12 Steps To Renting A House

castle for rent

For a successful landlord, you need to have a good property manager. If you are reluctant to hire a property manager or management company and pay the associated fees and charges, then you need to execute these chores yourself. Here is a step by step listing of the things to do when you want to rent your house.
1. Be certain that the property is clean and in good repair.
A property that is in good repair will draw the best good renters. Additionally, if it is free of needed fixes, there is one less point to be considered during negotiation. Make sure the property is secured with re-keyed locks.
2. Set the deposit and lease payment.
Evaluate what the market rate for your property’s area, and define the amount you are profitable with. Ask for a security deposit that is greater than one month’s rent. Take steps to ensure that you understand your state’s tenant and landlord laws to maintain compliance.
3. Inform the neighbors.
Introducing yourself to the neighbors will help keep good tenants. If a potential renter understands the house is being observed by neighbors who are friends with the landlord, they are not as likely to take advantage of the property. Additionally, neighbors may have a friend or family member looking for a nice place to rent.
4. Place ads in the local newspaper.
Understanding that classified ads are expensive, be sure to use these key items: price, size, and contact information. Naturally, you can use the internet to place ads, but many renters who may be looking, may not have internet access.
5. For Rent sign on the property.
A proper looking sign with For Rent and your contact number should be used. An information sheet can be included, and it may lessen a lot of tire-kickers.
6. Keep the lawn mowed and trimmed.
While the property is vacant, be sure the property is well maintained, the lawn mowed, no over flowing mail box or stacks of sales circulars.
7. Answer your phone.
Today it is quite easy to get a ‘dedicated’ cell phone just for your rentals. When you have a property or properties vacant, be sure to be available by phone or have a recorded message about the property when you can’t answer.
8. Showing the property.
When a prospective renter calls to see the property, give them the address and have them visit the house. Advise them to look in the windows just to be sure it is vacant. If they still want the house, have them meet with you to fill out the application and take a holding deposit of $100 that is fully refundable if the property is not rented to them.
9. Do the background check.
Verify employment and income, call past landlords. Validate the data in the application.
10. Have a tenant interview.
Use your good sense in talking with the prospective tenant. Ask the children questions too. You are preparing to let a family take over one of your very valuable possessions. You will need to make sure they can take care of it. Don’t hold out for the perfect tenant, but don’t be in such a hurry to rent that you let your standards drop.
11. Get cash for the deposit or a cashier’s check made payable to you.
This is where a lot of tenants will try to negotiate. You can’t evict for a late deposit, so always collect the full amount of deposit up front. Also, make certain you know your local laws regarding how the deposit is to be held.
12. Present the rental agreement, inspection sheet and new keys to the renter after all monies have been paid.
Don’t allow them to move in until all payments are settled. Verify the tenant understands that the inspection sheet to be returned within 3 days or the property is agreed by them to be in good condition, no maintenance required. If problems are reported by the tenant in writing, make sure they are promptly fixed.
Now that you have your good renter established, use a system to remind you of the lease amount and due dates. Also, use the system to inform you of the rental agreement’s expiration date. Following these 12 steps will assist you in your property management performance.

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