Property owners and savvy investors are able to rent real estate in up as well as down markets. A few proactive measures may help you avoid rental losses. Prepare yourself for emergency repair calls and tenants who pay late. According to Microsoft (MSN) Real Estate, “Tenant screening is perhaps a landlord’s most crucial task.” Perform a credit check and contact the applicant’s past landlords before you hand over your keys. Property management firms provide peace of mind by handling issues that arise.
Rent Real Estate
Place rental signs around your property. Purchase yard signs and window signs from office stores such as Staples or Office Depot. Write your phone number on the signs and position them for maximum visibility. Also, place signs on heavily traveled streets in your neighborhood. Check with your local zoning board to determine if you will incur fees for posting signs.
Buy rental agreement forms from a store such as Staples or Office Depot. Your rental agreement should detail the lease term, rental rate, tenant responsibilities and services provided by the property owner.
Display your rental property online. Advertise your property on websites such as Oodle and Craigslist to get additional exposure for your rental property. You must become a registered user to post free classified listings at both websites.
Hire a real estate agent that specializes in rental properties. A real estate agent often has a pulse on her local market and can help guide your advertising efforts. Some agents maintain a list of clients looking for properties in certain neighborhoods, zip codes and school zones. Real estate agents can direct a large audience to view your property.
- Check with your insurance agent to ensure that you have sufficient coverage for your property. Also, make sure that major systems such as heating, electrical and plumbing are in proper working order prior to renting your property.