What needs to be done to prepare a property for rent?
The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with scuffed or dirty areas touched up. Neutral colors for walls and floors are best. Blinds or shades are ideal window coverings. The home should be clean and the yard in excellent shape. Whenever possible reduce the amount of time and water necessary to maintain the yard. For most rental homes xeriscaping is a good investment. Backyards should not be dirt. Rocks or other landscaping is preferable and will pay off in increased rents.
How do I determine the rental amount?
The competition determines the rental amount. As experts in the field, AMMRE knows the market and the competitive rental ranges for your home. If the home is marketed too high the home will be vacant much longer. If it is marketed too low many potential renters may not select to view the home, reducing the pool of qualified applicants. Further, the landlord may have to wait one or two years before the lease expires and the price becomes competitive again. Normally the landlord can expect to increase rent when the lease renews or if the resident is remaining in the property month-to-month after fulfilling a lease obligation. The amount of a mortgage is not an indicator of rent value. A home highly leveraged will rent for the same amount as a home that is owned free and clear.
How do you market the property?
The property is immediately added to our rental availability list, web sites, kiosk in the Cottonwood Mall, and other resources. Our online marketing program reaches over 200 rental websites. We have long standing relationships with local and national relocation networks and major employers. Ads are run in the Sunday Journal. Attractive yard signs are placed and marketing flyers distributed. Each property is assigned to a property management team to track the marketing effectiveness for the individual property.
How long will it take to rent?
Vacancy periods are market driven. There is also some luck involved in the right person looking at the right time. Potential residents are rigorously screened for income, credit, background, references, etc. On average in the metro area it takes approximately four to six weeks to rent a home. Homes rent more slowly between Thanksgiving and New Years. Location, condition and the correct rent amount effect vacancy time. AMMRE can help you position and price your property properly so that you optimize rental income and reduce vacancy expense.