Once the legal legwork and “make ready” process of your home are complete, now is the time to find the ideal tenant for your Raleigh rental home. To achieve this, you will need to know the market rental for your property, and also determine where and how you are going to advertise it.
In deciding what your rent should be, browse through Craigslist or other local listings for rental rates of similar properties. The classifieds sections of local news websites are also helpful. Checking with online vendors such as Rent Range can be helpful, too, or you could contact us for a free rental property assessment. Keep in mind that what you think your home is worth (what will cover the mortgage and other aspects) is not necessarily the same as what the local rental market will bear.
When you determine security deposit amounts, check state statutes in regard to maximum amounts. Identifying the market rental rate and the appropriate deposit amount will likely consume around 60 minutes of your time.
After determining the market rent and security deposit amount, proceed in posting your Raleigh rental home for rent.
Taking photos may seem like a great idea, but make sure you take the time to get the right shots. Remember you are selling a renter to live in your rental property, and dark, ambiguous, or ill-centered (sideways, upside down) photos will not show your property well and could lead to fewer calls. When taking photos in the bathrooms, for instance, ensure the toilet seat is down and you are not a “ghost” floating in the mirror. If the room has a large window that brings in natural light, take the photo with your back to the window to capture the room filled with light. Additionally, remember that a bedroom is more than just a window and closet. As such, ensure that you get full pictures showing the full extent of the bedroom. The photos you take should entice potential tenants to want to see more of your Raleigh rental home. Finally, use photo editing software to adjust your pictures as needed. Taking quality, well-lit pictures, and editing those pictures will take up around four hours.
Once you have photos of your Raleigh rental home, come up with an advertisement that speaks to the prospective tenants. Ensure that you are not advertising about “who” you want to live in the home; you must advertise the home and its amenities instead. Include a list of appliances and utilities as well, and also include restrictions and special neighborhood regulations. Although Craigslist is useful in rental advertisements, you may need to also use paid advertisements if your home is not getting many requests for showings or applications. Allocate about 60 minutes to write your advertisement and advertise it online. Paid advertisements are typically $35 and up.
Lastly, remember to place a “for rent” sign at the home according to your neighborhood’s standards. If you live in a common interest community, there may be restrictions regarding sign type and placement. Some common interest communities may require a posted sign like those used by realtors. Acquiring and setting up a for rent sign will take about one to two hours of your time. Many rental signs are affordable, but a posted sign can cost $75 and up.
Rental home advertising can pay off with possibly getting the rental rate you would like. Not only that, but you can also possibly find a tenant that treats your property like a home and not just a rental.
Would you like to receive a free rental property assessment? Please contact us for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.