Renting your condo? Try these 5 steps to ensure you stand out when being compared to other units:
Set The Right Rents
Rents will vary depending on location, the building type and available inventory. The key is to “never” try to set your rents too high. You should try to rent your condo at similar rates to other condos of the same product type. A rental analysis is important. If you can determine what other “comparable” units are renting for, then you are taking the right approach to pricing.
Take Great Pictures
Dark, dreary photos are the best way to ensure that your condo stays on the market for months. Bottom line is, we are a visual society. We trust that what we see is what we get. So with that in mind, doesn’t it make sense to take professional photos? There is a cost associated with it, but ultimately, if it saves you months of sitting on the market, it will seem like a minor expense. Many leasing services, like our own (UCS Leasing Service) will provide this as part of the contract. Photos are the most important element in establishing the level of traffic needed in order to find your perfect tenant.
Get Social With Your Advertising
Social media should be your focus when advertising your listing. Post your condo for rent on Facebook, Twitter and your blog if you have one. Don’t overdue it, but Social media is a powerful tool to get the message out. The more people that see your listing the better. Who knows, maybe a friend from college or a co-worker was looking for the exact place that you are trying to rent. Don’t get lost among the thousands of other condo rentals in your city. Get Social!
Online syndication is the new classifieds in the rental business. For example, Postlets.com will help you build your ad, create a live link and will then syndicate your new listing to services like FrontDoor, Google Base, HotPads, Myspace, Oodle, Trulia, Twitter, Vast and Zillow. Why is this important? Why not. Advertising your listing on all these different sites might give you the edge over your competitors.
Be On The MLS
In the greater Seattle area there are over 26,000 MLS members. When renting your condo or home, I think its imperative to be listed on the MLS. Trusting Craigslist and other listing services simply is not enough. If you are looking for top dollar, make sure your home is seen by as many prospective tenants and brokers as possible.
Renting your condo can be stressful. If you take the time to follow these 5 simple steps, I think you will find success. Good luck!