Condos and lofts can make excellent rental property. Given that there is not a yard or driveway – and that exterior maintenance is more than likely covered by an association fee – there probably won’t be much you have to do other than collect a rent check each month. The key, then, is to find renters. Here are some ways to do it.
Word of mouth
Tell everyone you know that you are planning to rent out your condo or loft. It is quite likely someone you know – whether you work with them, go to church with them, or consider them your best friend in the world – knows another person who is looking to rent. And even if that person isn’t interested, they may know someone who is. See how many connections you can make by simply letting people know?
Contact professional management agency
Many people who rent out their condos and lofts choose to use a professional property management agency that serves as the go-between for you and your renters. Many management agencies also can link you with renters. And when you go through an agency, the people there screen renters for you. You do not have to worry about checking credit or references, and instead just give final approval.
Newspaper or Internet advertisements
Many people still look in the newspaper to find a place to love. So call the newspaper with the widest circulation and place an ad. Otherwise, consider posting an ad on websites like craiglist.com and rent.com. When you post them on the web, you can also include pictures, so make sure you place is ready to show.
Social media
Social media sites like Facebook.com have marketplace areas, and it is worth posting an ad on there giving the ever-growing number of people who frequent such sites.
Local colleges
If your condo or loft is in a college town, or near a higher education institution, put up some flyers around campus. While some college students prefer to live on campus, many want to live off-campus as they learn about living on their own. Condos and lofts, given the low amount of maintenance needed, are especially attractive.
Large companies or businesses in the area
If there are large businesses or companies in the vicinity, it is worth a call or an email to the Human Resources department to let them know you are planning on renting out your condo or loft. Big companies, especially, often help employees who are moving to the area find a place to live, among other services.
Minneapolis condos rent out in an average of 17 days or less when condo owners put Andy's team of agents to work and renters utilize the custom condos Minneapolis search tools on Andy's web site: www.MinnesotaLoftsandCondos.com
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