aren't responding to inquiries on your property in quick fashion you are losing to the competition.
Make The Process 'Hassle-Free'
The average person is twice as likely to write a bad review than a good one. You need to create as little friction as possible to ensure a pleasant experience for anyone interested in your rental property. Your processes for tenants, from showing the home to move-in need be as convenient as possible for potential tenants.
There is a wide array of tools available to owners looking to manage their rental properties and keep everything on track and in order. However, if you are looking for a passive investment with minimal oversight on your end we recommend hiring an Austin property manager. A quality property management company will have processes in place to not only make the tenants experience easier but yours as well. For example, our company offers on-demand showings, quick turnaround time on applications, easy move-ins that are scheduled at the renter's convenience and more.
At the end of the day, if you care about your rental property it shows. Tenants will appreciate any owner who applies the above to their rental home and owners will experience happier tenants and shorter vacancies for their rental home(s). Please contact our team of Austin property managers today with more questions about leasing your home and the best practices to do so quickly.
