HOW TO APPRAISE, LIST, AND RENT OUT YOUR PROPERTY IN RECORD TIME

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Jonathan Oghenevwede On February 17, 2022

HOW TO APPRAISE, LIST, AND RENT OUT YOUR PROPERTY IN RECORD TIME

February 17, 2022

Becoming a landlord/landlady isn’t a small fit and so is successfully renting out your apartment to tenants.

As we all know, renting out your house comes with its responsibilities and challenges especially with the fact that being a landlord may not be your full-time job.

Yet, there are plenty of responsibilities to be taken care of that require full-time attention to be successful.

For example, appraising your property, marketing, and listing vacancies, getting good tenants and undertaking due diligence, tracking rent payments, addressing issues, maintaining your property, dealing with tenant eviction, and a host of other responsibilities under your belt.

But this shouldn’t scare you. More than ever people are renting and the returns from your properties on many occasions are worth the stress and challenge you experience as a landlord.

Another consolidating news is the fact that rents are presently on the rise across the country with landlords now knowing the value of their properties.

Also, with the right understanding, planning, preventive measures, and strategies in place, renting out your property can be a very rewarding endeavor.

With this in mind, here are five key steps to successfully rent out your property the right way and in record time.

They are

1. Property Appraisal

2. House Listing

3. House Viewing

4. Renting and Leasing

5. Tenant and Property Management

1. PROPERTY APPRAISAL

Once your property is rent-ready, the first thing you need to appraise your property by settling on a rental rate. This in itself can be challenging considering the number of factors that regulate rent prices.

Therefore, it is important you properly gauge the rent value of your property and determine its fair market price before listing your property.

This is where property appraisal comes in.

Since the market rent can vary greatly from city to city, to determine fair market rent for your property, you must consider what other landlords in your area are charging and the value of your property.

These two factors are the key determinant factors for your rent prices regardless of your location or personality.

To appraise your property according to the market value of the area you live in, you can look at properties that are similar to yours on RENTERS VINE to easily compare your rent with other local properties.

If your property has amenities and utilities other properties in your environment do not, you can charge a slightly higher rent than others.

Understanding this is very important to your success as the right rent prices can make the difference between your success or failure as a property owner.

Here are some strategies to determine fair market rent

Ask local housing agents

Browse online to see the prices of properties in your neighbourhood

Talk to other landlords

At Renters vine, we have developed a special property pricing tool to help you in appraising or pricing your property the right way.

Our calculator utilizes current market stats and properties to help you understand and compare.

Visit and signup to Renters Vine to compare rent prices around your environment and use our property pricing tool developed to guide you in pricing your property.

2. HOUSE LISTING

After appraising and fixing a price for your property, it's time to start looking for prospective renters.

One of the most important decisions as a landlord is finding and choosing a tenant.

Not finding good renters and choosing the wrong renter can mean bad business for any landlord.

This includes missed payments, expensive vacancies, and the stress and pressure of evicting tenants.

The housing shortage in Nigeria comes with unlimited availability of tenants to choose from which usually puts every landlord in a weird, uncomfortable, and settling situation.

Therefore, as a property owner, to attract people to your property and not just attract people but the right kind of people, you must be very strategic, smart, and intentional.

Here are 7 ways to List your property the right way to attract the right kind of people.

1. Write Out Your Rental Criteria and Develop Your Rental Documents Up Front

The first step in attracting the right tenant is to know exactly the kind of tenants you want. Before creating any listing to put your property out, you must have a clear picture of your prospective tenant, and creating a rental criterion is the sure way to go.

Your criteria help you set your expectations upfront and streamline your screening efforts.

Some basic criteria include criminal records, rental history, mental fitness, etc. These are great starting points but you must tailor yours to suit your needs.

Also, there are documents necessary to guide you through the rental process. You must create these documents and ensure they are available when necessary. Documents include tenancy agreements, receipts, invoices, etc.

All these documents you can find on Renters Vine When You Sign Up as a Landlord.

2. In your own words, describe your property

Though renters vine provides you a template to describe your property for free, you must describe your property in your own words.

At Renter Vine, you can information starting from the price of the rent, number of bedrooms, bathrooms, type of property, the advantage of the neighborhood, and some other available amenities.

You are also provided a box to describe your property yourself if you want to.

This is to help you describe your property and provide prospective tenants with key information. Key information including screening requirements, background checks, etc.

3. List Your Property

One mistake many landlords make is simply to put up a vacancy sign at the entrance of their property and believe this would attract the kind of people they want.

