How To Price Your Rental Property
One of the scariest times a homeowner goes through while renting their home is the vacancy. A vacant home is an expensive home. You have mortgages, utilities, yard care, snow removal, and additional expenses you’re paying without any income to offset the expenses.
Here are six options that will help rent your home faster in Salt Lake County.
Option 1: Allow Pets
67% of U.S. households own a pet according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association. The number of households has steadily increased year over year.
Allowing pets will double the number of prospective tenants in Salt Lake City who can qualify to rent your property. That means reduced vacancies, higher rents, longer tenancies, larger tenant pool, and more.
There are risks in allowing pets. That’s is why Nestwell Property Management has created a solution to protect you and your property from pet damage. Learn More About Nestwell’s Pet Damage Protection Program.
Option 2: Aligning Price With The Market
At Nestwell, we show homes that are currently occupied by existing tenants. In fact, we are one of the few property managers in Salt Lake City that do this. Occasionally the existing tenants can be uncooperative and cause bottlenecks.
If the home is vacant and not renting, it’s always, always, always, going to be because of the asking price. When a home is vacant, rent ready, and even has the most basic marketing pictures — lowering the asking price will get your home rented.
Be aggressive with your pricing decision. It’s much better financially to rent your home within the first few weeks it is on the market making you more money in the long run. Nestwell’s recommendation is to start the asking rent for $25/mo below market. After one week, reduced it another $25 until we receive multiple showings and applications.
Option 3: Lowering the Asking Price for Rent for 6 Months
Lower the asking price for the first 6 months to a new tenant can be a good incentive. Be careful with this as this technique will attract more applications, but also turn some of them off by what seems to be a gimmick. Make sure your lease agreement is equipped to handle this escalation clause.
Option 4: Matterport 3D Tours
A Matterport 3D Tour for your home is a great way to increase the number of prospective tenants to see your home. This is an excellent way to draw more interest to your home from prospective applications. The average cost varies depending on size.
Option 5: Professional Photography
Professional photographers are dime a dozen so stop shooting photos with your iPhone and hire a professional to come to take 25 photos of your property. You can also take a video and edit it if you have time giving prospective renters a chance to see the inside.
Option 6: Facebook Boost Marketing.
Target marketing campaign for your home on Facebook is a great way to find a large number of tenants. This a lengthy process to set up and it’s an extra expense to advertise online but it can be worth casting a wider net.