Renters love options, especially in an upscale market. If you’re a property owner wondering how to profit from your living space, then leasing is a sure-fire solution. Looking for a tenant to rent comes naturally when you have space to let. And isn’t it better if you put your spare property to work? Having an extra home or apartment is a luxury. You can even use the money to cover maintenance costs.
The same is true if you’re set for a long vacation, off-state or abroad. Instead of leaving your home or apartment unoccupied, it’s better if you lease it while you’re away. This way, you’ll have money to offset your leisure costs! You could even earn enough for your next vacation. Leasing also ensures your property won’t waste away, unused.
Do you choose to lease furnished or unfurnished property, then? It turns out the market for furnished property is as profitable as ever, in spite of location.
If you’re still on the fence between choices, here are 6 advantages to discover. These should be more than enough to convince you that renters are happier when leasing homes with furniture.
Advantage #1: Instant prospects when looking for a tenant to rent
Looking for tenants to rent your property is easier if your place is furnished. Your sales pitch then highlights convenience. You’ll also be offering something better than the competition who is letting empty spaces. Plus, furnished homes are cosier compared to hotels or bed & breakfasts.
For short-term accommodations, many renters prefer to move in without the hassle of hauling belongings. Besides, your apartment can offer a new experience in living space, depending on how you arrange the furniture. When set up nicely, a furnished home is perfect for those who want to start over.
Advantage #2: A change of pace
Your furnished property is welcome change for those who want to shift gears in career, or in life.
If you live near a university, leasing your apartment furnished is a fantastic option for budget-strapped students. Students have enough to fuss over. Offering them a place to crash at the end of the day is a convenience they’ll pay for.
If you live near the CBD, you can offer an affordable alternative to the pricier properties in the city. The suburbs are extensions of the CBD. It pays to cash in on prospects and lease living space pre-furnished.
Advantage #3: Make more money!
You can charge as much as 50% more with furnished property. This is the best advantage you have, especially if you’re leasing the apartment you’re residing in—a common practice. A lot of homeowners open their homes to short-term tenants to help pay bills.
If your place is in great condition, you’ll even spend less in remodelling while looking for a tenant to rent. If you have to renovate, then you’re the first to benefit from the changes you make.
Advantage #4: The upkeep is covered for
As a For Rent by Owner landlord, you won’t have to worry about damages or misuse of your property. Why not? That’s what security deposits are for.
Also, the terms of lease are agreed on before you hand over the keys. You can also demand enough security deposit to cover for serious potential damage.
Tip: It’s a wise idea you take prized possessions with you. You’ll sleep better at night, knowing people aren’t playing hot potato with your fine tableware.
Advantage #5: Furnished space attracts higher quality tenants
You’ll know if you’re dealing with a high-roller during the screening. It’s also expected if you’re residing in a prime neighbourhood, or on the immediate outskirts of the city. Renters take their pick of properties while browsing online listings. With the right theme and amenities, yours will be shortlisted quickly.
There’s this notion unfurnished property is the seedier option, and it’s no surprise. If you’re looking for a tenant to rent and your prospect prefers bare space with nothing but a mattress, wouldn’t you raise a red flag?
Advantage #6: You don’t need to move, sell, or store your furniture
There’s the given convenience of leasing your place as is. You can move stuff out and stash the items in storage. But why bother? You can charge renters for the convenience of furnished space, and at a steep premium.
If you’re leasing short-term, there’s no need to move everything out before a renter moves in. This assumes you’ve screened applicants in-depth while looking for a tenant to rent. We’re also assuming you’ve selected those who’ll treat your apartment like their own (until you take it back).
Deciding to lease comes naturally if there’s demand for rental space in your area. There are always renters looking for properties suited to their preferences in location, amenities, and cost. With the power of the Internet and Zero Commission’s services, it’s easier now to become a For Rent by Owner landlord.
Looking for a tenant to rent is easier than you expect! For only $50, we will list your rental property UNTIL LEASED on the top real estate sites in Australia!
Need help managing your For Rent by Owner home? Here are blog posts you’re sure to love:
- How to select tenants to rent your property in Australia
- 9 reasons to share your property For Rent or For Sale on Facebook
- 7 magic words to use in your real estate listing
- How to show your house to impress buyers or renters
- 5 best bathroom staging hacks to attract property renters or home buyers