To find a great tenant, aside from spelling out a screening criterion, you must cast your net out as wide as possible.

Though several platforms provide this service, through Renters Vine, you can

1. List your property: Add a property in seconds with unlimited photos, description, and a list of amenities.

2. Publish Your Property: Post your rental listing on the platform to boost its visibility and reach thousands of educated and technologically savvy renters.

3. Find Quality Tenants: Renters Vine runs due diligence on all renters to provide you with all the crucial information on applicants.

4. Share Your Listing: Through rentals vine, you can share your properties on all social media platforms you are connected with the right description and information.

List and publish your property in seconds on Renters Vine Platform with unlimited photos, descriptions, and a list of amenities to boost its visibility.

3. RENTAL VIEWING

After listing your property, it's time to prepare for rental viewing from qualified candidates who meet your criteria.

Rental viewing is the first time you meet your prospective tenants so you want to be prepared to make a good first impression while finding out everything you need to know about your tenant to be.

The first step to making a good impression is by ensuring your prospective tenants meet a need property.

On the day of the showing, you have to make sure all lights are on, the temperature is convenient and the property smells pleasant.

And lastly, be prepared by knowing your property’s selling point.

You also want to show you are a professional and helpful landlord by dressing well, showing up on time, and answering all their questions.

Rental viewing is also an opportunity to ask questions and collect information from your prospective tenants.

Questions like what is your current living situation, why are you moving, when do you plan on moving in, what do you do? Do you have a criminal record? etc.

These questions are to provide you with key information before providing them the rental application to fill up if they are interested.

You can stay organized using the renters vine platform by planning out your rental view beforehand and saving time.

4. RENTING AND LEASING

After submitting a rental application, it is your duty as the landlord/property manager to carry out a full tenant screening.

This includes background checks, criminal records check, speaking to previous landlords and referees, speaking to employers, etc.

This allows you to better predict risk and dangerous tenants you wouldn’t want in your property.

Once you have selected your prospective tenants, there is still work to be done. Before allowing your tenants to move in, they have to sign a rent or lease agreement before proceeding to make payment.

Rent or lease agreements are tenant contracts that spell out expectations and requirements for both landlord and tenants. A good lease agreement must protect both tenants and the landlord.

First-time landlords may consider working with a lawyer to draft a solid agreement that protects both parties.

Also, Renters Vine provides a customizable rent/lease agreement that ensures you and your tenants are protected.

Also, with a platform like ours, you can easily invite your tenant to sign your rental lease online giving you one-stop access to all your virtual rental documents and resources.

You can accept and manage your rental application and lease online by identifying quality tenants through the Renters Vine platform and making smart decisions upfront.

5. TENANT AND PROPERTY MANAGEMENT

Dealing with tenants can be very challenging for landlords that’s why you need a good tenant management system to keep your tenants happy and keep your property in good shape.

A good tenant management system will help you keep good relationships with your tenants and reduce your tenant eviction or vacancy rate significantly.

Here are some tips to help you

1. Professionally manage your property: Hiring a property manager if you do not have the time is the best way to go. But if you do have the time, you must take out time to personally manage your property and build relationships with your tenant. Communication with tenants must be professional, cordial, and respectful. From the onset, tenants must know that the property manager/tenant must be taken seriously and be sure to enforce all terms of the lease whenever there is a breach.

2. Have a clear procedure for collecting rent: To make rent collection easier, you have to set up a clear procedure from the onset by giving your tenants information about when rent is due and when they are to pay.

3. Retain good tenants: good tenants are rare. You can retain good tenants by using incentives by upgrading a part of the property, building leisure parks and spaces, etc.

4. Get property insurance and also oblige your tenants to get one: This is to protect you and the tenant in case of destruction of property or amenities.

5. Deal with bad tenants quickly and handle eviction properly: Regardless of your tight screening process, you may still end up with one or two bad tenants. Get the police to involve and evict these bad tenants as soon as possible before they drive other tenants out or cause you any more trouble.

Learning better tenant management strategies takes time and you will probably make mistakes at the beginning.

However, as you perfect your tenancy management system, you will begin to find it easier to deal with tenants and renters.

Rather than spend quality time running trial and error, through renters vine you can:

• Attract the right tenant and simplify your tenant management system

• Speed up the rental process by converting prospective tenants into tenants in just a few clicks

• Go paperless with you access to all the documents associated with the property online

• Access property managers who are eager to provide you rental and tenancy support services.

Sign Up to Renters Vine Now >>> Rentersvine.com