1. Clean It

When we say clean, we mean clean. Squeaky clean. Military-inspection clean. Not only must floors shine, chrome sparkle and sinks glisten, but appliances should be spotless. Bleach dingy grout and have sidewalks and driveways power-washed. Consider hiring a professional cleaning service.

While wooing buyers with scrumptious sights and smells, you can also encourage them to stay and look around with pleasing background music.

2. Replace, Repair and Fix

Replace old air filters and broken or town screens. Repair or replace any carpet that shows signs of damage (or doesn’t come clean after a professional carpet cleaning). Fix any holes in the walls before applying a fresh new coat of paint. Fix or replace any damaged tiles.

3. Color it Neutral

Paint walls beige, taupe, or other warm, yet subtle hues. A taupe wall with white crown molding always creates a fresh look. Carpet, too, should be neutral. Most furniture looks good with plain walls and floors, enabling buyers to easily envision their things in your home.

Some more quick tips: 

• Do a walk-through and keep good notes so that you can make plans to address any issues beginning immediately after your tenant moves out.
• Hire a cleaning service to thoroughly clean the apartment immediately after the tenant moves out.  Hire contractors (if need) in advance as well.
• Buy any necessary supplies immediately to avoid further delays.

All of these things will contribute to making your rental appealing to highly qualified renters. Need more help? Schedule your free rental consultation today! http://www.reynoldsrealtyadvisors.com/

The post Getting Your Rental Listing Show-Ready Quickly appeared first on Reynolds Realty Advisors.

Pass on Cable or Internet Discounts

If you own a large apartment building, you may qualify for referral discounts or rewards for the residents you refer for cable and Internet services. Talk to the provider to see if you can pass on discounts or upgrades to your renewing residents.

Offer Discount or Upgraded Parking

If you’re not able to provide your residents with monetary incentives to renew the lease, the best non-monetary perk to entice renters to stay is by giving them covered parking.

Schedule an Upgrade

Physical improvements, including changes to the home or apartment itself, benefits both tenants and property owners: Tenants get to enjoy a higher standard of living and the improvements increase the value of the rental property. Upgrades can include such as painting, new flooring, carpeting or upgraded appliances.

Offer Cash Back

Even if you aren’t able to give your residents a free month of rent, offering a discount can go a long way. Software Advice, a source for residential property management systems reviews, found in their survey of renters that 52 percent of residents prefer incentives in the form of cash or spendable rewards. A $50 discount or a “rent coupon” your residents can apply towards rent is a practical way to show your residents that you appreciate them.

Offer a choice of perks

Offering residents with a choice of perks is always a nice gesture. This will allow you to keep the choices within your budget, and residents will appreciate the freedom to pick their own rewards.You can include items like free light bulbs (use eco-friendly bulbs for a green theme), carpet cleaning, paint touchups, or a gift certificate to a store or restaurant.
On top of knowing what renewal incentives are most valuable to residents, you also need to know when to offer them. Renters are most likely to agree to extending their lease if offered the incentives during the initial lease signing or a few months before their lease expires.

Another thing to consider is that the best incentive to renew is a positive living experience. Property management that is fair, courteous, and responsive will provide a good renew incentive. Show residents how much you value them throughout the year with great customer service throughout their lease and they will be far more likely to renew.

The post 5 Ways to Give Rental Renewal Incentives without Breaking the Bank appeared first on Reynolds Realty Advisors.

Summer Amenities: Pools and BBQs

Let’s face it: the average American doesn’t have a pool, workout facility and clubhouse in their backyard. The great part of living at an apartment community is that you have all of these great amenities at your fingertips. The summer is a time where you can stay at your community all day and enjoy the outdoors. Swimming, barbecuing and the beautiful weather are just outside of your living room!
According to The Wall Street Journal, the share of housing construction as rental apartments is at the highest level in at least four decades. Coincidence? Probably not! Residents truly enjoy all of these great amenities, which is why apartments continue to become more popular.

