Columbia Maryland Property Management Advice: 5 Tips To Rent Your Property Faster

Renting a property has its benefits: it helps the owner pay his mortgage while allowing him to hold on to his property until its value escalates. Moreover, in the long run, it will become a great investment allowing you to benefit from decreased tax and increased value.

Here are five steps that will guide you in renting your property fast:

  • Understand the risks and responsibility. Every investment, including that in real property, have risks involved in addition to the financial benefit they offer. Before renting your property, do a research and interview first on the experiences of property owners. Dealing with tenants is an unpredictable experience. More than usual, things sometimes fail to meet your expectations. There are also tasks that you want to allocate and spend time with such as facilitating the repair and maintenance of your property (you don’t want to disappoint your tenants), collecting their rents, deciding and applying for home insurance policies and overseeing the housekeeping behavior of your tenants to ensure that your property remains in tiptop shape to lure in potential buyers.
  • Prepare your property. With the multitude of available properties for rent, expect your tenants to be extremely choosy. As you would want for yourself should you be the tenant, they would choose the value over their money as it will determine the quality of their stay in your property.
    • Make the area secured. If what you are renting is a room within your house, make sure that the area is secured and that you and tenant can maintain a certain level of privacy.
    • List down its desirable attributes. Make a list of a one-word description of the good qualities of your property that will help you sell it. Online resources suggest focusing on desirable features such as air conditioning, garage, washer and dryer.
    • Take advantage of the Internet. Post your advertisements on reputable websites dedicated for those who would want their properties rented. You can throw in a little money for local newspaper advertisement, and for posters that you can post no places frequented by many people such as the church, the park, movie houses or grocery stores.
    • Mind the timing. Months from March to August are particularly the best times of the year to rent property in Maryland. Prepare your property before and rent them on those months. You would be amazed at how renters flood your emails or phone. This time it would be you who would have the power of choice rather than them.
  • Enlist the service of a professional. Renting a property is a complex task. You can handle some of the aspects of it but not all as this will overwhelm you. You need the help of a legal officer for the legal and taxation aspects, for example, or an interior designer and property restoration team in order to maximize the appeal of your property. The initial investment, as a result of this, may be daunting, but you will benefit from it in the long run.
  • Mind your price. Set a price that is competitive in your locality. You can scout for a price range by interviewing renters and landlords in your area or by researching the prices online through the websites you used to post your advertisement. Remember that the goal is to set a price that is competitive, fair for the quality of your property and allows you to earn after taxes and other obligations.
  • Be picky with your tenants. Each of us, tenants and landlords, alike, are governed by our different psychologies. You cannot safely that your tenants will behave the favorably for you. Interview your tenants, and if possible ask why they want to transfer or why they left the previous property they rented. If you could ask for the name of their previous landlords, do so and find a way to talk to them. This way, you could choose your tenants wisely as to their housekeeping behavior and their payment patterns.

Renting a property is a wise decision, especially if you want an additional income or your are postponing the sale of your property until the economy improves. The steps mentioned above would enable you not only to rent your property fast and easy but to select the best tenants who will make your renting experience profitable and time-worthy.

How to Remodel Your Home When Doing Howard County Property Management To Rent Your Property Faster & Get Higher Rents

Howard County Remodeled home

 

As with many forms of investment, you need to invest more in order to expect a higher return of investment. Preparing a house for rental, however, is one of those that require a demanding initial financial investment in order to gain more in the end.

Here are some tips on how to manage your property in order to get higher rents with as less an investment as possible:

