In today's sluggish real estate market, if you really need or want to move out of your old residence but are
having a problem selling it, turning it into a rental property may be your answer. Here are some tips to help you with your new role as a landlord:
1. Be Sure You Know the Law. A good place to start is by looking at the Dept. of Housing & Urban Development website and reading up on how to stay within the law while renting property.
2. Be Careful How You Advertise. Don't have any discriminatory language. If there are certain types of renters that you prefer, you can advertise where you think they will be searching. For instance, young tech savvy people are more likely to look on the Internet for ads while seniors usually look in the newspaper. Be sure to list details about the house including the rental price.
3. Have Your Property In Tip-Top Shape When the Ad Comes Out. Those applying quickly are probably the best renters and you want to impress them. Be sure the property is clean and in good repair.
4. Have Rental Applications and Policy Sheets Ready. Check out Nolo (an online source of legal forms) for a good rental application and have prospective renters fill it out. Just be sure it meets your state requirements. Print out any rental policies you may have regarding children, pets or the like.
5. Run a Background Check on Prospective Renters. Their gross monthly income should be three times the rent as a rule of thumb. Also call their references and run a credit check.
6. Keep Showing the House Until any Deposit Check has Cleared the Bank. Bad things can happen and you don't want to waste time if the check is bad or the renters change their minds.
7. Be Sure Special Stipulations are Written Into the Lease. Add things like who does what property maintenance, the parking situation, or how the rent check should be delivered.
8. Do a Final Clean-Up Before the Renter Moves In. It's also a good idea to leave your contact info on the kitchen counter and take dated pictures of the property as it was immediately before the renters moved in so you have a record in case of a damage dispute later on.
Take care of details up front and your time as a landlord should be a profitable one. If you do still want to sell your old place or are looking for a new one, let the Marla Schneider Team help you. See what properties they have to offer in Glenview and the surrounding areas.
Comments(0)