December 11, 2009, Newsletter Issue #162: The Best Way to Rent Your Home

Tip of the Week

There is really no hard and fast rule regarding how to rent your property. Much depends on the following circumstances.

What is the condition of the real estate market? For how long are you considering making your property a rental home? Have you done a market analysis or a return on investment projection for your rental house? Have you thought about the marketing efforts and methods you might use? In the end, the best way to rent your property is the method that results in getting good tenants, found in the shortest period of time, so you have income instead of a vacancy. This "best" way could be as simple as telling your friends and family that your property is now a rental home. This method costs little or nothing and sometimes works well if your “network” knows of quality people wanting to live in your neighborhood.

While this marketing “strategy” may work, if it doesn’t, you could face a long vacancy that is always expensive. Normally, a much better plan is to get as much exposure for your rental house as possible so the maximum number of potential tenants can "see" (using descriptive language and digital pictures) your home rentals. Just as it’s difficult to win the lottery if you don’t buy tickets, it’s more difficult to rent your property for the right price if you don’t expose it to as many potential tenants as possible.

With the strength of the Internet and the assistance of Rentals.com, you can get the best exposure to the widest audience possible. The wider the audience, the more likely you’ll find the right tenant willing to pay the right price for your rental home.

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