“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” – Franklin D. Roosevelt
If you weren’t already convinced about the value of owning real estate and then renting out your house, this quote should be enough to lure you in. But as attractive and fruitful it may appear, renting out your property isn’t all that simple.
Without the proper knowledge, research, and professional assistance, you may not get the profits that you were expecting and may even under-utilize your property. To prevent this from happening, we will discuss six ways in which you can ensure that you rent out your property at the right price and to the right tenants.
What to Do When Renting Out Your House
1. Evaluate your house
This is the most important thing to do before renting out your house. While your property’s value is linked with many other factors including its size and location, the physical condition of your house is just as important. No matter how big your property is or how prime its location is, at the end of the day, your tenants will have to live in the house itself. None of those other factors really matter if they find the living conditions unsuitable. So before renting out your property, thoroughly inspect your home and make sure everything is functional, clean, and safe. Once this is ensured, you are most likely to rent out your property at the price you want and whenever you want.
2. Make the property look appealing
While tenants are not as picky as property buyers, you still can’t simply sell anything to them. Renting out your house will require you to make enough efforts to enhance the appearance of the property so that tenants approve of it. At the same time, it also requires you to not overdo with the polishing because tenants are also less likely to care about the maintenance of the property than buyers. If this is something you find difficult to do, there are always professional services out there who are in sync with the pulse of the real-estate market and know exactly what to do to prep your house for rental.
3. Fumigation and pest control
There is nothing worse than for a tenant to come to a house full of bugs, knowing fully well that they don’t own the place and will have to move out sooner or later. This feeling of lack of ownership will always be there in your tenant’s mind, and so it is your duty to make sure that they feel at home throughout the time of their agreement. Pests are not just annoying bugs that damage furniture; they can cause health problems as well. Many people are allergic to insects and may even face serious health risks if they are not diagnosed and treated in time. Before you start renting out your property, you need to either get rid of pests via fumigation and pest control. Once the tenants move in, caring for the home will be their responsibility.
4. Heating and wiring fixes
This is an essential point that needs to be taken care of because of its multi-dimensional nature. The first and most important issue regarding this is the safety concern; faulty or old wiring and heating systems can be seriously harmful to the tenants. There is no way you should even think of showing any negligence in this regard. Another issue with this point of renting out your house is that your tenants wouldn’t want to pay for anything more than they use. Have a professional come electrician conduct an inspection to check for any safety issues or causes of wasted electricity. Renters will not be happy if their energy bill is sky high or they’re stuck without heat or air conditioning when they need it most.
5. Evaluate your asking rate
Once you have followed the fixes and procedures listed above, you will be ready for putting out your house on rent. Once you reach this stage, you will have an asking price in mind that you would deem to be reasonable for your market.
A few things to keep in mind in this regard are:
- the time of the year in which you are renting out your house
- amenities or perks that come with your property (gym access, covered parking, utilities, etc.)
- comparing your price to other houses in the area or similar houses in the entire city/state
6. Choose a property manager
If you are overwhelmed by these steps, you may be realizing that renting out your house isn’t easy at all. It is not something you can think of one night and begin doing the next day. It requires proper knowledge, experience, and research to pull it off. And once it’s rented, you need to ensure the tenant pays on time and that everything is in good order.
While we have listed in detailed most of the things that will assist you in renting out your property, it’s a smart choice to have it all looked after by a property manager. All the time and money that you will spend by yourself may discourage you from renting out your home. With a property manager, you can worry less about these daily issues and focus on other areas of life.
Do you need a property manager?
We recommend most people hire a property manager to ensure they are getting the best deal for their rental, are abiding by all laws, and have more peace of mind.
Go to www.theburbz.com to start comparing property managers near you. You can list your house for free and receive proposals from managers. Once you compare their offers, you can select the best property management firm.