However, word-of-mouth marketing isn’t the best solution for all circumstances. Some rental property owners need tenants sooner than the friends in their close networks need rentals. Or, investors and homeowners may prefer to do business outside of their inner circles. In these cases, deliberate upgrades and effective advertising are better marketing strategies.

The following tactics render all rental homes highly appealing to lessees, regardless of ownership size or building type.

Modernize the Space

Renters don’t receive returns on investments (ROI) when their leased homes sell, so the chances of them performing cosmetic upgrades on their rentals, even if allowed by their lease terms, are slim. Rather than look for inexpensive properties with potential, renters gravitate toward move-in ready spaces. Therefore, private owners leasing their homes can captivate prospective tenants by transforming dark, dated houses into bright and modern abodes.

Review other apartments on the market and their accompanied aesthetics – specifically equal-sized units at similar price points. For instance, the median monthly rent for single-family properties in Atlanta is $1,000. Alternatively, the median sale price for single-family homes is $289,000. A three-bed, two-bath home listed for $289,900 has an estimated mortgage of $1,459 including taxes and insurance, assuming 20 percent down and a 4 percent interest rate on a 30-year fixed-rate loan.

Regardless of the competition, don’t go overboard with renovations that limit resale ROI. Private owners sometimes lack the budget to perform complete overhauls on their properties since their rental incomes likely subsidize their monthly mortgage costs. Landlords should limit luxurious upgrades and amenities in their rentals, unless renovations were made prior to lease dates. While beautiful spaces attract and retain lessees, the cost of rent probably won’t reimburse the total cost of upgrades – at least not for an extended period of time.

Not all upgrades are going to break the bank, either. Replace carpet or consider installing linoleum floors for a sleek, clean look. Apply fresh paint to walls after each tenant vacates to eradicate old odors and mask moving damages. Stage homes appropriately, ensuring furniture choices fit properly without spaces appearing cold, or alternatively, cluttered. Finally, thoroughly clean rentals before showings. Albeit temporary, lessees require the same standard of living as potential new homeowners.

Take High-Quality Listing Photos

Attractive listing photos are fundamental factors of real estate marketing. After all, many renters and owners use online services to scout properties before viewing them in person. First impressions are important, and unappealing images can compromise the renting success of high-quality units. For captivating photos, remove date and time stamps. Similarly, avoid using photos more than a year or two old – especially if spaces have undergone recent upgrades. Snap multiple photos of each room, so interested parties have full radial views of apartment and home layouts. If possible, use a wide-angle lens to capture the largest possible shot, eliminating the need for multiple, cramped images. Photos should be large enough for clients to see details without enhancing, which often leads to distortion and blur. Take listing photos around dusk to achieve the best possible natural lighting and use interior lights to complement the warm hues of a setting sun.

Modernizations and quality advertising are key elements in drawing applicants toward one property over another. Pricing appropriately, maintaining property condition and establishing good rapport keeps tenants renting long-term, or at least recommending properties to help eliminate vacancies in the future.

Those days are over.  When the housing bubble burst in 2005, selling a home became a lot more difficult.  And while some real estate markets have recovered nicely, most sellers still need to go the extra mile if they want to get a quick sale.

The simple truth is that property buyers wield far more control these days.  Obviously, adding curb appeal to your home is still very important, but you also may have to offer some concessions if you want to close the deal.

What kind of incentives can you offer to make a buyer pull the trigger on a deal?

A Lower Price.  In the end it usually comes down to the bottom line.  Unless you’re in the rare situation of having multiple offers, you may have to lower your price a bit to get your house sold.  Buyers know there are plenty more homes on the market and if you won’t play ball they can easily find someone who will.

 Offer to Pay Some Closing Costs.  This is kind of a pain because you already have some closing costs of your own, but most of the expenses are paid by the buyer.  Offering to pay a portion of their closing costs will free up some of their money for other expenses and it may be enough to help seal a deal.

Offer a Home Warranty.  The last thing a home buyer wants to worry about after closing is the furnace dying or the water heater leaking all over the floor.  By offering them a home warranty, you provide a little piece of mind that they’ll be ok even if the worst happens.  Typically a seller would offer a one year home warranty which would cost around $500 to $700.  And while I personally don’t think they’re all they are cracked up to be, they are certainly popular and if it gets a deal done that’s all that matters to you.

