5 Rental Leasing Tips for Nashville Property Owners

5 Rental Leasing Tips for Nashville Property Owners

The difference between a profitable landlord and one who struggles isn't down to luck. Nor is it down to their choice of property.

The difference is actually the small stuff. The little details help you maximize the opportunities available in real estate. In this guide, we'll explain the five essential tips you need to know.

Read on to learn how to get your rental leasing strategy right from day one.

1. Research the Market

It's crucial you have a complete picture of the Nashville real estate market before renting your property. Start by looking at rental rates, including historical trends.

This approach will help you set a competitive rent price. Make sure you understand what's happening in the Nashville economy, too. Employment rates and inflation impact how many people can afford to rent your home.

Look at Nashville demographic trends, too, and how that market fits with who you are targeting with your rental.

2. Prepare Your Rental Property

Most properties need work done before landlords can list them for rent. The most fundamental task is checking that the property is clean.

However, you should also perform a maintenance inspection to determine whether any repair work is needed. If you want to add value to your rental, focus on the features that are most interesting to your target demographic.

Consider aesthetic improvements, like landscaping the garden, to make the home stand out on property listing sites.

3. Don't Overlook Marketing

While you can list your property online and wait for inquiries to roll in, this is not the best way to secure a tenant. Good leasing strategies mean being proactive with your marketing.

List the property on social media, include virtual tours, and consider hosting an open-day event.

Remember that quickly securing a tenant means you'll have more rental income in the long run. Plus, effective marketing will help you find a high-quality tenant.

4. Run a Comprehensive Tenant Screening

Your experience as a landlord will depend on the quality of your tenant.

That's why it's vital to run a comprehensive tenant screening process. That should include credit checks, a criminal background check, and proof of employment and income.

That way, you are less likely to end up with a bad tenant who leaves you with problems like an expensive eviction process.

5. Check the Paperwork Before the Lease Signing

Remember that your lease agreement protects your investment, so don't cut corners. Get professional advice to ensure the legal paperwork is watertight from day one.

Outline tenant responsibilities, security deposits, and payment rules, including any charges for late payment. Any rules in the lease agreement must also reflect state law, which outlines tenants' legal rights.

Rental Leasing Tips That Get Results

Renting your property doesn't have to be complicated. However, some strategic thinking is needed to get the most from your investment. Use these rental leasing tips to guide you.

Evernest Property Management Nashville has already helped manage 16,000 properties across Nashville, and our experience is unrivaled. To find out how we support your journey in real estate investment, head here.