Simple Tips for Landing Midterm Rental Tenants
Introduction
Midterm stays have become increasingly popular as more laws and restrictions are placed on Airbnb and vacation rentals. If you have secured a property and furnished it, the next step is to find tenants for your midterm rental. In this blog post, we will discuss some simple tips for marketing your property and attracting potential tenants.
Key Takeaways:
Professional pictures are essential for marketing your midterm rental. Invest in a professional photographer to make your property stand out.
Set clear house rules and pricing to protect your property and attract potential tenants. Consider factors like security deposits, pet fees, and utilities.
Utilize Furnish Finder for listing and communication. It offers tenant screenings, rent payments, and partnerships for background checks and lease agreements.
Take advantage of Furnish Finder's features, such as communication with tenants, lead tracking, and payment collection.
Enjoy more control over your rental property with Furnish Finder, compared to other booking platforms like Airbnb and VRBO.
Analyzing a midterm rental arbitrage property involves assessing market demand, calculating potential profits, and considering location and amenities.
Assess market demand by researching the supply of midterm rentals and identifying potential target groups like business travelers or students.
Calculate potential profits by determining average rental rates, factoring in expenses, and considering the length of stay for tenants.
Consider the location and amenities of your property to attract tenants. Proximity to attractions, accessibility, and desirable amenities can make your property more appealing.
By following these tips, property owners can effectively market their midterm rentals and maximize their rental income in the ever-changing rental market.
Professional Pictures Make a Difference
The first step in marketing your midterm rental is to take professional pictures of your property. While you may have a high-quality smartphone, hiring a professional photographer will ensure that your pictures look their best. The photos are the first thing potential tenants see, so investing in professional photography is worth it.
Set Clear House Rules and Pricing
Before listing your property, it's important to establish clear house rules. Take a look at other listings in your area to see what rules they have in place. This will not only help you with a competitive analysis but also allow you to protect your property. Additionally, determine how much you can charge for your rental and consider factors such as refundable or non-refundable security deposits, pet fees, and utilities.
Utilize Furnish Finder for Listing and Communication
Furnish Finder is a platform that can help you list and communicate with potential tenants. Start by creating a property profile and uploading your professional pictures. Furnish Finder also offers the ability to conduct tenant screenings and collect rent payments. Additionally, they have partnered with Key Check for background checks and lease agreements.
Take Advantage of Furnish Finder's Features
Once you have set up your listing on Furnish Finder, you can take advantage of its features. The platform allows you to communicate with potential tenants, track leads, and update your property calendar. You can also collect payments for rent, security deposits, and pet fees through the platform. Furnish Finder has also partnered with Law Depot to help you create leases specific to your market.
Enjoy More Control with Furnish Finder
One advantage of using Furnish Finder is the increased control you have over your rental property. Unlike other booking platforms like Airbnb and VRBO, you are not at the whim of their policies and changes. Furnish Finder allows you to set up lease agreements as you see fit, giving you more flexibility and autonomy.
Next Steps: Analyzing a Midterm Rental Arbitrage Property
Now that you have learned some tips for marketing your midterm rental, it's time to take the next step and analyze your property for potential arbitrage opportunities. Analyzing a midterm rental arbitrage property involves assessing the market demand, calculating potential profits, and considering the location and amenities of your property.
Assessing Market Demand
The first step in analyzing a midterm rental arbitrage property is to assess the market demand in your area. Look at the current supply of midterm rentals and determine if there is a high demand for them. Consider factors such as the number of business travelers, students, or professionals who may be looking for a temporary place to stay. Research local events, conferences, or universities that may attract people needing midterm accommodations. By understanding the demand in your area, you can better position your property to attract potential tenants.
Calculating Potential Profits
Once you have assessed the market demand, it's time to calculate the potential profits of your midterm rental. Start by determining the average rental rates for similar properties in your area. This will give you an idea of how much you can charge for your rental. Consider the length of stay for your tenants and calculate the potential monthly income. Don't forget to factor in expenses such as utilities, maintenance, and cleaning fees. By accurately calculating your potential profits, you can make informed decisions about your rental business.
Considering Location and Amenities
The location and amenities of your property play a crucial role in attracting tenants for your midterm rental. Consider the proximity of your property to popular attractions, business districts, or universities. Is it easily accessible by public transportation? Are there nearby restaurants, shops, or entertainment options? These factors can greatly influence the desirability of your property. Additionally, think about the amenities you offer, such as a fully equipped kitchen, laundry facilities, or a gym. These amenities can make your property stand out from the competition and attract more tenants.
Conclusion
In conclusion, landing midterm rental tenants can be a lucrative opportunity for property owners looking to maximize their rental income. By following simple tips such as taking professional photos, setting clear house rules, determining pricing and fees, and utilizing platforms like Furnish Finder, property owners can effectively market their properties and attract potential tenants. With the ability to have more control over their listings and avoid the restrictions of other booking platforms, midterm rentals offer a promising alternative for property owners in the ever-changing rental market.
