It seems like “accidental” landlords are the norm today. These are homeowners who want to move but can’t sell or don’t want to sell their homes at a loss in this tough housing marketing.
The problem is many of these individuals aren’t the “normal” landlords that spend years honing their property management craft; rather, they have little to no experience in preparing, marketing and managing a rental property.
If you’re new to this landlord business, here are three key tips on how you can turn your accident into a success:
Be different. There are a lot of accidental landlords out there today renting their property as a traditional, 12-month unfurnished rentals. Competition is fierce. If you want to stand out, consider marketing your property differently, maybe as a short-term, furnished corporate rental instead. Not only will you attract high quality renters (like traveling business professionals), but you’ll command one-third more rent! And you won’t be stuck in a long-term lease should you no longer want to be a landlord and want to try and sell your home instead.
Always be marketing. If you want to find a tenant, you need to market yourself year-round. That said, don’t get caught up with free posting sites that are time consuming and attract the wrong kinds of tenants. On the flip side, don’t feel like you have to spend a ton of money on classified newspaper ads that limit you to a specific geography only. The best way to reach the most potential tenants is marketing through a reputable rental site that advertises your property to the right kinds of tenants all over the world.
Try renting out your property yourself or “by owner”. There are a ton of reputable online sources that can help you rent out your property yourself. For example, if you’re interested in offering your house as a furnished rental property, visit CorporateHousingbyOwner.com. There is a 50+ page Handbook that helps landlords understand how to properly furnish and market their homes to the thousands of individuals seeking short-term furnished housing.