Posted on February 6th, 2017
US military is the second largest in the world after China. It employs close to 1.2 million active duty and 0.8 million reserve duty staff taking the total count to near 2 million people. These members are posted in different military bases throughout the US with few in foreign bases as well. Military personals are periodically transferred and keep moving from one base to another.This structure of our country’s defense gives birth to one of the biggest market for house owners who can offer their houses for rent to military families on the move. With hundreds of bases around and periodic transfers of military families, the demand for military house renting also shoots up.
As a house owner willing to rent out your house for a military family, you become a part of the supply side reflecting the total availability of such houses for rent. The success of you being able to find a military family as tenant will depend on your ability and approach followed for accomplishing this target. The key factors that should be kept in mind and will affect your success in renting the house to military families have been explained below:
You have a house and that’s where your willingness to rent it and earn a regular income arises. The area of the house, number of floors, bedrooms, build material, furnishings included (sofa, dishwasher, refrigerator, dining set, etc.), its look, architecture, etc. define the demand for your house.
Remember military families are generally small sized and don’t need very big area but they do need the furnishings in the house as they don’t carry many equipments due to frequent transfers. Also their stay is not very long and therefore they would rather pay a higher rent than being in a house with requirement for repairs. Try getting the repairs done before putting the house “For Rent to Military Families”.
To rent it to military family make sure that your house is in proximity to some or the other military base. Staff transfers to these bases will bring in prospective tenants to you. Check the distances of military bases from your house and highlight it to the prospective tenants. The location of your house with respect to the schools in the area (remember military families are characterized with school going kids)and markets for buying household and daily need items will boost its chances of quickly being rented out to military family.
When you put your house “For Rent to Military Families”, it’s not only the house which is offered but also its add-on features like peace of mind (easy renting, military clause in the agreement, etc.), safety of loved ones (crime in the area, safety equipment like cameras in the house, etc.), friendly neighborhood, image in the eye of others (house is not just for living but also reflects a person’s status in the society), it’s look and feel from outside, repairs and costs involved in renting etc. all add up to the features in the house and enhance the demand for the house.
Rental price for the house would directly affect the demand for it. If the asking price for rent is very high, seldom will there be any demand. On the contrary, if the rent is under priced, the house will be rented quickly but the income for the landlord will fall. For successful renting you must know “how to set right price for your rental”.
Military families are supported by the department through BAH (Basic Allowance for Housing) to bear their rent cost. But the cost should not be very high as the support from department is just reasonable. To get correct rent quote for your house explore recently concluded rent deal for a similar house in the locality. Also, analyzing the demand for your house by the features offered and taking ideas from other rentals’ pricing in the market, for similar house, will help in determining fair market value of rental property.
Reaching out to your customers and educating them about your rental property, located near military base, is the biggest factor determining your success in meeting the target audience.
Earlier people used to find their prospective tenants through family, friends, and acquaintances or by simply putting up a board outside their house with the writing “For Rent to Military Families”. This would lead to limited access to prospective customers and cause unusual delay. The world has taken a giant leap with Information Technology and going online has removed all distances bringing both the landlord and tenant on the same platform.
As a home owner willing to rent, you represent the supply side on this platform and the prospective tenants the demand side. Go with the trusted military house listing sites to get your renting process public. www.militaryforsaleforrent.com has been one of the oldest and trusted online platforms for selling and renting house to military families.
In this technological age the military families, before carrying out their transfer order, search and shortlist houses on military friendly websites for rent. Going on www.militaryforsaleforrent.com gives your house access to all these military families without charging you heavy on the pocket. You can post the complete description of your house, highlight the key features, post photos, locate your house on Google map and find the distances from the military bases. If you reach prospective tenants, it is probable someone will shortlist your house and probably rent it as well. To take a look on the features offered by the website, visit at https://www.militaryforsaleforrent.com/list-home
Marketing has a wider connotation and refers to convincing your customer to take your product by adapting the product to his needs. This in case of renting your house to military families would include following additional points apart from the ones explained above:
When the process explained in above points have been followed, the customer will select the house on the negotiated terms and the deal will be led to its logical conclusion. The house will have been rented and the agreement part with the necessary documentations would be formalized. Though this process takes time and requires effort, it is worth giving it a try as it will bring you the rental income for meeting your other expenses. Going online through trusted house listing websites like www.militaryforsaleforrent.com further eases your job.
Hope these points will guide you in understanding the steps involved in renting to military families and also help you find a suitable tenant. Keep visiting us for new feeds and greater exposure to your target customers.