Deciding to rent your place is a big deal. The idea of becoming a landlord might sound easy, but there are many things to work out before you can pursue this side hustle without tons of stress. So, to help you get started, here are four things to remember before renting your place.
1. Choose Tenants Wisely
It might seem easy to let anyone interested in your place have a go with renting, but deciding to welcome in the wrong people can lead to many problems for you as the landlord. Unfortunately, there are a lot of people in need of housing that don’t have the funds to come through with monthly rental payments, deposits, etc.
So, to avoid running into issues, you can look into the benefits of renters insurance for landlords, and complete a background check and a tenant credit check on everyone who applies to rent your place.
This way, you can know for sure that only those with the right financial qualifications will be looking into renting your place.
2. You Have Upkeep Responsibilities
Renting out your space is still a job, even though it can feel like free money at times! It might seem like once you’ve found renters, you can wait for them to come through with payments, but if you want them to stay, you’ve got to provide the essentials that make renting a good option!
As a landlord, you have upkeep responsibilities that include repairs, safety checks, seasonal upgrades like installing storm windows, getting pest control on board if needed, and so on.
Don’t be surprised if your tenants call you to get in touch with a plumber or electrician every one in a while! If you’re serious about renting your place, you need to handle these requests and keep tenants satisfied.
3. Make Your Listings Count
To be a successful landlord, know that when it comes time to post listings, you need to be on your game! You need to make sure that your listing photos are immaculate.
This might mean that you hire a crew to come clean and polish your rental space beforehand. Then, you can take pictures that make renters want to consider your space. Plus, with a cleaner space, potential tenants will have more reason to consider renting from you when it comes time to conduct showings.
Think about what you would want in an apartment and aim to give tenants these things. You can also take photographs during the day to reflect the best lighting for the space. You want to entice tenants to check out your property in person.
4. Use Third-Party Sites
By using third-party sites that post rental and other property listings, you can filter the criteria for who can apply online for your available rental space. This way, you can avoid having to go through lots of applications that don’t meet your demands and avoid making contracts that are just a waste of time for everyone!
Establish your terms, such as a specific income level and pet policy, and then you’ll only get inquiries from potential tenants who match these terms. Plus, by conducting the most detailed work online, you avoid unnecessary emailing and phone calls. Make it easier to complete your work as the person renting out your space so that the process is less of a headache.
The Bottom Line
Renting your place is certainly a convenient way to make extra money, but it is not without many responsibilities. The more effort you put in, the more you’ll get out! Make sure that you are committed to the process if you consider this route.