Are you looking to lease a property in the Chicago area fast? Yes? Then you’ve come to the right place! Below you will find our simple guide on how to quickly lease your property in Chicago. We’ll share with you the 4 keys to leasing your property the right way.
Many of you may be veteran investors who know the drill already. Alternatively, you might be a first time landlord and not know what to expect. Whether you are the ultimate investor or the new kid on the block, these 4 keys will help you get your property on the market and back off of it just as fast. It may seem easy to rent a property, but there can be a lot of factors you wouldn’t think of that can make the whole process a lot trickier. You want to make sure that you have all the information to get the most out of your property.
#1. Pricing is Key – Don’t Price To High!
The most important thing to take into account is price. It can be tricky to know how much to charge for rent. Clearly, you don’t want to set rent too low, but if you price your home too high then no one is going to rent from you, leaving you with nothing but a vacant unit with a large price tag.
So how do you know what to ask for? There is no set agreed upon price for any given property. What you want to do is research what properties like yours generally go for and base you’re your price off of that.
You can also start at a slightly higher bracket and if need be drop the price. It does not have to be a fixed sum. Often times, if you start a little high and then lower the price, people will think they are getting a deal and be more likely to take it.
We also suggest you ask for multiples of a hundred. If someone decides that $2,000 is their budget, they won’t go for a place priced at $2,050. That extra $50 isn’t worth losing potential renters. We see properties rent a lot quicker when priced at multiples of a hundred. Make sure you follow this property leasing tip as this will ensure you are set up for success.
#2. Timing is Key – Know When To List!
You also need to get your timing right. When leasing your property, make sure you have a good grasp on what the seasons are like. Iin Chicago, for example,. you probably don’t want to be renting during the winter months. November through as late as April can see some serious snowfall. That’s just the type of thing that can cost you potential renters and potential cash. Show your property at its best, not its coldest.
Make sure you get the timing right so you can maximize your chances of leasing your property. It might be the case that in the nice summer months you are away or have other stuff to deal with. This is where a property management company like Lofty can really help to save you time and get your property leased. Don’t hesitate to contact us as we are always here to help.
#3. Presentation is Key – Know How To Show!
In addition to renting at the right time, you want to be renting in the right way. Make sure that you do a good job presenting your property so people will want it.
Get photos, and make sure they are good ones. If you are going to be asking renters to pay you to live there; you need them to see that it will be worth their money. The right kind of photos can really make or break a listing. If you your property looks great then people are much more likely to see it—they can’t rent it if they can’t see it. If you do not have quality pictures available then it really increases the chances that people will pass you by.
At worst, a lack of pictures indicates that there is some major flaw you are trying to hide. Make sure you use the right kinds of photos. Poor quality pictures are a sign that you don’t really care about renting/leasing your property. In addition, even if you do, a few small snapshots with your phone won’t do it justice. In some cases, they can make it look worse than it actually is. So use good quality cameras if you can.
Also, keep in mind what features of your property you want to emphasize. For instance if you are leasing a city apartment, you probably want to use mostly interior shots to display how nice the various rooms are. Often times an apartment doesn’t look that great from the outside, so don’t draw people’s attention to it if you don’t have to. With a house or Condo though, you might want to play up the yard so people can see the great opportunities for a garden or play area for the kids.
#4. Advertising is Key – List, List, List!
You may have pricing right, timing perfect, and you’ve polished up your showing skills like a pro! However, none of the work of pricing and proper presentation will do you any good if no one knows your property is on the market! Effectively advertising your property is the 4th key to renting out your space.
You are going to want to make sure you have ads everywhere. Put up signs all around the area. If you can, put ads in the paper. Go online to sites like Craigslist and post there. You want as many potential renters as possible so you need to make sure that all the people who might be interested know what’s going on.
Also, you can never assume people have a lot of time to shop around. Just because someone might be in the market to lease your property does not mean they will go through all of the trouble of hunting it down if you aren’t easy to find. They won’t want to spend their valuable time searching, so make sure they don’t have to.
If you’re able to tie all of these key tips together, you’re sure to get your property rented faster than ever before! We hope you have enjoyed our four keys to renting or leasing property the right way. If you have any questions or need any help be sure to email or call us. We are always happy to help property owners get their properties rented fast!