Rental properties are considered the best source of passive income as they provide you with a steady monthly income. This is why most people/investors who want to earn from their property (homes) tend to rent out their homes or some portion of their home/s instead of selling it.
However, a lot of people struggle to find serious tenants because they are not familiar with effective ways to market their homes for rent. Do you intend to put your house on rent too but don’t know how to market your home for rent? Read on to find out!
The homeowner should have all the ownership documents ready before renting out the home. Moreover, he must be aware of Tenancy Laws in Pakistan as well as the rights of both the Tenant & the Landlord..
This article will give you an insight on how to market your home for rent in Pakistan, at the best possible rental price!
Table of Contents
Refurbish your house to attract tenants
It is recommended to make your house presentable before offering it for rent. A refurbished house looks fresh and welcoming, increasing the probability of finding a tenant fast.
What can you possibly do to refurbish your rental house?
- Paint your house’s outer and inner walls, doors, and windows.
- Patch the holes and cracks in walls before painting.
- Fix or replace leaking faucets, taps, and pipes.
- Look for broken door locks and hinges and get them fixed or replaced.
- Make sure all the electric switches and sockets work perfectly.
- Fumigation should be done in case of insect habitation.
- Termite Control measures should be taken if there is termite infestation in the house.
- Properly treat and cover the water damage caused by water seepage or leakage.
Doing these small renovations not only make the house more appealing but also increase the functionality of the property.
Moreover, this increases the life of your property by reducing damage that may be caused by the lack of treatment of seepage, termite infestation, leakage, etc.
As a result, refurbishing your house considerably increases the chance of finding a good tenant fast.
How to set the rent price?
Usually the rent is determined by comparing the rent prices of the similar properties in the area. You can set the rent slightly higher or lower than the rent of similar properties based on the availability of amenities. Such as if your house has more rooms, extra space, a bigger terrace, and upgraded amenities, it would be justified to charge a higher rent than others in your area.
But not everybody has such information and sometimes your strict routine doesn’t allow you to gather information effectively, thus preventing you from putting the correct rent price. This is why hiring a real estate agent is always a better idea to not only determine the rent price but also to find a reliable tenant.
When you are thinking about putting a rent price on your house, you may also consider the operating costs of the property (to be included in the rent). Operating costs can include maintenance costs, property taxes, utility bills, and more.
Place a “For Rent” sign outside the property
The primitive way to market your home for renting could be to place a For Rent sign outside your property or hang a printed panaflex advertisement from your balcony or rooftop. You should make sure that the sign is big enough to be seen easily from a distance. Putting a sign outside your home would attract the attention of your neighbors and the passersby.
After you have put up a sign, you can hope for the best. There is a probability that the onlookers would refer this place to someone they know needs a home on rent. Your neighbors can do the same by telling or suggesting their acquaintances who need to rent a home.
Placing a sign or hanging a printed panaflex ad from your balcony is a form of free marketing. You’d only have to pay for the material (sign or panaflex). This way of marketing works through word of mouth and takes less strain on your part.
Another benefit of the “For Rent” sign is that the audience can directly see the house from the outside as well as the neighborhood. It might get them interested to see the inside of the house especially if they like the neighborhood.
Hire an agent to market your home for rent
Real estate agents are meticulous at dealing with properties due to their on ground experience, large client base, and extensive network of clients. With these resources, an agent closes a deal in a short span of time without sweating it.
Moreover, the agent will take care of the paperwork associated with renting your home. Another benefit is to have a mediator between owner and the tenant to resolve any conflict that may arise.
Read more: How To Find A Tenant: Hire An Agent Vs Create An Online Listing?
Create an Online Listing on Famous Rental Websites
Another famous way to rent your home is to post a listing online. This method has proven to be effective but it doesn’t always work as per the expectations.
Nonetheless creating an online listing is the easiest and tempting way to find a tenant but there is a probability that many non-serious individuals show interest in your listing and contact you. While replying to their queries, you might find yourself caught incessantly negotiating, losing a lot of your time and energy.
Besides that, some websites charge you for posting a listing online. However, this doesn’t guarantee that you’d find a tenant right away or ever.
Finding a reliable tenant in a short time can sometimes be tough if you don’t use the right ways to market your home. If you market your home the right way, you can have better options to choose from as tenants without much stress and ado.