Encourage Tenants to Mingle By the Pool

When people think of summer, a pool is one of the first things that comes to mind. It’s always nice to be surrounded poolside by your family and core group of friends for some great quality time. Living at an apartment community with a pool provides you the opportunity to invite your friends and family over while also getting to meet your neighbors and build new friendships!

Whether you meet a couple that has kids the same age as yours, or you introduce yourself to a young professional who wants to try out the new local bar, an apartment community is a great place to gather to meet and mingle with new faces.

Provide Relaxation and Entertainment Options

ABC News recently reported that Americans take less vacation, work longer days, and retire later, too. When people work hard and there is time for relaxation and enjoyment, they want to take advantage of it!

At an apartment community, not only can you enjoy the inside of your home, there are plenty of activities to do on the outside. Many communities arrange activities that will relieve stress, such as yoga or workout classes. There is also the option to just unwind by reading a book by the pool. On your free days, apartments have plenty to offer.

With so many activities taking place over the summer, great memories are certainly made over this time span. Whether the memory is of laughing at the pool with friend or barbecuing with family, living at an apartment will definitely help etch those great occasions in your mind forever.

Need more insight on how to maximize your investment? Schedule your free consultation today! http://www.reynoldsrealtyadvisors.com/

The post Summer Apartment Living: How to Capitalize on the Season appeared first on Reynolds Realty Advisors.

What is Fair Market?

Also known as FMR or market rent, fair market rent is the highest estimated amount of money a property with a certain number of bedrooms and amenities in a certain area will rent for. It is a rent estimate that includes the base dollar amount of rent as well as any essential utilities that the tenant would be responsible for paying, such as gas or electric. It does not include non-essential utilities such as telephone, television or internet.

The U.S. Department of Housing and Urban Development (HUD) compiles a list of Fair Market Rents for over 2,500 metropolitan and non-metropolitan counties every year. These Fair Market Rents are used to determine rental voucher amounts for government assistance housing programs such as Section 8 (Housing Choice Voucher Program). These Fair Market Rents account for the 40th and 50th percentiles. So what does this mean? It’s essentially the rental dollar amount that 40% (or 50%) of the rents are below. Most areas will use the 40% mark, while larger metropolitan areas will fall into the 50% arena.

Different neighborhoods demand higher or lower rates. As they say in real estate, “location is everything”. So if your rental property is located in a lower income area of town, you will probably be fine using the HUD Fair Market Rent information. However, if the home is located in an upper scale neighborhood, then the HUD information will probably not work for you. Where do you go from here?

How to Determine Fair Market Rental Rates for Your Rental Property

1. Search Similar Listings

When dealing with rental property, it is very important to know what comparison properties are renting for. The Internet has opened up a wealth of information that is accessible to anyone. If you want to find out what homes are renting for in your area, there are numerous websites that list rental properties online (see the resources for links to the top directories). Once you’ve compiled a list, you can average out their prices to get your gathered fair market price.

2. Ask other Landlords or look to your Local Landlord Association for Information

Another great way to get some comparison information is to ask the other landlords you know in your area. Your peers can be a reliable resource for rental data and they can also give you personal insight into leasing properties in your area.

3. Contact a Property Management Company

Quality property managers are always aware of the fair market prices of rental properties. If you’re in the Southern California Area, Reynolds Realty Advisors can help you determine your properties’ fair market price during your free consultation.

Resources

Looking for a simpler solution? Rentometer and Rent Range are two automated services that can help you determine fair market price.

Rental Listing Directories:

Zillow

Trulia

Craigslist

Postlets

Rent.com

Conclusion

Ultimately, your rent is determined by what your current market is looking for at that time. After you have completed your research, you will be able to set the fair market rent value of your property with confidence. We hope this helps you determine the fair market price of your property rental. Check back for more insights on getting your properties rented to ideal tenants.

Still need help? Too much work for your busy schedule? Hire a professional property management company like Reynolds Realty Advisors and we’ll take the work off your hands. Get your first month of management free! 

The post A Quick Guide to Fair Market Rental Pricing appeared first on Reynolds Realty Advisors.