Prepare Your Home
A down market will not let you get away with renting out the home the way it is. Potential tenants in this situation pay attention to details and can get testy if the home does not meet their expectations. The whole house has to be cleaned thoroughly and all fixtures and fittings need to be in properly working condition. If you’ve decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home.
Make sure all appliances are in good working condition
The appliances of the home such as laundry machine, fans, heaters, air conditioners, pipes, kitchen faucets etc. should be checked for damage and if any is found, they should be repaired or replaced. Tenants can get picky about things like this and it can affect the price of the lease.
List the desirable features of the home
After straightening out all the aspects of the home, a list containing all desirable features should be created and used to sell the property. Features like washer, dry and garage are attractive on their own but when used with adjectives like “granite counter tops”, “state of the art” etc. it helps in drawing customers in.
Prepare yourself to shoulder responsibility
It is important that the responsibility involved in leasing a home be understood as the obligation it comes with has to be something you can easily handle. Apart from other daily activities and working relationships you have going on, being a landlord is an additional burden you have to fit into your life. You need to brace yourself for moments that fail to run smoothly as well as try to avoid tensions with potential buyers.
Post on reputable websites
When advertising the home, it is best to put it on a reputable website that has good reviews to reduce the chances of attracting individuals of bad repute. Newspapers and local post offices are a good place to list also.
Or hire professionals
You cannot have more knowledge than the experts so it is a good idea to get the professionals involved. Professionals include attorneys who are more conversant with legal work and estate laws.
It is also wise to think about hiring a property management company. They will take care of the day-to-day issues that may arise. They also know how to screen tenants and keep a firm grasp of your home.
Lease your house during high season
Take note of the period in which renters are large in number. Different time of the year attracts a different crowd of renters. March through August are quite popular months to list your house out. Since the seasons from March to August are the best time to get a tenant, you can list your home at a slightly higher price as well!
Set a competitive price
The cost of rent should be set based on current market trend and what their properties attract within the neighborhood. If you set your house too high, it will be on the market for quite some time. You can lose money as you’ll still have to pay your mortgage and taxes on the house. Furthermore, if you price the house too low, you’ll be missing out on a good deal.
Screen tenants carefully
An interview should be conducted to assess the attributes of each potential tenant and determine the best fit for the property. You do not want individuals with bad vices or questionable character residing in your home. It is also a good idea to ask for references from the applicant pool and cross check.
Establish the terms of lease
It is a good idea to spell out the agreements of the lease before signing to it. This helps both parties to communicate the terms of the lease agreement and agree on them beforehand. It is always necessary to protect your rights when renting out your home. It is always highly suggested you establish a lease agreement and have all parties involved agree on the terms and then sign the lease.