Deciding to rent out our property can be an exciting thing – mainly because it can lead to an extra income stream – but it’s not as easy as people think.
In fact, if you want to get everything ready to rent a property out, you will need to take a few steps that can help make the process much smoother. However, not many people know where to start. If you feel you’re one of these people, you’re in luck, because this post will be helping you to get everything ready so that your property can be rented out.
Get a property management company
Look, having to deal with tenants can be quite time-consuming, which is why many people opt for a middle-man. This means that a property management company will be dealing with the real estate side of renting out the property, and they will also be the ones who have the most contact with tenants.
This will lift a big weight off your shoulders so that you can focus on other important tasks. Have a look at the best rental property management companies in Etobicoke to see what they can offer you.
Get the property fixed up
Technically, you can rent out a property (such as Summerland Key Real Estate & Homes For Sale In FL) in any condition, provided it’s safe. But the condition of the property will determine how much rent you can ask for it, which is why many people opt to do a few small renovations to make the property seem better before they rent it out. This can be something basic, like fixing a leaky pipe.
Of course, if you want to boost the rental price a lot, you will need to do some more intense renovating. If you need some help with this, click here.
Set up a contract
It’s a good idea to have a contract drawn up and ready before you start advertising the property and trying to find tenants.
This way, if you find someone who’s interested in the property, you can immediately get the process started – if they have to wait too long for the contract, they may end up finding another property. If you can, try to have a lawyer set up the contract for you, so that you know it contains everything it needs to and that it’s legally binding. Alternatively, have a look at some contract templates.
Take photos of the property
The first reason why you should take photos of the property is that you will need to place these online when advertising the property.
The better the photos are, the more interest your property will get, and the sooner you will find a tenant. So, it’s a good idea to get some decent snapshots of the property. These tips from a professional real estate photographer may help.
You should also take photographs before tenants move in because it can help you notice if anything was damaged after they moved in, in which case you may want to take the funds for repairs from their security deposit.
Image Source: BigStockPhoto.com (Licensed)
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