.jpg)
Are you considering investing in a rental property in North Alabama? If so, know it's a wise choice, as many cities in the region have affordable living costs. For instance, the average cost of living in Florence, AL, is 24% lower than in the U.S. and 11% lower than in Alabama, per the Economic Research Institute (ERI).
However, to start earning money from your investment property, you must find trustworthy, quality tenants. Partnering with a leasing-only service is one of the most straightforward ways to achieve this goal.
Keep reading, as Stutts Properties, Inc. will share insights on vital considerations when choosing such services.
How the Leasing-Only Service Will Price Your Property
Before selecting a leasing-only service, ask about their rental pricing methods. Ideally, they should conduct a professional rental market analysis. Their process should involve the following:
- Researching market data regarding properties similar to yours and are within the same area
- Checking the current rental market conditions of North Alabama
- Using the data above and their local expertise to price your property right
Choose a reliable, expert leasing service like Stutts Properties, Inc., and you can get a free property analysis. You can use the findings to determine if your properties, in their current state, will prosper or not. You can then decide whether to invest in value-boosting property renovations before renting them out.
The Service Provider's Marketing Strategies
Next, consider how your prospective leasing service provider will promote your properties. At the very least, their marketing strategies should include:
- Assigning a dedicated leasing specialist to your property
- Inspecting and staging your property
- Creating engaging property listings
- Using innovative property management solutions (e.g., rental software) for online marketing
- Marketing your property via popular rental sites like Trulia and Zillow
Your dedicated leasing expert must also answer property inquiries promptly and always communicate with you. They must also coordinate showings and ensure your property looks its best 24/7.
The Leasing Service's Tenant Screening Process
It's your right to screen tenants, but you must be careful not to violate fair housing laws. According to AlabamaLegalHelp.org, such violations may constitute illegal housing discrimination.
Luckily, one of the primary leasing service benefits you can expect is professional tenant screening. However, it still pays to know how the service provider does this. At the very least, they should perform the following tenant background checks:
- Income and employment checks
- Rental and eviction history checks
- Criminal background and conviction checks
By conducting all those steps, your dedicated leasing expert can determine the qualifications of your potential tenants.
Pick Your Leasing-Only Service Provider Wisely
Remember: Your leasing-only service should price and market your property right and screen tenants in compliance with all housing laws. So, ask each of your prospects about their processes for these steps to help you make a more educated choice.
At Stutts Properties, Inc., you can count on us to find quality tenants through compliant procedures. However, we also specialize in full-service property management. So, if you want to earn and optimize your rental income in the most passive way possible, consider this over our leasing-only service.
Connect with us today to learn more about what we can do for your North Alabama rental properties and request your free rental analysis!
