Renting out a property can be financially lucrative and personally rewarding because you’re essentially running your own small business.
It’s also complicated. If you’re new to this or wondering where to start, we recommend getting it leased quickly. Before you do that, you have to make sure it’s ready for the rental market and priced competitively.
Making a Property Rent Ready
Before you advertise your property online or start to search for tenants, you need to make sure it’s ready to hit the market. It should be cleaned professionally. Make sure all personal belongings are removed. Fix anything that may be broken. Take an objective look around and decide if it’s a home prospective tenants will want to rent.
Pricing Your New Jersey Rental
Your property’s rental value depends on a number of things:
- Location
- Size
- Condition
Most important, however, is the strength of the local rental market. You need to know what units similar to your own are renting for. Access the best and most reliable data you can find. A property that’s priced too high leads to long vacancies. One that’s priced too low leaves money on the table.
You may find that renting out your New Jersey property on your own is more time-consuming and complicated than you realized. If that’s the case, contact us at KeyVest. We’ll save you time and money with our professional property management services.
