While many factors affect how much a Phoenix, AZ landlord can earn, the average salary is just over $52,700. If you want to make this kind of money, it's imperative to keep your rental home occupied.
But what makes a for-rent by-owner property more attractive to tenants? To ensure you can quickly find tenants who are ready to sign a contract, we're going to look at five of the most effective owner-rental strategies.
Read on to learn more about fast leasing in Phoenix, AZ.
1. Improve Property Appeal
First impressions matter, so your property needs to look appealing to prospective tenants. Straightforward changes can make a big difference, such as:
- Decluttering your rooms
- Repainting walls
- Replacing tired and worn furnishings
Although these improvements can be inexpensive and require only a little effort, they can make your home much more inviting.
2. Master Online Property Marketing
Many modern private rental tips revolve around online property marketing, and for good reason. Tenants often first look online for a new home, and your listing should contain high-quality photographs and a detailed description.
Renters may want to know about your home's proximity to transport links and local attractions. They may also be interested in recent upgrades or if your rental has a backyard. If you provide this information in your listing, you can increase the chances of potential tenants booking a viewing.
3. Set a Fair Price
While you should maximize your monthly profits, you don't want to price your home out of the market. Unfortunately, this is where DIY property management can often go wrong, and you can benefit by asking for a rental price analysis from a qualified professional.
You can then be confident that you'll be getting the most out of your investment without deterring would-be renters.
4. Provide Flexible Lease Options
Offering flexible lease durations can be one of the most helpful property leasing tips for finding tenants quickly. Not everyone wants to sign a contract for a year, and if you're willing to offer shorter lease terms, this can work to your advantage.
You may also find tenants appreciate this flexible approach and are more willing to sign a contract renewal at the end of their current agreement.
5. Respond Quickly to Inquiries
Tenants may send inquiries to multiple landlords at the same time. If you reply promptly, they could decide to move into your property before other landlords have responded.
It's best to offer several forms of communication to renters. Providing an email address and a mobile phone number means they can get in touch using their preferred contact method.
PMI Phoenix Metro Can Manage Your For-Rent-By-Owner Property
Having a for-rent-by-owner property can be an excellent way to earn a handsome income, and this is a lot easier if you know how to attract and keep tenants.
At PMI Phoenix Metro, we have the experience and knowledge to find great tenants who are willing to pay top dollar to rent your property. Our unrivaled commitment to customer service means we take care of the many tasks required to manage a rental property, so you can make a stress-free income.
To make more from your rental property, contact our friendly team today.
