The housing market has yet to recover from 2008’s big crash, and it’s leaving many homeowners in the lurch when they are looking to sell their houses and move on. When your home has been on the market forever with no progress towards a sale, the idea of renting it out becomes very appealing.
While renting out your home isn’t a terrible idea, it’s not something to take lightly. It isn’t as simple as putting an ad on the internet and collecting the money. Here are a few things you should know before you begin renting out your home.
Save Yourself Some Trouble and Find A Good Tenant
You should never just rent your home out to the first person who shows interest. Make sure you screen potential tenants by having them fill out an application and performing a background check. It may be a bit more work up front but trust us; it will save you a lot of work in the long run.
Be Realistic About Rent
You need to be realistic when deciding how much you should charge for rent. Start by researching other properties in the area to find out how much they are charging. Rent prices in your area may end up being lower than what you’d like, but if you don’t set rent at a fair market price, then you’ll never find a tenant.
Be Prepared to be “The Bad Guy”
Even with great tenants and an airtight lease agreement things can sour. Maybe your otherwise excellent tenant loses their job and can’t make rent payments for several months.
The point is that you should be prepared to put your foot down if your tenant is not living up to their side of the agreement. Sometimes this is your only option for resolving an issue.
Hire A Property Management Company
Experience is paramount to success in the real estate market. By partnering with a property management company, you greatly increase the odds that you will achieve your goals.
At All Brevard Property Management, we give our clients individualized property management services. Our years of experience in the local real estate market will ensure that you get the most out of your rental property. Contact us to learn more about our property management services.