Strategies to Rent Your Apartment

Strategies to Rent Your Apartment Swiftly and Successfully

1. Evaluate Pricing Strategy: Overpricing and Failure to Adjust

Setting the right rent for your place is a big deal in the rental game. If you charge too much, it's like putting up a "keep out" sign for potential tenants, and your place might just sit there with no takers. Overpricing is a common pitfall – renting your place will be hard if you’re asking for more than what everyone else is paying in the neighborhood. And when the winter comes, it’s harder to rent at the price you may have rented at in the spring and summer months.  Many don’t want to move their stuff when snow is on the ground or temperatures are below freezing.

The other trap is not keeping up with what's happening around you. If the market shifts, and you don't adjust your price, it's like staying stuck while everyone else is moving. The goal is to find that sweet spot where your place is attractive but not too pricey, and be ready to tweak it based on what's going on in the rental scene. It's all about making sure your place doesn't get overlooked because of a number on a price tag.

Tips: Lowering $50-100 dollars per week, could increase showing activities. 

2. Property Presentation: Curb Appeal, Interior Condition, Lack of Staging

Making your place look good is a big deal when you're trying to rent it out. If the outside of your place doesn't look nice or it's not well-kept, it might turn off people who could be interested. Inside matters too – if it's not clean, not updated in several decades, or not well maintained, it won't attract folks either.

Another thing is showing off what your place could be with the right setup. This could be done with staging– in person or digitally.  If you don't take the time to set up and show off your place properly, it might not catch the eye of potential tenants. It's like making sure your place puts its best foot forward so that people can imagine themselves living there.

Tips:  Applying a fresh coat of paint and refinishing wood floors can bring a noticeable improvement. Make sure the exterior is neat and attractive. When capturing photos or videos of the apartment, ensure the apartment is clean and well-maintained, and looks inviting– like a place you could see yourself living in.

3. Feedback and Reviews

Feedback from people who've checked out your place is quite valuable – they might have some useful thoughts. Listen to what they say to figure out if there's anything they're not happy about or if they think the price is off. Their input can help you make the place more appealing or adjust the price if needed. It's like getting advice from friends to make your place better and more attractive for potential tenants.

Tips: Make updates to your place based on what you find in the weekly reports and what people say after checking it out.

4. Tenant Screening Process

We have a thorough tenant screening process, and we're pretty strict about it. We don't rush into putting just anyone in residences. We take the time to carefully check each applicant, doing our due diligence to make sure they're a good fit. We'd rather keep the apartment on the market a bit longer to find a highly qualified tenant than rush and end up with someone who might cause problems (which can lead to evictions) down the road. It's all about making sure we get the right person for the place, even if it takes a little more time.

Tips: Call former housing providers (landlords) to get real-life validation if this is a good person to rent to. Also, a lower credit score doesn't automatically mean the prospective tenant can't afford the rent. Requesting a two-month security deposit can provide an additional layer of security in case there are minor issues found in the credit report. 

5. Marketing Campaign

If your marketing photos are dark, don’t show key rooms or features, or if your apartment isn’t getting the needed visibility on marketing sites, it can make it harder to find people interested in renting. We advertise on major rental websites.  Many factors like the neighborhood, on-site parking, availability of laundry hookups or machines, pet policy or proximity to a busy road or area could make it a bit tough to get the place rented quickly. 

Tips: Allowing pets could attract a broader range of applicants. Offering laundry hook-ups, or even an inexpensive washer and dryer attracts potential residents. Offering off-street parking, when possible, can be a draw for many. Also, taking the apartment off the market for a few days can refresh its presence on websites.