September 2016

So you’re considering renting out your home. You have fixed the foundation and repaired some cosmetic damage, but is it really going to be enough when you decide to rent out your home? Whether you are new to renting or have a few years of rental experience under your belt, chances are you may miss these steps that cover you and your renter.

What’s your Worth?

Consider whether or not to remove the appliances and valuable furnishings from the home. Whether you are providing a fully-furnished or a semi-furnished home, you want everything to be working properly for the next tenant. Keeping appliances may give you the opportunity to raise the renting price a bit, but keep in mind that these household appliances may need fixing or replacing from time to time. If you fail to remove broken items or fix them in time for the next rental, the home will decrease in value more than if they were not there in the first place.

Know Your Value

Before you put your home on the market, study the properties in the area to determine the average value and monthly costs. After gathering this information, you’ll want to highlight these exceptional features to help up-sell your property. Believe it or not, March through August are the most attractive months for renters!

Keep in Touch with your Insurance/Mortgage Companies

It is imperative to let your insurance and mortgage companies know that you are considering renting out your home and that you are no longer residing on the property. Once they are aware of your current rental situation, you will be handed a mortgage-as-landlords agreement and form then you will switch your insurance policy to landlord property insurance. You will then be covered for any damage including fire, natural disaster, and tenant negligence.

Maximize your Marketing

In order to gain exposure you need to lengthen your marketing reputation. Branch out and give your name some meaning. A qualified property management agency will lead you in the direction to find reliable tenants. While you can market your rental property on your own, you may not be familiar with the technical aspects of this intricate system, which can detract from gaining tenants.

A Clean Home is a Happy Home

A complete inspection and cleaning is necessary for any landlord ready to rent their home. Whether it’s as simple a task as painting a few walls, or it’s rebuilding a water damaged wall, you must consider that an aesthetically pleasing home is going to appeal to your potential renters rather than one than they might have to be responsible for the maintenance of.

The Mean Screen

You are the landlord and property owner; therefore, you have the ability the screen your potential tenants. A simple application will determine their references and employers. You have the ability to request tenants’ social security numbers to check for fraud and possible criminal records. Again, consult a qualified property management agency that will guide you through this detailed process with their knowledge of legalities on the technical matters.

Don’t manage it alone

If you are considering managing your rental property alone, think again. A reputable property management company will supply all of the legalities for you and your tenants.  This service includes the screening of tenants, IRS payments, rent collection, managing of repairs, and eviction notices, if needed.