Advertising Your Rental Property

By E-Renter Tenant Screening
Posted on November 3, 2006 under Landlord Tips | icon: commentBe the First to Comment

From time to time, a landlord needs to advertise to attract tenants for his / her rental property. Before advertising, a landlord’s first step to finding good tenants is to set out his / her basic rental terms. Finding and selecting tenants is the most critical decision, and a landlord needs a reliable system to help make the best choice, possible. Smartly savvy landlords, follow specific steps, maximising their chances of opting for tenants, who not only pay their rent on time, but also look after and maintain their rental units and keep them in mint condition, without giving cause for any legal or practical problems, later on.

As the first step, all rental terms should be clearly defined, so that a rental property can be advertised in the proper manner.

  1. Determine Basic Rental Terms
    Before advertising a property, make a number of basic decisions, such as:

    • How much rent to charge.
    • Whether, a fixed-term lease or a month-to-month tenancy should be offered.
    • How many tenants will be allowed to occupy the rental unit?
    • The security deposit amount that should be asked for.
    • Whether, pets will be allowed or not.
  2. Rental AmountDecide on the rent to be charged, ensuring it is according to market rates. Don’t charge higher than that, though equivalent or slightly below is a smart idea. Far better to have a full house than unoccupied units, which will be the case if above the market rent is asked for.
  3. Lease or Month-to-MonthUltimately, fixed-term lease, typically, for a year, or a month-to-month rental is a landlord’s decision. A fixed term lease in a soft rental market offers the assurance of knowing your rental units are occupied for at least a year. However, if the rental market is strong and rental space at the minimum, a month-to-month agreement allows you the option of increasing it, after adequate notice, of course.
  4. Number of TenantsTaking into consideration the number of bedrooms, a landlord should decide how many tenants he / she is willing to rent out the unit to. The general rule is to allow two persons per bedroom; however, the law in some states permits three.
  5. Security DepositA security deposit is required to cover damage beyond normal wear and tear, and any unpaid rent. Many states limit the amount that a landlord can ask for, and set limits based on the monthly rent i.e. twice the monthly rent.
  6. PetsIt is for a landlord to decide on a Pets Allowed or No Pet policy. However, allowing pets in a tight market gives landlords a competitive edge, and pet owners are bound to be extra conscientious, knowing there are limited rentals with a Pets Allowed policy.
  7. Terms to Include In Rental Listings Or AdvertisementsAll basic details decided on should be written down, i.e. monthly rent, size of rental unit, location, length of lease or month-to-month rental agreement, special features of the rental unit, how many tenants are allowed to share the unit, whether, pets are allowed or not, a phone number they prospective tenants can call if they need more details, as well as, the date and time of open house, if any, to allow potential tenants to check out the rental unit.

To avoid any legal issues, landlords must advertise rental units, accurately, honestly and in easy to understand language.

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