Beginner’s Guide To Renting Out Your Property
Whether a full-time job or lucrative side hustle, many people today rent out their property in cities, suburbs, and countryside. After all, everyone needs a place to stay for however long necessary. If you’re considering getting into this business opportunity, be sure to read this beginner’s guide to renting out your property so that you’re prepared before you start.
Screen Renters
Becoming a first-time landlord may seem daunting at first, which is why it’s important to always screen potential renters beforehand. Run a deep background check on all soon-to-be renters to avoid unwanted guests. You never want to risk renting to a criminal or irresponsible tenant. Screening renters protects your property from theft, vandalism, and financial irresponsibility. You want to make sure renters can afford payment while maintaining a level of respect for the home.
Understand Legal Framework
As a landlord, you must understand the rights given to tenants under the Fair Housing Amendments Act (FHAA). The FHAA prohibits discrimination based on race, color, religion, sex, familial status, disability, or national origin. Furthermore, as a landlord you cannot refuse to rent or sell housing, negotiate housing, or otherwise make housing unavailable for those credentials. You cannot set different terms for people of those backgrounds different than other renters. Ultimately, with these in mind you should have no problem attracting tenants so long as you keep it fair and unbiased with your terms and conditions.
Maintain the Property
No one is going to want to rent property that is dirty, damaged, or pest-ridden. That’s why it’s crucial you maintain the property during renting season and even during the off-season. Fortunately, there are many simple ways to maintain your property. Curb appeal and active interior are two areas of great importance, as these are visual attractions for potential renters.
Even during the off-season, it’s important to maintain these areas and make the house livable so that it doesn’t fall into disrepair. Check the water, thermostat, and pest control for proper maintenance. Keep in mind that managing property is a non-stop job that requires dedication and persistence.
Market Your Home
The last tip on this beginner’s guide to renting out your property is to market the home. When listing your home online, highlight desirable features, like in-house laundry, air conditioning, garage, stainless steel appliances, home theater, home gym, hardwood floors, and so on. The more attractive features listed, the greater the demand for your property.
