Vantage Property Management
Better Qualified Tenants.
Less Time on the Market.
Higher Comparable Rents.
I would like to take a bit of time in this session to discuss with our landlords some of the ways to make sure you're getting the most rent of for your investment property
This may seem elementary, but it's so important to get the property priced right initially. Take a landlord who, for either lack of Knowledge, or whatever reason, over prices the property by a hundred dollars.
The home then sits un-rented, because tenants are pretty savvy in this day and age and there are usually plenty of available properties to choose from, so they're obviously not going to pay a hundred dollars more per month than what the property is actually worth. So the property languishes for a month, until the landlord finally realizes this, drops the price $100.00 and the property gets rented.
How much money did the landlord actually lose. Well, he lost more than a hundred dollars, because the property sat vacant for a month and in today’s market, the rent is considerably more than a hundred dollars.
What are some of the other things you can do to get the property around quickly. Well there's no question about it, a clean, well maintained property will always rent quicker than one where the landlord has just not taken the time and effort to keep the property up to good rental standards.
Time of year can also have a great impact on how quickly a property will rent. So what to do when your current calls to say “It's November 30th , the lease is up, so we will be vacating in thirty days”.
Time of year is something that a landlord doesn't have control over. However, there are certain things we can do to minimize downtime.
What I'm getting at, is obviously properties don't rent as well in September through February, as they do in the Spring and Summer months, when school's out and the employers tend to transfer people more often.
So what do you do. Well, you get the home back on the rental market ASAP. However, you may want to consider some other things like, rather than looking for another twelve month lease, consider advertising for an 18 month lease term, rather than the “usual” one year term.
Instead of the new lease ending the following December, it will then carry on over into the Spring of the following year. A good thing for you and you may be surprised that most tenants will also find this to their liking.
These are some of the things that you can do to maximize your rental income.
Real quickly, without going too far along in this session, I just want to take a moment to touch on the subject of the tenant pre-lease screaming process.
You’re saying, “What's tenant screening got to do with maximizing my rental income?”. Well, if the current tenants weren’t property screened and you then have to remove them for non-payment of rent, or related issues, this is obviously going to cost you money, due to loss of rent and other re-renting expenses.
There are there are companies, such as ours, that can provide excellent sources of credit, criminal background and other screening, which can invaluable in tenant approval process.
If we can answer any other questions along these lines please contact us at Vantage Property Management.
How To Get The Most Rent For My Investment Property.
Vantage Property Management
410.729.2770
1120 Benfield Blvd.
Millersville, MD 21108
