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Renting your property may seem like an easy way to increase your passive income, but starting the process can be more complicated than expected. Your house can sit on the market monthly without a rental applicant because the price is higher than the fair market rent. A bad tenant may be late or completely refuse to pay the rent; they can do thousands of dollars in property damage and can ignore your eviction attempts until the authorities are involved.

So how can you avoid the headache of these common problems associated with renting a property? Here are five things to do before renting a home to reduce the risk and stress of a new landlord.

1. Take a picture of the subject

Property photos are needed for many reasons. They are an important part of online advertising – otherwise affordable listings for rent without pictures of the property are often conveyed by potential tenants because they do not want to wait for a tour of the home to find out that the property does not have the look or design that suits them. These photos will also be useful when your future tenants move out, as you can use them to measure the damage to property that occurred during the rental period.

2. Estimate fair market rent

While it may be tempting to charge a higher rent to pay back for recent renovations you may have made or move expenses from when you left the property yourself, the best thing to do is market research: check rental sites, newspapers, local renters. , real estate and property management companies to determine the amount that rents properties of the same location, size and condition.

3. Create a concise, effective rental application

An effective rental application will not intimidate potential renters to their length, but will be comprehensive enough to be used for tenant viewing purposes. Any additional information that you need to be provided to the tenant under review can be included in the rental documents. A good app will have room for the following items:

  • Name

  • Date of birth

  • Social security number

  • Phone number

  • Current / previous addresses (last 7 years, including renter’s name (s) and contact information)

  • Current employer (name, address, date of employment, income, contact information)

  • Authorization to obtain Consumer Reports

  • Tenant’s signature

4. Consider using an asset manager

Property managers typically charge a percentage of the monthly rent for their services, but in return they will take care of such things as finding new tenants, creating / signing leases, collecting rent, and issuing legal notices (including evictions). Hiring a property manager reduces the profits you will make by paying your tenants rent, so think carefully about the payment and benefits of these services.

5. Find good tenants

Finding a decent tenant is easier said than done – many applicants may be polite, courteous, and seem like a good fit for you, but it will create a flood of problems. The best way to improve the quality of the tenants you rent to conduct a tenant check – that is, select tenants based on measurable fiscal and rental responsibilities. Most renters will charge rent applications a fee to cover the cost of a tenant inspection.

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by Angela Pennington

 

 

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