Turning your home into a West Palm Beach rental home can be very lucrative. There are currently 40 million rental houses in the U.S. and that number is expected to grow by five or six million over the next decade alone. Today, we’re talking about the steps that will help you prepare your rental property and attract premium tenants.
Inspect the Home
Perform a visual inspection of the property and make sure you address any potential problems like roof leaks, clogged gutters, leaky faucets or electrical outlet problems.
Clean up the property. Nothing will turn off a potential renter like a dirty place. Clean the windows and the floors and shampoo the carpets to remove stains. Repaint walls in a neutral color so the rooms seem cleaner, fresher and brighter. Evaluate your appliances as well. Cleanliness applies to appliances too and you want them to be clean and working.
Notify your insurance company that the home will no longer be owner occupied. You’ll want to switch from a homeowners insurance policy to a landlord policy to protect yourself against lawsuits.
Price the Home
Once your home is ready to rent, evaluate comparable rental properties in the area to establish a good rental price for your home. This is a crucial step because if the price is too high, it will sit vacant, and if it’s too low, you’re leaving money on the table.
Finding a Tenant
After your home is ready for the rental market, you’ll need to identify a tenant, screen that applicant and prepare a rock solid lease. This step makes a big difference between successful cash flow and rental nightmares. Remember to always comply with fair housing laws as well.
Finally, you’ll need to decide if you want to tackle all this on your own or if you want to work with a reputable property management company that can take these duties off your shoulders. A good property manager can handle everything from finding a tenant to responding to maintenance calls that come in at 3:00 in the morning.
Contact us at InvestPro Properties, and we’ll provide a free rental analysis for you. We look forward to taking about your rental property.