The rental market is extremely active right now. This means that renters have a lot of options for rental properties. As a landlord, you must find a way to stand out from the competition to attract the right tenants for your property.
An informative and attractive ad can generate a great amount of interest in your property. Here are 8 tips that will help you make a rental ad that will cause your phone to ring off the hook.
1. Know your target audience. Your ad should be written to attract the group of people you want to live in your property. For instance, if your property is located near a university, craft an ad that will appeal to students. If you want to attract business professionals, write an ad that would appeal to that group of people.
2. Include honest information about the features of your property. It is important to accurately list the number of bedrooms, bathrooms, square footage and other important features. You may also include types of appliances, flooring and fixtures if it adds to your home’s rental value. Be careful not to exaggerate any of the features.
3. Include plenty of pictures. Many renters want to see the benefits of the home before they visit it. Pictures are a way to provide prospective tenants with an accurate representation of your property. Your pictures do not have to be professional, but they must be clear.
4. Create a headline that attracts renters. If you plan to advertise your property on an online classified website, an attractive headline is a must. There is so much competition on classified sites. A bland headline will get lost in the shuffle. Instead of using the features in a headline such as ‘4 Bedroom – 3 Bathroom House for Rent’ you can use ‘Tired of Sharing the Bathroom? This 3 Bedroom House is Perfect for You’.
5. Detail the amenities of your rental property. This is the time to let the perks of renting your property shine. Include amenities such as a swimming pool, clubhouse, gym and parking in your ad.
6. Mention your screening process. As a landlord, you do not want to waste time on clients that you know will not qualify for your property. If you are conducting a credit check or background investigation, put that information in your ad. Only people who meet your qualifications will respond.
7. Include information about pets and utilities. Many people have at least one pet these days. In some instances, there may be multiple pets in a household. State your pet policy in the advertisement. Also state whether utilities are included in the price of the rent.
8. Include general information about the property. Things such as the monthly rental rate, the availability date, length of the lease and contact information should be included.
With a proper plan and great ad, your rental property can attract the right tenant.
Collecting Rent from Your New Tenant
When tenants sign a lease, they agree to pay a fixed sum of rent on the same day each month. It is the landlord’s job to collect the rent, which can be done in a few different ways. The landlord is obligated to inform tenants of the rent payment procedure, so there will be no misunderstandings later on.
Options for Landlords
Property owners have the right to manage their properties in whatever manner they choose. This includes the method for collecting the rent. Some landlords may prefer one payment choice while other landlords offer more flexible options. The number of properties or units that are being managed often determines how rent will be collected.
Rent Collection Options
Landlords may choose from the following collection options:
• Online payments. There are many rent collection services on the Internet, such as RentMerchant, RentMatic and ERentPayment, which allow tenants to conveniently pay rent online. Plans vary from basic collection to more complex tasks like providing vital documents to renters. PayPal is another popular method although it does have the downside of delayed payments and possible fees.
• Mail. For landlords who do not want to collect rent in person, having tenants mail in their payments is another effective method. To ensure on-time payments, the tenant should use certified mail, which will show the date sent and when it was delivered. The drawback to mailed payments is even if they arrive by certified mail, there is no guarantee the full amount is enclosed.
• Drop location. A landlord who has a property management office can allow tenants to drop off payments there. A property owner should never give out a home address to renters.
• In person. If there are only one or two properties, the easiest way to collect rent is in person. The bad part about this method is it can be time consuming, and there may be difficulties in scheduling payment pickups from tenants.
When it comes to collecting rent, landlords will have to choose a method that best suits their needs and those of the people who rent from them.