From Listing to Lease: The Ultimate Guide to Renting Out Your Property
Do you want to be a successful landlord? Whether you started renting out your home because you’ve moved away or you invested in real estate and want to rent your property, finding a great tenant isn’t always as straightforward as counting to three. It takes planning and preparation to take your home from listing to lease, so here are some tips to help you get started:
Get it looking good
Some landlords are in a rush to rent out their property that they don’t even think twice about getting it on the market before it’s up-to-standard. They may take great pictures of it to post online, but when potential tenants see it in person, they’re disappointed with the reality of its condition.
With this in mind, you’ll want to take the time to update anything that needs to be updated before listing and make sure that you have it livable before you decide to post it up for rent. People want to live in places that match the photos that they see online on rental websites.
Hire a photographer/Choose a website
The next step that you can take when striving to put your best foot forward with your rental is to hire a professional photographer to take pictures. They have a way of getting the best angles that help your property look like a million dollars. Find someone with home and rental photography experience.
Once you have some good photos to run with, it’s time to choose the website where you can promote your property for potential tenants. Try to stay clear from Craigslist and look for a website dedicated to matching tenants with landlords and properties. These websites can help to protect both renters and landlords from scammers.
Screen your tenants
One of the most important things that you can do as a landlord is make sure you screen the potential tenants that you’re considering. Tenant screening services can help protect you from an array of problems that can happen if you don’t take time to check out their backgrounds.
From those who may have criminal history to those who are notorious for not paying their rent, you can find out a lot about people when screening them before they move onto your property. It’s always best to play it safe when you want to rent out your property.
Work with a realtor
If you want to be confident that you’re getting quality tenants applying for your property, working with a professional can be beneficial. They have experience in bringing people to properties, as well as knowing when someone could be a potentially great tenant.
They can do the hard work of screening/meeting potential tenants, allowing you to keep some space between you and the tenants. As much as it is important to be a communicative landlord, approaching things in a professional way is always important.
Lease terms
As you go from fixing up your place to finding potential tenants, your rental lease is something you’ll want to take time on. The length of your lease term is something to consider, as while 6-month terms are options, you may want to stick to offering a year-long lease, as it’s not always easy to find great tenants every six months and could also cause more wear and tear on your property.
Additionally, you want to include things such as responsibilities with damage, what’s yours to fix and what’s their responsibility to take care of. Even if it doesn’t seem all that important to include, it’s helpful to include it if you want to protect yourself, tenants, and property in the long run. Get familiar with local landlord/tenant laws and if needed, work with a lawyer to come up with a great lease.
In Conclusion
Upgrade and clean your property. List it with great pictures. Screen your tenants. And prepare a great lease. Renting your property to reliable tenants is possible!
