You need to find a tenant for your Milford rental home. To do this, you will need to determine how much your rental property is going to rent for, as well as where and how you are going to advertise the home for rent.
First, how do you decide what the monthly rate would be for your rental property? Do your homework. Survey Craigslist or other local listings of comparable properties. Research the classifieds sections of local news websites. Check with online vendors such as Rent Range; or better yet, contact us for a free rental property assessment. Remember that what you think your home is worth (what will cover the mortgage and maintenance, etc.) is not necessarily the same as what the market will bear. At Real Property Management Metro Boston, we can help you take the emotion out of this process and keep the numbers realistic.
When determining security deposit amounts make sure you understand your State Statute (if applicable) with regard to maximums. Many States limit the amount of security deposit you can charge. Determining Milford market rental rates and appropriate deposit amounts will take about an hour of your time, provided you know just where to go to get good information.
Once the market rent and security deposit amount have been determined, it is time to advertise that your Milford rental home is for rent. Taking photos is a great idea, but make sure you take the time to get the right shots. Remember you are selling to a person, and not to an entity. This person, who happens to be a renter, will select his or her living space according to its looks as well as its price point. If your rental property ad shows dark or upside down room shots, you will not make the first impression you want to make. When taking photos in the bathrooms, for instance, make sure the toilet seat is down and you are not a “ghost” 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. Remember, too, a bedroom is more than a window and a closet, so ensure that you get full pictures showing the entire bedroom. The photos you take should entice potential residents to want to see more. Use photo editing software to adjust your pictures accordingly. Take quality, well-lit photos. Expect this part of your advertising work to take about four hours of your time.
Now that you have photos and/or video of the home, prepare an advertisement that speaks to the renter. Stick to advertising the home and its amenities as opposed to describing what type of renter would like your place. List appliances and utilities that will be included, including restrictions and special neighborhood highlights. Craigslist is still widely used for rental advertisements, but also consider placing paid advertisements in local sources or online to maximize exposure and therefore showings. Writing your advertisement and placing it online will take about one hour of your time. Paid advertisements typically cost $35 and up.
Last comes the installation of the “for rent” sign at the home. It must conform with your neighborhood’s standards. If you are in a common interest community, for instance, there may be restrictions on the type and placement of signs. Some common interest communities may require a post sign, similar to those used by realtors. Obtaining and placing a for rent sign will take about one to two hours of your time. Many rental signs are inexpensive, but a post sign can cost $75 and up.
Advertising your home properly can pay off in a couple of big ways. You’ll get an attractive rental rate, and you may even hit the jackpot in getting of a tenant who will treat your home with pride and will take care of it as if it were their own.
Would you like to learn more about advertising your Milford rental home? Contact us for a free rental property assessment and find the additional support you are looking for!
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.