Today, Lowes promoted some incomplete advice from RIS Media on renting your home out. For homeowners who are experiencing difficulty selling their home, renting it out might be an acceptable option. However, the suggestions offered in their article apply only to people wanting to rent out a portion of their property while they continue living there themselves. For those who want to rent out their home as an alternative to selling right now, the best advice is to hire a professional property manager.
Study the market, but rather than looking for a crash course in a new profession (rental property manage
ment), focus on finding a Realtor to manage the property for you. A good property manager should be able to make suggestions on tenant-proofing your home. If a tenant slams a door knob through the wall, they will certainly be paying for the damage repair, but wouldn't it have been better for everyone to install a $1 door stop to prevent the damage from ever happening?
A competent property manager will know where and how to advertise the rental to attract the best possible candidate. Free advertising venues such as Craigslist often increase spam and yield unsuitable candidates--you get what you pay for. True, it's better to have multiple applicants from which to select, but you also need to be honest with applicants who inquire about the status of other applications. Prospective tenants often shy away from making application and paying the application fees if they fear other parties are interested in the property and have already submitted application.
Interviewing a prospective tenant is a double edged sword. True, you may get a better idea of who is renting your home, but you also risk basing your decision on discriminatory factors. Using a professional property manager will help you ensure a systematic screening process is utilized which lessens the likelihood of an equal housing violation claim. Finally, if you utilize a professional, they will likely already have a lease so you don't need to reinvent the wheel by consulting an attorney on your own. True, an attorney will give a better result than a lease purchased at an office supply store, but renting a house in your local market is a common practice so unless you've got a peculiar situation, there should be no need to involve your own attorney.
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