Regional real estate markets vary constantly. Your decision to sell your home or other property might not coincide with the best seller’s market, or you might have tried selling for some months (or longer!) without a successful sale. This could be the right time to consider renting the property instead. With thoughtful consideration, you may have found a solution which will suit you even better than a sale.
- Know Your Local Laws
The first thing you should do, if you decide to rent out your property, is to research your local laws. For some areas, you may need a business license if you want to rent your home.
- Find the Right Rent Price
While how much you’re paying the bank will figure in to what you charge, it’s key to research what similar houses or properties are renting for, in the same way that you’d look at comparative properties when figuring out an asking price for a sale.
- Be Certain that the Property is Attractive
Just as you would check the curb appeal, paint, floor coverings and landscaping of your property for a sale, you should make certain that your home is inviting and prepared for renters to imagine themselves living or working there. Any safety issues, such as cracked walks or out-of-date wiring, must be handled immediately.
- Property Management
Hiring a property management company can take the headaches out of renting your home, if you choose the right one. Management companies will usually take a portion of each month’s rent in exchange for handling the tenant screening, rent collection, repairs and other day-to-day landlord management aspects. An excellent management firm can walk you through the pros and cons of renting, as well as give you expert advice on preparing your property for its next stage.
Visit our website for a FREE assessment of your rental property or call us at (225) 570-8739.
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