In this article I show you how to make your spare room instantly more attractive than the vast majority of those available on the market. Follow these simple (but often overlooked) steps, and you should have an army of potential lodgers eager to move in.
1. Write a killer advert. Potential lodgers will be reading a lot of them, so keep your advert short, clear and informative.
2. Set a realistic rent. If you charge a little less than the market rate you will widen your market considerably, set it too low however, and people will perceive the property as being down-market.
3. Include most bills in the rent. A fixed cost is attractive to anyone on a budget.
4. Make sure your property has curb appeal. A potential lodger will simply drive past if your property does not appear clean and well maintained from the outside. Make sure the parking facilities match those stated in the advert.
5. Ensure your property is spotless. No dust, clutter or odour. If you have pets, mention them in your advert and make sure that they are well behaved. The first hint of a pest problem is guaranteed to sent any potential lodger running for the hills.
6. Give a good personal impression. You are under scrutiny just as much as the room. Being well organised says this is a hassle-free place to live. Draw up a short document anticipating everything a potential lodger is likely to need to know in making a decision. Include such things as:
- The room - dimensions, inventory and photo
- Estimated cost of bills per month
- House rules such as out of bounds rooms
- Special considerations such as parking permits
- Do not include sensitive information such as alarm codes.
7. Make sure the room is ready for immediate occupation. A lodger will want to see exactly what they will get. Do this even if you are not ready for someone to move in just yet.
8. Make sure that the property is safe. Have up to date regulatory documentation. In the UK, you will need a CORGI gas safety certificate, and it's a good idea also to have a full electrical safety check of your appliances ("portable appliance test"). Other things to consider are your home insurance, fire safety, and smoke/CO2 detectors.
9. Take an interest in them. Where do they work, what do they do? What do they like to do with their spare time? This will help you determine if you are likely to get on and if your lifestyles are going to conflict with one another.
10. Follow up. You are likely to already have an email address or telephone number, but if not, it does no harm to ask for them as the lodger is leaving. If they like the place they will most likely give it to you. Follow up with a call a few days later, and find out what they thought. Any negative comments can be worked on for the next lodger.
If you follow these simple steps, you will have differentiated yourself and your property from 90% of those on offer in the marketplace, and have your pick of whom to offer the room to.
Chris Gill is the founder of http://www.fivenights.com - the weekday only room to rent service. IT contractor, entrepreneur, and long suffering commuter, he came up with the idea whilst staring at the wall of a B&B, one evening a long way from home.
Article Source: http://EzineArticles.com/?expert=Chris_Gill
Thursday, 18 March 2010
Thursday, 11 March 2010
Finding a Great Rental Property
A lot of the advice real estate agents will read has to do with buying and selling properties. However, a great many people cannot afford to buy homes in one go, and so are out for a great place to rent. Renting is becoming a very popular option, given the current housing/economic crisis. Many people who own apartments or houses are trying to find buyers, but cannot, so are considering looking for lodgers, instead. Here are some bits of advice for real estate agents who want to step into rentals.
Expect the market to be glutted with so-called accidental landlords. These are people whose first intention was to sell their homes, but who are now looking to get lodgers, since buyers are in such short supply. Under such circumstances, the prospective landlords must compete for lodgers, not the other way around. You should then be prepared to have a landlord/landlady adjust his/her expectations. The person wanting to put his/her residence up for rent must also be flexible about things other than price. For instance, it will be easier to get buyers if there is more leniency about the way the lodger is to treat the property. For instance, a landlord/landlady who does not want any pets in the house might have to reconsider this policy.
Still, it pays not to be too hard on accidental landlords. If their requests are reasonable, you may also give them advice on how to handle rent collection and the other issues that come with having lodgers. Once more, it helps to treat everyone you work with well, so that you get repeat business. This is particularly relevant if you are working with landlords who have only a short-term agreement with their lodgers. Once the agreement is done with, they may require your services again when the time comes to look for another lodger.
Secondly, be aware that college students constitute a large part of the market of prospective lodgers, to the extent that the market for rentals is significantly different in the months around the start of classes. You might want to orient your marketing towards college students, or deliberately go after listings that college students might be interested in. For example, go for places that are near universities, libraries, or youth hang-outs.
Keep college students in mind when it comes time to network. You might want to leave some of your advertising material around popular websites concerning college life, for instance. Also, try to harness positive word of mouth. Students who found you pleasurable to work with may tell their friends about you. You might end up "inheriting" a crop of student lodgers every year, asking you to find a good place for them to rent.
Finally, remember that some owners do renovate and rent out their residences with a sale in mind, some time in the future. If they ask you about long-term sale plans, do tread very carefully, especially if their expectations for the future real estate market are unrealistic. Remember that you are supposed to look after your client's best interest, not puff up their expectations beyond reason.
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Real Estate iPad section there.
Article Source: http://EzineArticles.com/?expert=Beverly_Manago
Expect the market to be glutted with so-called accidental landlords. These are people whose first intention was to sell their homes, but who are now looking to get lodgers, since buyers are in such short supply. Under such circumstances, the prospective landlords must compete for lodgers, not the other way around. You should then be prepared to have a landlord/landlady adjust his/her expectations. The person wanting to put his/her residence up for rent must also be flexible about things other than price. For instance, it will be easier to get buyers if there is more leniency about the way the lodger is to treat the property. For instance, a landlord/landlady who does not want any pets in the house might have to reconsider this policy.
Still, it pays not to be too hard on accidental landlords. If their requests are reasonable, you may also give them advice on how to handle rent collection and the other issues that come with having lodgers. Once more, it helps to treat everyone you work with well, so that you get repeat business. This is particularly relevant if you are working with landlords who have only a short-term agreement with their lodgers. Once the agreement is done with, they may require your services again when the time comes to look for another lodger.
Secondly, be aware that college students constitute a large part of the market of prospective lodgers, to the extent that the market for rentals is significantly different in the months around the start of classes. You might want to orient your marketing towards college students, or deliberately go after listings that college students might be interested in. For example, go for places that are near universities, libraries, or youth hang-outs.
Keep college students in mind when it comes time to network. You might want to leave some of your advertising material around popular websites concerning college life, for instance. Also, try to harness positive word of mouth. Students who found you pleasurable to work with may tell their friends about you. You might end up "inheriting" a crop of student lodgers every year, asking you to find a good place for them to rent.
Finally, remember that some owners do renovate and rent out their residences with a sale in mind, some time in the future. If they ask you about long-term sale plans, do tread very carefully, especially if their expectations for the future real estate market are unrealistic. Remember that you are supposed to look after your client's best interest, not puff up their expectations beyond reason.
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Real Estate iPad section there.
Article Source: http://EzineArticles.com/?expert=Beverly_Manago
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