Once you have chosen the perfect investment property with a promising cap rate, the next step is to get the unit rented. Here are a few suggestions from a real estate lawyer Las Vegas trusts that can help you rent your unit quickly and efficiently.
What To Do
Look at the rent – If you are charging too much rent in comparison to similar properties in the area, you are going to have a hard time renting out your property. When you get ready to set the price for rent, do comparison research to make sure that you are offering a competitive rate to your future tenants that is also still fair for you.
Look at the unit – Making sure your unit is in good shape is one of the fastest ways to rent it out. If you have the budget, consider upgrading the appliances, flooring, and countertops. This will make your investment look irresistible in the eyes of future tenants.
Look at the ads – If you don’t have any advertisements up, consider changing that. The right ads in the right places make it a lot easier for you to rent out a unit in a shorter amount of time. Consider placing an ad on Craigslist to get your ad seen by thousands of people.
Look at your policies – You can consider allowing tenants with pets to really give your unit an advantage. While that may seem like a bad idea at first, many landlords find that pet owners are more appreciative of the opportunity to rent a space with their furry friends. They turn out to be more responsible and care for the unit better than many tenants without pets.
Look at your incentives – Incentives are a great way to fill rental properties quickly. If you own many properties that need filling, you can create a resident referral program. This program can offer incentives for referring new tenants such as discounted rent, free parking, or free cable. If you don’t own many properties, you can still offer the same valuable incentives. Just make sure that you offer all your potential tenants the same incentives to avoid any discrimination claims.
What Not To Do
One thing you definitely do not want to do is have lenient screening requirements for new tenants. In the grand scheme of things, a bad tenant is going to cost you a lot of money and create a lot of headaches that could have been avoided.
Once you decide you are ready to rent out your investment properties, make sure all your legal affairs are in order. Marc Simon Law offers a great real estate lawyer Las Vegas can trust to create well-drafted lease agreements that protect your investments and your tenants. For more information about this real estate attorney Las Vegas trusts, contact 702.451.7077 or info@marcsimonlaw.com.
