WHAT? You want to RENT OUT YOUR HOME? Really?
You have come to this conclusion because your home SAT on the market for two years and failed to sell even though you.....
- Updated it
- Offered a 13 Month Home Warranty
- Lowered the price of it regularly
- Switched REALTORS® 3 times!!
- Plastered ads in ALL the neighborhood spots
- Held monthly open houses
If you reduced it any more, there would be NO profit from the sale! Since you've already lost the equity, your last ounce of hope is to attempt to salvage something... ANYTHING! The reasoning your mind tells you out of desperation, is that you could get enough money collected every month from a tenant, which would cover the PITI, and perhaps pay you a small reward after entering into the lease agreement.
Right? Right! Hmmmmm..... Wait just a minute.... HAVE YOU DONE THIS BEFORE ?
This is a ripe market for tenants.... GOOD and BAD ones. Consider, ponder, pray, get advice, do research and double check before having your renter sign a commitment!
Remember.... The EASY part is placing them.... The HARD part is getting them out!
Here is a very very small check list of DOS and DONTS for you:
- NEVER rent to relatives - blood and business does not mix!
- NEVER show your home without pre-screening first!
- NEVER listen to BELIEVE a sob story!
- NEVER show your home alone!
- ALWAYS verify references, income sources, AND identity!
- ALWAYS do previous residence home checks!
- ALWAYS use a lease agreement that spells out every policy you want enforced!
If you believe you have what it takes to effectively market and successfully lease your valued investment, we extend our blessings to you!
If, however you do not sense you are wired to handle savvy individuals that make their appearance in all forms of presentations, we highly recommend a Property Management Company with a proven record of satisfied clients and tenant discernment! In your search, seek out one who is familiar with the neighborhood, reputable, licensed in their field.... and experienced!
© Copyright 2010 Diane Rice - All Rights Reserved
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Rice Property Management & Realty, LLC services South Suburban Illinois & Northwest Indiana communities, and can be reached by web at: http://www.862RICE.com by phone: 708-862-RICE (7423)
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