According to a recent NAR survey, there is a rise in the percentage of people who plan to offer their second homes as rentals.
• In the 2005 survey, the number of buyers who planned to rent out their second homes was 14 percent.
• In 2006, that number had increased to 18 percent.
• In 2007, it was 25 percent, almost double the 2005 figure.
With an estimated 740,000 second home sales in 2007, that works out to 185,000 additional competitors, many of whom will be offering newly constructed or renovated homes and condos with all the latest, most fashionable amenities. (Granite countertops and home theaters may be only the beginning!)
The Top Searched Amenities for Rental Properties.- Beach.
- Pool. No big surprise here. When people go on vacation, they typically want a body of water of some kind nearby.
- Hot Tub. Hot tubs have become a must-have amenity in many markets and can increase the shoulder season rentability of properties in areas with chilly springs and falls.
- Pet Friendly. Mr. and Mrs. Jones like to bring Fluffy on vacation with them and will keep searching untilthey find a property that accepts pets with open arms. According to a APPMA survey, around 39% of American households own and least one dog and almost 29 million took their pet on vacation with them.
- TV. Even with the rising popularity of HDTV's, just plain “TV” remains the no. 1 search term in the television realm.
- Tennis. If you don't have a tennis court in your backyard, subdivision, or complex, consider looking up local courts.
- Internet. Even on vacation, travelers still want to be connected.
- Pool Table. An odd one that's frequently searched. Especially popular in certain mountain regions.
- Fireplace. When vacationing in a cooler climate, renters look forward to cuddling up by the fireplace after a long day of activity.
- Porch. If you have one, be sure to mention it in your listing and display a nice photo of your porch (rocking chair optional).
Runners-Up:
• Air conditioning,
• Balcony,
• Telephone,
• Cable/satellite,
• Washer and dryer.
Renting out a house isn’t rocket science, but there are some basic rules that should be followed to increase your chances of success:
1. Properly prepare the house for the rental market. Make sure that the house is freshly painted, and the home and carpets are cleaned. Keep in mind that the home’s outside appearance is what creates a first impression.
2. Know the market. Check comparable rents using online Internet listing services to see what others are charging.
3. Market wisely. Use Internet listing services to reach potential renters. Keep in mind that most renters today do not use newspapers in their search for rental property.
4. Properly screen applicants. Use tenant screening services to not only check credit but to also unearth any legal filings against the applicants in previous rentals; this will also uncover any undisclosed prior rentals.
5. Manage to care. Treat all renters fairly and with a smile in your voice. I have turned many renters into homeowners and clients over the years. Treat them well and watch what comes back to you. Utilize the services of a professionally designated and experienced property manager, if all of this is too overwhelming for you to handle on your own. Realtors may find that spending too much time on property management reduces their productivity in selling. Arrangements can be made with property managers to ensure that the listing will not be lost when the time comes to sell.
How to Make Your Rental Property More Attractive
An unattractive rental property will attract unattractive tenants. If your rental property is unkempt, good, clean tenants who pay rent on time and expect a nice environment in exchange will look elsewhere. Therefore you will want to make sure your rental property is always attractive. Here are some tips you can use.
Keep the property in good repair. Anything that breaks or is excessively worn should be replaced. Don't expect anyone to live in an environment that you yourself would not live in.
Provide seasonal gardening. Plant flowers in the summer, spring and fall as appropriate. Use welcoming colors in your flower bed such as bright yellows, oranges and reds. Hire a lawn care service to take care of the lawn.
Paint in modern decorator colors. It is common and expected to paint rental properties in antique white walls with white trim. In fact, it is quite attractive. It is also outdated and boring. In between tenants is a great time to update rental units with up to date colors. You can still keep in neutral, but look for taupe and beiges that are more vibrant instead.
Add up to date lighting and fixtures to your rental property. Take down and change old worn exterior light fixtures. Take the time to purchase and install attractive lighting fixtures to your rental property as well as updated faucets, doorknobs and kitchen cabinets knobs.
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