Renting out your extra space is a fantastic way to earn some extra money. It’s a great source of passive income for those who already have their hands full with their lives and their careers. Online platforms have made it so easy to advertise yourself and start booking tenants within minutes.
But what if you’ve never done this before? How do you go about advertising your space and attracting tenants? Believe it or not, there are other people just like you who are renting out their space. They seem to be attracting quite a bit of attention, and you’re starting to feel like you might not have anything to offer. But that couldn’t be further from the truth! Your space is valuable and profitable, and we’ll walk through some ways you can attract potential tenants.
First things first, understand that you can’t always change the space you’re working with. You may remodel, redecorate, and update the space with flashy amenities, but that can get expensive, and there are some things that are out of your control. Learn to love what you currently have to offer. What makes you stand out from the other offerings currently on the market? What do you bring to the table that others cannot? Every space is unique. Highlight the positive aspects, and accentuate the benefits of your space.
Once you’ve identified your standout qualities, compose a quality listing. A well-written, detailed listing with stellar photos will instantly attract attention, whether online or printed on physical flyers for handout. As people start to show interest, be sure to schedule individual walkthroughs and property showings. This gives you a chance to address any questions or concerns in a one-on-one setting.
Of course, walkthroughs involve a fair amount of scrutiny from potential tenants. Be sure to put your best foot forward: clean house, attractive decorations, relaxed and easygoing atmosphere, operational appliances and utilities, etc. This is your chance to elaborate on everything that you might not have put on the listing. Show off your knowledge of the house, the property, and the surrounding community. Once again, highlight all the best features and amenities, especially hose included with the house, such as pool or gym access.
In the end, it’s all about perception. While you should never deceive or over-promise, you should do everything in your power to make your space appear desirable. A highly desirable space will stand out from its peers and catch the eye of potential tenants. Follow these tips to get started on the path to consistent passive income!