According to Steadily, Arizona is one of the most landlord-friendly states in the entire country! Arizona property owners can see significant profits if they rent their properties in short- and long-term markets. However, it all starts with the listing.
Making smart decisions and efforts when listing your home for rent ensures your property is visible and attractive on your preferred market. Read our step-by-step guide to learn how to optimize your listing and your property for significant profits.
Step 1: Prepare the Property
Start preparing the property for both the listing and the rental market by doing thorough maintenance and cleaning. Maintenance should include any appliances and furniture that you're making available.
You can set your property apart by researching attractive amenities and perhaps adding a few. For example, offering your guests the latest appliances does well in vacation rental marketing.
Though not part of the listing, you should also prepare for the rental business. Ensure that you pay attention to the following:
- Legal requirements (licensing, rent-specific tax rules, etc.)
- Safety standards and habitability rules
- Landlord-tenant relationships, rights, and duties
Step 2: Settle On a Competitive Price
The trick to rental market pricing (for short and long-term rentals) is setting a price high enough to make a profit but not so high as to scare people away. This doesn't mean you have to price under every other rental in the area; sometimes, a higher price communicates prestige and quality.
To set a competitive price, research:
- Prices of similar listings in the area
- How much money your target audience tends to spend on your type of rental
You can always get assistance with your pricing from a property management company. They can even help you dynamically adjust prices according to seasonal fluctuations and demand.
Step 3: Create a Striking Listing
Once your property is ready and your price is set, you'll need to stage the property for the listing. This may involve moving furniture around so that your photographs show the space or the furniture off more.
A key part of staging is to "depersonalize," which means to hide all signs that other people (you) own the place. Some examples of things not to include in the listing include:
- Family photos
- Children's art with sentimental value
- Pets
With proper staging, you communicate to the viewer that you're inviting them to treat the place like it's their home.
Step 4: Advertise Your Property
The final step is to advertise the property. For the internet, partner with a property management company that will place the listing on their website. This gives your listing a broad reach, as property managers usually have access to pools of ready tenants or guests.
Listing Your Home for Rent With the Best Partner
Listing your home for rent is the first step towards making a rental income. The next steps are screening applicants, signing leases, and finally, the property management part of the deal. That's why listing a rental property with a property management company with experience in all these other aspects is crucial.
At PMI Salt River, we have experience in every stage of property management. We bring years of experience and dedication to everything from pricing and screening to full-service management and rent collection. Contact us for an unbeatable rental service and more vacation rental strategies.
