So you currently have a spare room you have no use for, or your basement is currently vacant with no use in sight for the foreseeable future. Or is it that you are currently temporarily relocating or you have gotten a new home for yourself, and you don’t want to lose your old home? Well, the easy solution would be to rent out your home. Sounds easy, right?
Renting out your home would be an ideal avenue
For you to make a quick and an extra stream of revenue apart from your primary source of income which, admit it, is never enough to cater to all of your eternal needs and wants.
In this blog article, we would be providing a step by step guide on how you can rent out your property.
Understand your obligations as a landlord
As catchy and as alluring as being a landlord is, the level of expectations and the obligations that are required of a landlord can be somewhat daunting to an average individual. As such, the first step to take before you rent out your home is to understand the obligations that are expected of you as a landlord. Many rent out their properties without understanding the obligations that are expected of them and in the long run, end up having problems with their tenants.
You would want to avoid issues with your tenants, and the best way would be to understand all the obligations that are expected of you to carry out as a landlord of your property.
Determine your rent rate
The next step would be to determine what your rent would be in comparison to similar properties that are in your locality. You don’t want to overcharge neither would you want to undercharge. Overcharging might lead to your property not attracting interest from prospective tenants while undercharging might leave you short-changed as you would not be collecting the value of the rent your property is worth.
Market your home
After determining how much rent you want to collect, your next step would be to market the property to prospective tenants. You can do this by placing your advert on real estate websites, or you can inform real estate agents in your locality, and you can also inform your family and friends about the availability of your property for rent.
Meet and screen prospective tenants
The moment you begin to market your home as being available for rent, you should also begin to effectively plan on how you would be meeting and screening your prospective tenants. During this process, you are likely to organize home tours for tenants who would be requesting it.
And once you have gotten your likely tenants list, the smart thing to do would be to give each of them an application form where they would provide you with some personal information which you can use to carry out some background checks on them.
Make them a sign a lease
A rental lease is an agreement between you and your tenant. It carries information like the rent rate, how long the rent would last and other necessary information as it concerns the rent. Your tenant must sign a rent lease as it protects you and them from any legal issues that may be arising in the future.
Since your lease would be containing the expected behaviour expected from you as a landlord and them, as a tenant, both parties would know how best to act to maintain a fruitful and robust relationship.
The Power Is Now continues to keep you updated with the latest news in the real estate market. We strive to advocate homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. In line with this regard, we have a team of professional realtors— VIP Agents stationed nationwide to help you with whatever you require in attaining your homeownership dreams. You can get in touch with the VIP Agents at https://www.thepowerisnow.com/vipagentsservices/. If you can’t find an agent from your area, you can contact me directly for a referral. Also, ensure you stay updated with any developing real estate market news by regularly checking our blog page at https://www.thepowerisnow.com/blog/. You can also set an appointment up to speak directly to me at https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.frazier@fbol.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.
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