Estimate Your Rent Price: Of course, you want to make as much as money as you can, but at the same time you want to make your price competitive with the market. If you are not sure the market price for you home, check the local newspaper ads or classified ads. Craiglist.org, Realtor.com, and Move.com are also a good real estate resource.
Improve and Decorate Your Property: The undeniable fact is, “If you property looks bad, nobody will want to rent it. Sometimes it may require very little effort. Some apartments may only need a quick clean up. Other apartments may need a little bit more work. Don’t overlook a little ting. In many cases, the easiest items to fix can add value to your home.
Screen Your Potential Renter: This is a very important procedure. Try to get as much as information from your potential renter as much as you can. Don’t use your instinct as the judge, because it usually does not work. If it is possible, try to run some background check. In your rental application, you should require the applicant to fill out full identity and rental history.
Understand the Landlord – Tenant Laws: The laws may vary from state to state. Some states like California are lenient toward tenants’ rights. Other states are for landlord. Therefore, you should know your right before renting out your place.
Outsourcing: If you want to avoid all of the hassles, you may want to consider outsourcing. Professional property management usually charge around 8-10% of the rent. |
