Tuesday 26 August 2014

Tips For Successfully Renting Home

Many people ponder over the idea of letting out their homes in a down market, but if you play your cards right, this can prove to be a rewarding experience. If your Rental Home is lingering on the market for quite a long time, here are a few tips that can help you hire out your home quickly:
  • Prepare your home exterior: You can make your home look attractive by removing unnecessary clutter, repairing cracks, holes or blemishes in the driveway, painting the window frames and doors, and making sure the lawn is freshly cut. You can also take help from a professional real estate agent to assist you with the home staging process.
  • Prepare your home interior: Make sure all aspects of your rental property are up to scratch and meet the standard requirements of tenants. To fulfill the purpose, you need to follow the below mentioned steps:
  1. De-clutter: Create more space in the house by moving some furniture into storage. Clean away or remove unnecessary clutter like books, clothes, etc.
  2. Minor repairs: Replace broken tiles, fix leaky taps and cracks in the walls and change all the damaged appliances.
  3. Cleaning: Clean the carpets, floors, windows, fixtures, shelves and all the rooms in the house.
  4. Decorate: Add a touch of paint to the house, to re-energize the appearance of all the rooms.
  • Set a competitive monthly rent: Before deciding for the monthly rent, do a little research in your community and the neighboring areas. Also, add the costs like expenses involved in bringing the property up to the required standards, furniture, furnishings and insurance fees.
  • Promote home to masses: Most of the tenants start their search online, so it is important for you to list your home on all major real estate portals. For this, you can hire a real estate agent, to list your home in your areas’ Multiple Listing Service (MLS).
  • Hire professionals: Renting out home is not an easy task, and it is important to take help from a professional. The Property Manager can help you determine landlord-tenant laws, prepare all the documents, manage your house, conduct property inspection and screen potential tenants. The manager takes care of the house even after it has been rented out. 
  • Pre-tenancy checklist: Preparing a checklist is helpful in reminding you about the next step to follow in renting your property. Some of the points to be included in the checklist are as follows:
  1. Updating your property’ insurance
  2. Getting permission from mortgage lender
  3. Ensuring safety of tenants in the house
  4. Checking all the electrical wiring
Do keep in mind the above mentioned points to make the whole experience of renting out your home a pleasant and positive one.