  • Adhere to market standards. Do not attempt to renovate your property with the same standards as you have with your home. Remember that your sole purpose is to market it and try to lure in potential tenants. Over-renovation is unnecessary because your tenants will most likely not take care of it as you would have.
  • Put yourself in the shoes of the tenant. The first thing that tenants ask themselves then they are looking for a house or property to rent and when they are touring it is if they could imagine themselves living in it. Renovate your property as if you would want to see yourself live in it. It is dirty and dusty, clean it. If is creaky, repair it. Highlight a particular area you would want your tenants to notice such as the dining room, the rooms and the receiving room by maximizing its ventilation and lighting from the outside source. If the room/s or if an area within the property seems large and vacant (and dull as a result), consider placing a furniture to give life to it. Remember, you want your tenants to imagine living in it to want to rent it.
  • Prioritize repairs than replacements. If you have the resources, and if you are willing to invest more, then the idea is to clear the area, restore and repaint to your heart’s content and replace the carpet. A newly furnished home/property is always attractive either to tenants or buyers. If you want to save money and produce the same result, then prioritize repairs. Repair an area or repaint only those which need it. Almost always, cleaning the property gives the impression of freshness which the tenants will interpret as new.
  • Give priority to certain areas. Mind your bathrooms and your kitchen. They are two of the most important parts in the house. One is used to feed while the other is used for another necessity after feeding. These two aspects of day to day human activity are important and compulsory. Your tenants will imagine themselves using those areas first when they survey your property.
  • Clean and replace frequently. A clean property is an attractive property. It appeals to both the eyes and the mind. Daily cleaning, however, while the property is not rented is necessary because dust can accumulate on a daily basis which could dull the appeal of your furniture, your floor or your paints. Check for the small aspects of your house such as the knob, the lap, your faucet and try to fix them if one of them is damaged. These features do not demand high cost to replace or repair and are equally important for the clients.

The last thing to do to prepare your property is to ensure its security. Your tenants would want to feel that your property could protect them just as their homes could. As long as your property is clean, presentable and offers your tenants security and safety, it will command a high price and will attract a number of prospect renters and buyers as well.

How To Find The Best Tenant for your Columbia Maryland Rental

Hispanic couple outside home for rent

There are many ways to get the best returns of your property investment. If you own a nice house at a great location, you are going to get paid back really well. One of such options is renting your property. If you are thinking of becoming a landlord the key factor you must remember is “tenant, tenant and tenant.”

The next question that comes to the mind is “how to find the best tenant?” If you own a rental in Columbia Maryland, you must take following key points into account:

  • Remember it is not all about money: Whenever you hire a tenant, look beyond money. A bad tenant may pay you better but his may kill your relationship with neighbors. If your neighbors are not comfortable with your tenant, it may backfire you. That is why, whenever you go for hiring a tenant, do it according to your locality.
  • Advertise in the right place: The search of right tenant begins with the right advertisement at right place.
  1. You can start with some online sites specially meant for renting purpose. Avoid free sites, as they are sometimes associated with scammers. Go only for trusted and certified sites.
  2. Next you can place an advertisement in newspapers classifieds.
  3. You can post the ad pamphlets near a grocery store.
  4. You can also contact a property dealer who also provides rental information.
  5. Human resource people can also help you with the advertisement.
  6. Post your ad on social networking sites.
  7. Get referrals from family and friends.

Your fliers and pamphlets must include the pictures of your premises inside and outside too. Mention the area, number of rooms, bathrooms and all the facilities included in the rental premises.

  • Columbia Maryland Rental applicationRental application: Use the provision of rental application. It is a document that is used to collect all the information about the applicants and co applicants. This way you can do some background checks too. Rental application include following information about the applicant:
  1. Applicants’ names
  2. Social Security numbers
  3. Previous addresses
  4. Driver’s license numbers
  5. Income sources and amounts
  6. Children’s names and ages
  7. Number of pets and their breeds
  8. Employer contacts and job title
  9. References (not family)
  • Meet the potential tenants in person: This step is quite important. When you meet the tenant in person, walk them through the property by yourself. This will let you get an idea about them. You will get a hint of whether they will respectfully inhabit your premises or not. You will also get a sense of cleanliness of the perspective tenant.
  • Check their references and run a background check: Call the candidate’s employer, last landlord and all the personal references provided. This will help you to develop a picture of the perspective candidate. Ask the basic details about the potential tenant like if he throws loud parties or how clean he is.
  • Rental insurance: At the time of handing over the keys, first ask for a good sum of money as a deposit. This sum will be insurance about any damage in your house. Always ask for a sum more than the rent.