February 15, 2018
Tagged in: Setting Rent Prices

Landlords are always trying to get as much as possible about their property. Tenants, on the other hand, are looking for a price that’s as affordable as possible. In most cases, these opposite ends meet somewhere in the middle. People negotiate to take the price down before renting a property, but the landlord has to set a limit.

Many owners are not aware of the fact that they are actually charging too little for their rental property. They don’t know that they can get a better price as long as they implement a few psychological tricks.

1. Engage In Top-Notch Marketing

Once you improve the appearance of your property, you should start advertising it. Putting the For Rent sign in front of a house is not enough. You can’t expect people to drive around the neighborhood looking for a place to rent.

Investing in an online ad means more demand. When the supply stays the same and the demand increases, the result is a higher price. So take high-quality photos of the entrance and inside the property. A high-end camera will make the photos look much better. Write readable content to go with the ad. If you don’t know how to do this, you can hire a professional writer from Rush My Essay for a really affordable price.

Then, feature your property on Craigslist. You may even invest in targeted Facebook advertising. With that strategy, you’ll reach a higher number of people in the area.

2. Make the Entrance Impressive

Did you know that people made their first impressions within 7 seconds? When potential renters see the property from the outside, they should think “Oh, this is really nice!” So invest in the outside appearance of the building.

  • Paint the front door. If it’s really old and damaged, invest in a new door.
  • Invest in appealing window shutters or paint the ones that are already there.
  • Make the lawn pretty! Plant some flowers. People love flowers. They make them think: “This is not just a rental property. It’s home!”

You want to improve the appearance of the property, so people will think “Now this is something worth paying for” the moment they see it. 

3. Tell Them They Can Pay the Rent Online

People don’t like seeing their landlord at the door, reminding them it’s time for rent. Today, most renters would prefer not to bother with checks. Checks are not convenient for you either since they can bounce.

When you explain that the renters can easily pay the rent through an online tool like Cozy, they will be more willing to make the deal. In addition to enabling them to pay the rent online, the tool also provides renter insurance options.

4. Clean Up

When someone enters the property to consider it for rent, you want to make them feel like they could move in today. If the rooms are dark and dusty, they won’t have that impression. A clean space with great lighting is much more welcoming.

You don’t have to make a huge investment in this. Just clean up, get some LED lights, and buy a pleasant air freshener.

Scientists confirmed something we already knew: smells can trigger memories. The scent of roses will remind people of their grandmothers. The smell of freshly baked cookies will remind them of Sunday mornings in their home. Baking cookies before you get someone to see the property may be a bit too much, although some landlords go to such extents. The least you could do is clean up the property and make it smell fresh. 

This will make the potential renters think: “Everything is really perfect, I can’t find any flaws to negotiate the price down.”

5. Make Them Decide Quickly

You must never look desperate in front of potential renters. You don’t want to play by their rules, allowing them to think for too long and waiting for that call. You’re the boss here. This is your property and you can rent it to whomever you want.

If you let them think for too long, they will keep negotiating the price. You’ll set a price, and they will call you a week later: “We’re interested, but are you willing to drop down the price a bit?”

In a way, you want to create a sense of urgency. Once they see the place and you tell your price, they will probably want to drop it. That’s why it’s smart to set a bit (just a bit!) higher initial price and be ready to negotiate. If you meet in the middle and you’re okay with that price, then tell them that you’ll need their decision within three days.

Explain that other people are interested, too. You’re giving them this chance to get your property, so they should act quickly. When they are in a hurry to make this decision, they won’t want to miss that chance. They will make the decision quickly and they will start paying the price you initially agreed upon.

You have to be smart when renting your property. If you’re lucky enough to find long-term tenants that will maintain it like their own, you’ll be losing a lot on the long run if you don’t get the price you deserve. Use the psychological tricks we described above and get the price you deserve!      

Author Bio: Brandon Stanley is a professional independent journalist. He is interested in writing articles concerning sales and marketing. Apart from that, Brandon loves traveling and playing the piano. 

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