When it comes to renting out your property, it can be a scary, stressful, and time-consuming process. Plus, there are so many questions you probably have about the process. And since each rental process is so unique and different, how do you know where to even start?
Well, don’t worry, because we have gathered a few helpful tips to make your property rental process as easy as possible. So, let’s get to it.
Check the area for proper pricing
You are the one who knows the hard work and the value you have put into your property, but you also want to try to match what other properties in the area are going for as equally as possible. If you are charging way more relative to the area the property is located in, you may not get any bites; and, if you undercharge, you may not be attracting the right tenants.
Do your research on rental sites, and see what they can teach you. Check properties of similar features and see what they are going for, the amenities they are including, and see how it compares to yours. This will give you a direct look at what the potential tenants see when they search sites and what they are expecting to find when they come across yours.
Find a worthy tenant
When you are renting out your property, you want to be sure you are renting to someone who is going to treat your space with the respect and care it deserves. That means you want to go through the proper vetting process to find the perfect tenant.
Running a standard background check, a credit check, and an eviction background check are all great ways to get a feel for who the tenant is now, and who they have proven themselves to be in the past. When you go through the proper process, you will start to see the ideal tenant that you are hoping for and you will be able to choose who you want in your space with greater ease.
Protect yourself and your property
When bringing a stranger into your space, you want to be sure that you are laying out all the expectations right at the beginning. That means creating a lease and having the tenant agree to the terms you are putting into play.
Some things you want to be sure that you have spelled in the lease include: Are they allowed to paint the walls within the home or apartment? Can they use screws to hang pictures and shelves? Are they able to make small repairs and take on home improvement projects or should that be done by your handy-person? Is smoking allowed inside? Can they bring their pets along?
Though they seem minor, you want to make sure everything is properly documented, and that they have signed on to agree to it. This will protect you and your property from any sort of major troubles in the future.
Consider hiring a management company
If your rental is in one town, but you are moving to another or you already reside somewhere else, you want to be sure you have a rental management company onboard to take care of the property. They are able to act as the middle person and this can help to alleviate the stresses that you may face by renting your space.
It may seem like you will be able to keep everything under control and taken care of, but it can be more difficult than anticipated. Cut out the stress and hire a management company. You will be glad you did.
We hope that when the time comes to rent your property, you are fortunate enough to find clean, respectful, and reliable tenants. Good luck and happy renting.