Other Seller Concessions.  Since we spend so much time in our homes we get used to theirs flaws and learn to overlook or ignore them.  But the stained carpets you barely notice may be a real eyesore to a potential buyer.  Odds are you will have to make at least a few seller concessions which could include everything from steam cleaning the carpets to replacing them.  You don’t have to do everything that is asked of you and you certainly don’t want to spend a ton of money if you won’t get it back, but a good realtor should be able to objectively tell you what problems you will need to resolve.

Buying a home can be a daunting process.  I’ve been through it twice now so I figured it would be good to share some of the things I learned along the way to help you first time home buyers keep your cool while waiting for the transaction to be completed.

Let’s begin with a few things you should do before you even start to look at homes and then take you right through the process.

Check Your Credit Score

It’s shocking how many people have no idea what their credit score is and then wonder why they can’t qualify for a loan.   Your three digit credit score is based on several factors including your length of credit history, payment history, and debt to credit ratio.  Lenders use this number to determine how likely you are to repay the money you borrow.  A low score means you either won’t qualify for a loan at all or you’ll be stuck paying a higher interest rate.

Figure Out How Much You Can Afford

There is no sense looking at or bidding on homes you can’t afford, so it is wise to use one of the many free mortgage calculators to figure out how much you can afford (Bankrate has an easy to use one here).  Don’t forget to include property taxes and homeowner’s insurance in your calculations.

You’ll want to leave yourself some wiggle room here.  There will inevitably be things you’ll need to do to your new house and property taxes only go one way…up.  Don’t spend your last dime on the house itself or you may quickly find yourself in financial trouble.

Get Pre-Approved for a Mortgage

Having a pre-approval letter from your lender will show that you’re serious and ready to make a deal.  Many realtors and home-owners won’t even be bothered with buyers who aren’t pre-approved because there is no guarantee that they will actually be able to get a loan.

Shop around with a few different lenders and compare their interest rates and closing costs.  Many lenders offer special programs called first time buyer mortgages which will allow you to put less money down, though there may be increased fees for that.  A fee-based mortgage broker may be able to find you the best loan possible. Take the time to educate yourself on the nomenclature so you’re fully understanding the terms and context of the documentation you’re reviewing.

Find Yourself a Realtor and an Attorney

While not required, you will be glad to have these knowledgeable professionals on your side.  They’re likely been through dozens or hundreds of real estate transactions and they will help guide you and answer your questions along the way. Ask friends or relatives who have bought a home for referrals.

If you’re lucky you’ll find an attorney you can use for years to come.  The attorney I used to buy my house also set us up with wills and handled the estate when my father-in-law passed away.

Be Prepared to Compromise

We looked at close to 50 houses before we found the one we are living in now.  It was tough trying to find everything we wanted for a price we could afford.  In the end we got pretty close.  Our house has almost everything we wanted, and there is the potential to add the few things that were missing.

It’s likely you too will have to compromise and decide which features are “must haves” and which are just “would be nice”.  One bit of advice…almost anything can be done to a house, but the one thing you can’t change is location.  Keep that in mind if your dream home is located on a busy street or next to a bowling alley.

Be Patient, But Persistent

Once you have made your offer and the contract is signed, many of the details will be out of your hands.  There will be title searches, appraisals, surveys, and a million other things for your attorney and realtor to coordinate.  You don’t want to lose too much sleep over all this and you should definitely be patient and let everyone do their job.  At the same time, you have the right to speak up and demand action if they seem to be forgetting about you.  In the end it will be your home and no one will care about it as much as you.

Get the Home Inspected

Some home-buyers skip this step thinking they can save themselves a few hundred bucks but they almost always regret it.  Even if the home appears to be flawless there is no substitute for having a trained professional inspect the home.  If serious defects or hazards are discovered during the inspection you will be able to back out of the deal rather than getting stuck with a giant headache.

Shop Around for Movers

Ask your friends for referrals and get written quotes from at least a few moving companies before making your choice.  We got several quotes and the range from highest to lowest was over $1,000!  In the end we chose the second cheapest company because a friend had used them and we were very happy with our choice.

If you’re a homeowner, do you have any tips for first time buyers?  If you’re buying your first home, what are your biggest concerns?