Renting your home for the first time is a big step. So, where do you start? Follow these four steps and you should be well on your way to becoming a landlord.
Stick with Those You Know
Your first instinct for marketing your property for rent will probably be to post it everywhere; Craigslist, local newspapers, the bulletin boards at work and in the local coffee shop; if you think of it, you’ll probably be inclined to advertise your property there. A better idea, especially the first time you rent may be to try to rent to someone you already have some connection with. Word of mouth is a powerful advertising medium and should never be overlooked. Reach out to friends and family, chances are one of them will know someone [reliable] who is in the market to rent a home. If that turns up empty, start sending emails to coworkers, and post your property on all your social media accounts, keep widening your net until you make a connection. Also, do not discount the importance of the interview process and background checks.
Find a Good Handyman
As a landlord, you are going to have the occasional need to repair a leaky faucet, hot water heater, air conditioning unit, or what have you. Having a reliable, competent handyman eliminates the hassle of dealing with a medley of plumbers, electricians, painters, etc.; creating a team of experts is seldom the practical approach to the repair situations that are sure to arise. Since you will be trusting this person around your property you will want to find someone reliable that you can trust. Ask around. Remember, word of mouth is a very powerful thing. Try using websites like Angie’s List.
Cover Yourself
One of the most critical things to consider when offering a property for rent is ensuring the property is properly insured. The professionals at Insurance by Castle are the people to talk to about this. Call us today at 800•644•6443.
Plan on Checking in
You may have the best renters you could hope for, caring for your property as if they actually owned it. But small issues like a minor leak may go unstated until such time as it turns into a major issue, causing untold, unnecessary damages. This is why it behooves you to occasionally check on the property yourself to ensure everything stays in the best possible condition, thus protecting your investment. While it’s not a good idea to simply show up unannounced, you should schedule regular (every few months or so) visits to inspect your property. You will no doubt have your handyman visit the property a few times a year to perform regular maintenance like changing the HVAC filter anyway, so that may be a good time for you to visit the property as well.
