Do you have a property that you’d like to rent? If you’ve read my blog post about advertising on Airbnb, that’s one option. On the other hand, perhaps you’re thinking of a long-term lease and are confident that you understand what’s involved in being a landlord. Here’s my best advice on how to rent out your property.
Determine the finances
Educate yourself about the current market rent for similar homes in the area where your property is located. Does your unit have many advantages over others that might support a higher rent? Maybe there’s a bus stop nearby or the dwelling has some attractive updates.
Consider your costs such as mortgage payments, property taxes, monthly utilities, and maintenance. Are you going to provide furniture or cover utilities?
Use this information to determine a reasonable rent that’s competitive with other listings and will attract enough interest.
Plan property management
How you’re going to manage the upkeep of the property is important. Do you have the skillset to complete minor maintenance? What’s your comfort level with doing more extensive repairs? Be clear with potential tenants about any responsibilities they may have with respect to taking care of the grounds. You might opt to go a simpler route by hiring a property management company to cut grass, remove snow, and the like.
Emergencies happen so be sure to plan for them too. This means having the names of tradespeople who can respond in these situations. It’s critical as well that your renter has emergency contact information if they can’t reach you quickly.
Market your rental
Certainly, you want to profile your property so that it stands out among comparable listings. Start with a catchy title. Talk up the best features of the home using a friendly tone. Ensure that what you write is accurate and complete. Invite people to call you to find out more.
Choose where to market your rental. Since there are so many different places where you can advertise, take your time to find the ones you prefer.
Screen prospective renters
Finding a solid tenant takes a little work. But this is time well-spent that will serve to minimize future problems. Have a list of questions for applicants. Request contact numbers for references, including previous landlords. And, follow up with references to ask them about the prospective renter.
Prepare a lease
Would it surprise you to know that verbal rental agreements are legal in Alberta? While this might seem appealing, having a written lease agreement signed by yourself and the tenant is usually a better way to go. Basically, this is because it provides clarity and protects both of you. There are many great lease examples online. The advantage of using one of these is that you can make sure that there’s nothing critical that’s left out.
Remember, a realtor is someone who can help with marketing your home and finding the right renter. With so much to contemplate, we can be a valuable resource.