How Pricing and Advertising Your Rental Home Can Be Simple
How does a do-it-yourself landlord determine how much to charge for rent? What about advertising your rental home in Middle Tennessee? Here are a few tips from your friends at Real Property Management Rental Solutions, based in Murfreesboro.
Determining how much to charge for rent
Market rent is always changing in Murfreesboro, Smyrna, LaVergne, and surrounding areas. It’s driven by the fluctuating number of rental homes available and is also affected by seasonal demands. Look at other local listings for rental rates of comparable properties. Checking with online vendors such as Rent Range is a good idea, too. Remember that what you think your home is worth (what will cover the mortgage, etc.) most times is not the same as what the market will bear.You’ll also want to determine an amount to charge for a security deposit. In Tennessee, there’s no statutory limit on security deposits at the state level, but check your city and county laws to see if your municipality has set a cap on security deposits for residential rentals.
Photograph your rental home
Once the market rent and security deposit amount have been determined, it’s time for photos and maybe even video. Make sure you take the time to get the right shots.
When taking photos in the bathrooms, for instance, make sure the toilet seat is down and you are not a “ghost” in the mirror. If the room has a large window that brings in natural light, take the photo with your back to the window to capture the room filled with light. Dark or slightly crooked photos are not appealing and can be a distraction from really showing the house. A good camera with a wide-angle lens and photo editing software are important tools for being able to show an entire room at once in good lighting.
Advertising your rental home
Now that you have photos and/or video of the home, prepare an advertisement that speaks to the renter. Try to steer clear of writing in such a way that you are advertising “who” you want to live in the home instead of advertising the home and its amenities. List appliances and utilities that will be included, as well as restrictions and special neighborhood highlights. Look into local and online sources for marketing your home.
Don’t forget to place a “For Rent” sign at the home that conforms to your neighborhoods standards. If you are in a common interest community, for instance, there may be restrictions on the type and placement of signs.
At Real Property Management Rental Solutions, we work hard at determining the right market rent and advertising the properties we manage in Middle Tennessee to attract the right tenant for each home. If you’d like help managing your rental investment, give us a call at 615-900-4067.