Rental properties can be an excellent source of income,but only if you are able to fill them with tenants. Landlords who do not know how to market their properties will have difficulty finding good tenants and may struggle to generate enough rental income to keep up with property taxes and maintenance costs. If you want to market one of your Malibu rentals,use these tips to make the process as painless as possible.
Determining How Much to Charge
You may not realize it,but the price you set for rent can help or hurt your marketing. If the price is too low,it could make potential tenants think that the property is in disrepair. If the price is too high,you will lose potential tenants to properties with rents that are more in line with your local market. One of the best ways to see what others are charging is by looking at the rental listings in your local newspaper. Look for ads for Malibu Point Dume homes that are similar to yours in size and available amenities. You can also look at real estate websites to get an idea of what other landlords are charging.
Lease Terms
Your lease terms also affect your marketing strategy in the Malibu real estate market. Although renters expect that they will not be able to make too many changes to a property,some landlords are now letting their tenants choose paint colors and flooring options. This makes the rental space more homey,which can keep tenants in place for longer periods. If you are very restrictive and do not allow tenants to make even basic changes,they may rent from someone who will allow a little more personalization. How long you are willing to rent is another consideration. Someone who just wants a short-term place to live will probably not consider an apartment or condo that comes with a two-year lease. Someone who is tired of moving around and wants to settle down might be put off by a six-month lease.
Staging
Home staging is no longer just for sellers. It is difficult for renters to picture themselves living in a property when there is no furniture and no personal touches. Staging the unit with some basic furniture,a vase of flowers and a few pictures can be just the thing you need to entice a new tenant to sign a lease.
Improvements
It is not easy to convince someone to rent a property when the fridge does not work and the carpet looks like it is worn right through to the floor below it. You have to decide which improvements you want to make,as making some basic repairs might be enough to successful market the property. Painting the walls,fixing flooring defects and repairing or replacing appliances is one way to make the property more marketable. It may not be worth it to make major repairs that cost a lot of money,as you may not be able to recoup those costs by renting the property.
Russell Grether of Coldwell Banker Previews International is a real estate agent based out of Malibu,CA. He specializes in Malibu real estate,Malibu homes for sale,Malibu properties,Malibu Land for sale,Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades.
In a competitive real estate market,your Malibu real estate agent can be a blessing. Instead of having to haggle with people and learn as much about the market as you can,you can rely on your agent to negotiate on your behalf and explain everything in detail. This is why building a good relationship with your agent is essential. As a buyer or seller,there are several things you can do to improve communication and make the transaction run smoothly.
Communicate
Your agent cannot meet your expectations if you do not outline those expectations from the very beginning. If you do not want to look at listings without certain amenities,or you do not want to buy a house on a certain street,let the agent know. This will save both of you a lot of time and money,as your agent will only look for Malibu homes for sale that match your criteria. If you have concerns about the process,let your agent know. Keeping the lines of communication open is one of the best ways to build trust and respect.
Be Open to Advice
The reason you hire a real estate agent is to get professional advice from someone who has extensive experience in the real estate market. If you are not open to any of your agent’s advice,you could be ruining your chances of making a quick sale. Your agent might suggest that you change the paint colors or remove some personal items from your home. Do not be offended by these suggestions,as you and your agent have the same goal in mind.
Ignore Myths
Many people hesitate to work with a Malibu real estate agent because they have heard myths about the profession and the industry. If you take these myths as truth,you may lose out on the opportunity to work with someone who can help you sell your home or find a dream home. One of the most pervasive myths about agents is that they will price your home too low just to make a quick sale. This is not true,as real estate agents want to help you get as close to your asking price as possible. If you have a question about working with your agent,ask the person directly. This will help clear up any confusion.
Give Feedback
Anyone who provides a service needs feedback to ensure that you have the best experience possible. If you do not provide your agent with feedback,you are taking away the opportunity for the agent to make sure you are truly satisfied with his or her services. Give honest feedback,but do not resort to rude remarks if you are dissatisfied. Additionally,you should give negative feedback immediately instead of waiting until the end of the process. If your agent does not know that you are unhappy,he or she will not have the opportunity to make the situation right.
Russell Grether of Coldwell Banker Previews International is a real estate agent based out of Malibu,CA. He specializes in Malibu real estate,Malibu homes for sale,Malibu properties,Malibu Land for sale,Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades.
“Going green” is one of the top trends in the Malibu real estate market. Once you have selected the perfect home,there are hundreds of ways to reduce your carbon footprint and conserve energy. If you want to create an environmentally friendly living space,follow these tips.
Electronic Communication
If you have a home office,chances are that you use a significant amount of paper by printing documents and typing correspondence. You can reduce your paper consumption by using electronic communication whenever possible. If you just need to send someone a quick note,use e-mail instead of using a sheet of paper and an envelope. Instead of buying a paper fax machine,sign up for an electronic fax service. If someone sends you a 10-page fax,but you only need two of the pages,you will save eight pieces of paper. These methods of communication can also help you cut telephone costs.
Energy-Efficient Appliances
Old appliances use a lot of energy,so think about buying new appliances instead of bringing your old ones with you when you move to your new home. Look for models that have the Energy STAR label on them,as these use energy efficiently. In addition to using less electricity with energy-efficient models,you will also use less water if you buy energy-efficient washers and dishwashers.
Solar Energy
If you really want to reduce your electricity consumption,ask your real estate agent to look for Malibu homes for sale that already have solar panels. Solar panels absorb energy from the sun so that you use less electricity in your home. While these panels have a high initial cost,they can save you thousands of dollars in energy expenses over time.
Eliminate Use of Harsh Products
When you buy a piece of Malibu real estate,it is only natural to want to keep it sparkling. What most people don’t know is that you do not need harsh chemical cleaners. Making your own cleaners out of ingredients like vinegar and baking soda can help you keep your home clean without worrying about the environmental effects of chemicals. Green cleaners are also better for people who have allergies,asthma and chemical sensitivities.
Use a Water Filter
Many people are concerned about the quality of the water that comes from the tap. However,buying bottled water actually harms the environment. Thousands of these bottles end up in landfills every year. Distributing bottled water also requires more use of natural resources. Buy a filter that you can attach to your faucet or purchase a bottle that has a built-in filter. This will help you save money and use less plastic.
Let the Sun Shine
On sunny days,there is really no need to use interior lights. Open the curtains or blinds and allow the sunlight to fill each room in your home. Only turn the lights on when it starts to get dark. This will help you cut down on energy consumption and reduce the number of light bulbs you have to buy.
Russell Grether of Coldwell Banker Previews International is a real estate agent based out of Malibu,CA. He specializes in Malibu real estate,Malibu homes for sale,Malibu properties,Malibu Land for sale,Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades.
