Great, you have made the decision that you are going to lease your home. Your payments, taxes and insurance costs should be covered and possibly, you can make a few extra bucks every month…. You are going to collect a check every month and all will be well with the world. You know an experienced real estate agent and make the call to get your home on the market for lease. Leasing a property sounds easy enough.
You will find a “tenant” that can make the payment, has the “security deposit” and you have a lease with the requirements you would like to lease the property. It is so much easier than selling your home….or is it? I have leased residential properties for over 18 years in Michigan. I grew up with my parents leasing and managing properties. I have specialized knowledge in the field of property leasing and management. It is NOT easy nor should it be taken lightly. Leasing a property requires a specific knowledge of legal requirements to keep you out of serious legal peril.
From the moment you offer a property for lease, you take on numerous requirements and responsibilities that can destroy you financially if the Federal and State Laws governing leasing properties are not followed. You must know the laws and your legal requirements and you must make sure your agent knows what the laws are as they are representing you. Leasing property is a specialty field in real estate and you should make sure you employ an agent that is well versed and experienced in leasing residential property.
Before you list your property for lease, take your time to interview and find the most qualified, knowledgeable, and experienced agent possible in the specialized field of residential property leasing. In doing so, can save you a lot of heart-ache, financial difficulties or financial ruin. Leasing or renting a property is not an easy task!
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