Putting your property up for rent is a big deal, and it should be treated as such. This is not an endeavor to be undertaken on a whim – you must be careful and methodical to
ensure that everything is done properly.
and in a way which guarantees that both you and your prospective tenant are protected. You also want to list the property in a way actually attracts potential tenants and, eventually, gets it rented. The following tips will help you do just that.
1: Talk to the Professionals
Even if this isn’t your first time putting a property up for rent, it helps to get the opinion of a trained professional who does this sort of thing every day. Therefore, the first thing you should do is contact a real estate agent and schedule a walk-through of the property. These agents are in the businesses of getting properties rented and sold, and they’ll be able to give you tips on repairs and improvements that will get your property rented.
rnIn addition, a real estate attorney can be a huge help in ensuring that you abide by all local real estate laws throughout the rental process. Real estate law places a lot of duties and obligations on landlords, and it’s highly unlikely that you’re familiar with all of them. A real estate lawyer will be well-acquainted with the law’s requirements for landlords, though, and will be able to keep you in compliance. In addition, an attorney can be a big help in making sure you have a good lease that will be both valid and binding against the tenant, while protecting your rights.
2: Make the Property Presentable
Remember, when you put a property up for rent, you’re trying to convince someone to pay you for the right to live there. People are less likely to be interested in handing over a portion of their hard-earned money to call a grimy dump home. Therefore, you will want to
ensure that your property is in rentable condition. .
.
rnFirst, make sure there are no structural defects or issues with the appliances or utilities. Obviously, no one is going to want to live in a place with a hole in the roof but, more importantly, as a landlord you actually have a legal duty to maintain the basic habitability of the premises. Beyond that, touch up the paint, make small repairs, keep the lawn manicured, and take whatever other steps are necessary to make the property a pleasant place where someone would actually want to live.
3: Pick the Right Listing Service
Once all of your legal ducks are in a row and the property is in top, rentable condition, you need to tell people about it! The best results are gained from listing your property on multiple platforms. You can either do this yourself manually, or hire a service to list your space in various places for you. There are quite a few reputable apps and websites out there for listing rentals, but a few of the top ones are: Zillow, Trulia, PadMapper, HotPads, and Apartments.com. You can also use Craigslist, but beware – it has a higher incidence of rental scams than the sites listed above.
rn4: Craft Your Listing
Once you’ve decided where to list your property for rent, the next step is to create a listing that will catch the attention of prospective tenants. This begins with a strong title that concisely conveys the most important information about the property. For example, you would want a title that lists the monthly rent, the number of bedrooms and bathrooms, the type of property (apartment or house), and a short phrase about what makes the property special.
Once you’ve gotten peoples’ attention with the title, you’ll want to drive home the pitch with an effective description. Give details about the property (its amenities, the character of the neighborhood and nearby attractions, utility and pet policies, etc.), and include flattering pictures of the space to help prospective tenants fall in love with it. Just like with your professional resume, avoid making a bad first impression with a property description riddled with spelling and grammatical mistakes. Finally, avoid stating that the property is best-suited for any particular kind of tenant, as this can violate
federal fair housing laws..
that prohibit discrimination in the advertising and renting of residential properties.
5: Disclose Relevant Information About the Rental Process
Be upfront about the process tenants will have to go through in order to rent your property. If you require rental applications and background checks, make this known in the listing. This will serve as an early pre-screening process, since dependable tenants will not be deterred by these standard procedures, but less reputable renters will likely not even bother contacting you.
rnConclusion
Becoming a landlord is a big step that requires a great deal of careful planning in order to minimize your hassle and risk. If you follow the steps above you should be well on your way to a successful experience. It is also recommended that you conduct additional research, and obtain the opinion of a local attorney and real estate agent to ensure that you comply with all of the laws and regulations in your area.