People owning second homes are considering renting it more and more these days. They may want the benefit of extra income to meet the growing wants and wishes of their families, or as a way to wait until the real estate market improves before they sell their second property.
Not too long ago, renting a home was a baffling and a hassling job for landlords. As they had to use local real estate agents office to list their property for rent, while some prefer the old-school way of adverting their rental property in the classified column of the local newspapers. However, with the evolution of the internet, the method of renting your home is much more simple.
There are many rental property websites hosted in the virtual world of the internet, offering services of properties for sale and rent. While many offer such services free-of-cost, some charge a nominal fee for advertising the property for rent to perspective tenants and home buyers.
Are you willing to deal with unnecessary phone calls, frequently late rent, and expensive and hassling evictions? Of course not! No homeowner wants to be a landlord with these complications. So, why do so many landlords often find themselves in this sort of stress? The answer is because most of these landlords never learned the correct way to rent out their property from the beginning. Most of us look at the procedure of filling a vacancy like the pregame show, but getting your second house rented IS the game. If you put in little effort while selecting the right tenant, you can save yourself years of headache later.
Search for the best website
There is no better place than the internet to start your campaign of renting out of your home or apartment. Take a look at some of the best real estate listing websites, read reviews to narrow down on one or two. You can also consult a friend or relative, who have recently rented their property, or a real agent in the know.
Set a Competitive Price
While it solely depends on you to decide on a rental property, it is advisable to set a lower price by analyzing what other rental homes in your neighborhood are going for. Remember, your potential tenants will also be viewing over the rental property listing websites for the best deals. Your rental house should be competitive, plus make sure you highlight all the worthy qualities of your home. In your description, you need to become a salesman. tell the tenant why your home or apartment is better than all the rest…what makes it unique?
Screen Tenants Carefully
Weighing your tenant carefully, this may sound as given; however, many overlook the facet of renting a home in order to save time. Make sure the person you pick as an occupant has running financial resources to pay off the rent on time. And, he should a decent standard of living to keep your house in good condition. Require a background check before committing to a tenant.
The Bottom Line
Renting out your home or apartment to a tenant can be highly beneficial for both parties, but only if you take the time to do it right and the potential pitfalls are a miss. After all, it’s still your property!