The percentage of householders who rent their homes rose from 31.2 percent in 2006 to 36.6 percent in 2016, indicating a growing supply of rental homes in the US market, according to Census Bureau housing data. If you have a rental home, this is bad news, as it means that you have to compete with more homeowners every time you need to find a new tenant. However, this doesn't have to be the case; there are many things you can do after your old tenant vacates to speed up the process of finding a new one.
Make repairs and improvements
After your old tenant vacates, you need to do a thorough inspection of your home to pinpoint various repair issues and identify areas where you can make improvements. Very few people will be willing to move into a home with holes in the walls, broken switches, leaking pipes, or other problems. Once you have done all the repairs, the next step is to come up with a budget for improvements. First of all, give the home a new paint job to make it look newer. A bathroom or kitchen remodel can also go a long way, especially if you replace the old appliances with brand new ones. Another thing you should consider is adding a few smart home technologies to appeal to the younger, more tech-savvy tenants.
Clean the home thoroughly
If you want to give prospective tenants a good first impression of your home, make sure that every inch of the interior and exterior is sparkling clean and smelling fresh. Past tenants can leave a lot of dirt and grime hidden in various corners of your home which are not only an eyesore, but could have adverse health effects for your new tenants. However, this is not a job that you should attempt on your own. Your best bet is to work with a professional steam cleaning company with all the necessary equipment and expertise to clean different parts of the home. Steam cleaning is a specialized cleaning technique that can remove tough stains and bad odors from your carpet, clean your air duct, and make the tiles in your kitchen and bathrooms shine. It allows new tenants to start with a blank slate without worrying about the residue left behind by previous occupants.
Hire a reliable realtor
Although you don't need to, working with a realtor with a good knowledge of the local market is the fastest way to find a tenant for your home. Yes, a realtor may be expensive, but he/she possesses a unique set of skills and resources that can help you find a new tenant much faster than you would on your own. For example, the realtor can get your property on multiple listing services where thousands of potential tenants will see your home.
The last thing any landlord wants to deal with is a vacant home. The longer your home stays vacant, the more you stand to lose in rental income. But by making the necessary repairs and improvements, making sure the home is clean, and hiring a competent realtor, you'll have your home rented out in no time.