Written by: Emily Joswiak • July 10, 2020• Finance

Things to Consider When First Renting Out Your Property

Renting out your property for the first time can be nerve-racking. You need to make wise decisions in order to keep your property in good shape. Here are a few things to consider when renting out your property for the first time.

3 Ways to Find Out If Your Renter Will Be Responsible

Before you do agree to rent out your property, it is very important to make sure that your renter will be responsible. An irresponsible renter could not only ruin your chances of making a profit but also ruin your property altogether.

Ask appropriate questions of your potential tenant

Getting to know your potential renter should be like conducting a job interview. You are trying to see if the renter will abide by all your rules and take care of the property. You also want to make sure that he or she will be a good fit. In other words, you want to make sure that the renter will follow through with the lease and get along with you.

Perform a thorough background check

A thorough background check will confirm whether your potential renter was being honest with you about their identity and rental experience. For instance, if the renter was kicked out of an apartment for throwing wild parties and damaging property in the past, it would not be wise to rent out your property to this person. Also, if the interested renter turns out to have a criminal record, the person might commit a crime on your property. You do not want to have to deal with any lawsuits.

Observe how your potential renter responds to your lease

Ensure your lease is reasonable and detailed so that your potential renter knows the rules he or she must follow. Your lease should include the following information.

Whether pets are allowed
Any specific curfews
How long guests can visit
When to prepare for maintenance checks
Penalties for late or missed rent payments
Penalties for losing keys

These are just a few things you need to address with the interested renter. If he or she acts polite and cooperative after you bring up the lease, this often indicates a renter who will abide by the terms.

Two Inspection Tips Before Renting Out Your Property

Before you do anything, inspect your property thoroughly to give renters a good impression of their potential living conditions.

Check lights and all utilities

Ensure that all utilities work properly. Electrical, plumbing, and appliances should not have any issues. If something has stopped working, for example, the toilet is blocked and won’t flush, but you think it’s an easy fix, you could seek out more information on the issue and try to resolve it yourself. If you find out you are unable to fix something, ask a repair person or rental agency for assistance. Property managers and landlords will be able to find appropriate electricians or plumbers for the job.

Make sure that your property is perfectly clean

The first thing renters will notice is the property’s cleanliness. Since this is your first time renting, this should not be an issue. However, if you’ve left anything on the property that doesn’t belong, potential renters may get a bad impression.

These are just a few things to consider when renting out your property for the first time. If you’d like to learn more about renting out your property, think about reaching out to a property management company.

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