Are you thinking of leasing out your home but not quite sure how to get started? You’ve come to the right place!

There may be dozens of reasons why you shouldn’t lease out your home and you may not even understand how to lease your property. However, you might simply need to turn your home into a rental property. Perhaps you……

  • Tried selling your property—but the investment property market is weak
  • You have been temporarily transferred out of the area for work or school
  • You owe more than your house is worth, but you can cover the mortgage with a rental income
  • You realised the incredible wealth-building opportunities that a rental property can provide to secure your future.

Yes, we heard a lot of bad stories. But here are the facts: Every day, there are millions of landlords who rent out their houses to good tenants. With proper planning and preparation, you can minimize the hassles and turn your home into a profitable venture.

Now, many people are considering the idea of leasing out their homes. Reasons include the benefits of getting an extra income, pay down debt, or a way to wait things out until the economy improves and you can sell your house at a reasonable price.

There are many motives but all these plans will be of trouble when appropriate considerations aren’t made.

Here, we give you five steps to get you going in the right direction.

Understand The Responsibility That Is Being Involved

First, you must determine whether being a landlord is an obligation that you can even handle. There are benefits of renting, such as the ability to deter the vandalism that often plagues an empty home and generates income that covers the bills and possibly even creates a profit.

However, being a landlord is quite a big responsibility that you need to fit into your life, and it’s safe to assume that things will sometimes fail to run smoothly. You must stay on top of repairs and maintenance, collect rent, insurance policies, and try to avoid wear and tear on your property by keeping an eye on the tenant’s housekeeping skills.

Prepare Your Home for The Renters

In a down market, you probably won’t be able to get away with renting out the home as-is. Tenants are choosy at such times, because of the increased availability of rental homes, their expectations are much higher.

Get ready for the new tenant by thoroughly cleaning your home and ensuring appliances are working and are in good condition. If you decided to lease a room or a specific area within your house, ensure that you can secure that area from the rest of your home.

Marketing Your Home For Lease

When the house has been fixed, build up a rundown list that makes it engaging to put it as a write-up on your advertising. Observe those ordinarily attractive highlights like a washer and a dryer, cooling, and carport. Utilize rental terms to help “sell” your property.

As indicated by RentalsOnline.com, words and modifiers that will assist you with getting a renter include: “rock,” “best in class,” “tempered steel machines,” “vaulted roofs,” “maple,” “connoisseur,” and “hardwood floors.” Be certain to utilize all of the terms that apply to your home.

Then, post an advertisement for the home on trustworthy sites and in the neighbourhood papers. Likewise, some realtors will work with you to assist you in leasing your home and they will be taking commissions in the event that the realtor finds you a tenant.

You can also use a property management company to deal with the errands of leasing your home. It will make things easier for you. With a minimal fee, you can be assured that your property will get leased in a short period of time. The cost of the service varies from one company to the other.

Hire A Property Management Company

Consider hiring a property manager of good repute, if you can’t afford to take unnecessary risks with self-management. Some of the many benefits that dedicated property managers provide includes:

Timely repair and regular maintenance

A manager will ensure your property is maintained regularly and kept attractive for new tenants. Repair, restoration, and maintenance tasks will be carried out promptly to help increase the value of your property.

Attracting new tenants

A manager can help you market and advertise the property better to attract prospective tenants. He or she will be present at all open house inspections as your representatives and help you secure tenants with good renting history.

Managing relationships

A manager will be able to resolve conflicts faster and better, because of the overall involvement in overseeing the property. Cordial relationships and constant contact between the tenants and your manager will also help make the business relationship more profitable and risk-free.

Compliance with residential laws and audit requirements

It’s the job of the property manager to stay up to date with the latest residential laws and regulations. Further, your manager will know the local movement of rental prices and trends, allowing you to make changes in your offer appropriately.

  • Key Takeaways
  • The responsibilities of landlords are vast and can often come with unexpected costs. It will help to have some cash reserves, if possible.
  • ·When screening a potential renter running a deep background check is advisable. Make sure to ask for multiple references from potential renters all the time when they submit their rental applications.
  • Know your rights and the rights of your tenants

The Bottom Line

Renting out a home can be beneficial for both owners and tenants⁠, but only if you take the time to address and prevent potential pitfalls and problems.

Contact Create Real Estate

At Create Real Estate we know that owning rental properties can take a lot of work, especially if you are managing them yourself only!

Trust no one to manage your investment property than Create Real Estate, the number 1 local agency in Sunshine.

Thankfully, our property management service makes owning rental properties EASY. To learn more about the services we can offer, contact us today at (03) 9312 4444 or click here.