Today, we are talking about the rental process. The first step is to get the property ready for the market, which is a topic that we have discussed extensively in a previous blog.
Next, you want to set a listing price. Research what similar properties in your area have rented for. If your price is too high, your home will sit vacant and if it’s too low, you’re leaving money on the table. We offer property owners a free rental analysis report. If you need any help setting a price, give us a call.
Aggressively market your property. Individual landlords can be at a disadvantage when it comes to marketing and advertising, and that’s one of the reasons that they have a hard time achieving top market rates or they end up with a less than stellar tenant. We spend thousands of dollars every month on marketing. There are things you can do to get your property in front of prospective tenants, such as advertising on Zillow.com, Trulia.com and Craigslist. You can also post a For Rent sign on the property.
Make sure you thoroughly screen potential tenants. An extensive process will minimize rent payment problems and eviction risk. We’ve talked about this before too, so read our blog or view our video on tenant screening.
Prepare a rock solid lease once you have found a great tenant. This is the backbone of a good relationship between the tenant and the landlord, so don’t cut corners. A weak lease can open you up to a lot of liability and expenses down the road. Don’t use a generic lease or the FAR/BAR lease that so many property management companies use. At InvestPro, we use a top property management law firm to prepare all our leases.
If you have any questions, or you want a free rental analysis, contact us at InvestPro Properties. We’d be happy to share our expertise with you.