Renting a property has its benefits: it helps the owner pay his mortgage while allowing him to hold on to his property until its value escalates. Moreover, in the long run, it will become a great investment allowing you to benefit from decreased tax and increased value.
Here are five steps that will guide you in renting your property fast:
- Understand the risks and responsibility. Every investment, including that in real property, have risks involved in addition to the financial benefit they offer. Before renting your property, do a research and interview first on the experiences of property owners. Dealing with tenants is an unpredictable experience. More than usual, things sometimes fail to meet your expectations. There are also tasks that you want to allocate and spend time with such as facilitating the repair and maintenance of your property (you don’t want to disappoint your tenants), collecting their rents, deciding and applying for home insurance policies and overseeing the housekeeping behavior of your tenants to ensure that your property remains in tiptop shape to lure in potential buyers.
- Prepare your property. With the multitude of available properties for rent, expect your tenants to be extremely choosy. As you would want for yourself should you be the tenant, they would choose the value over their money as it will determine the quality of their stay in your property.
- Make the area secured. If what you are renting is a room within your house, make sure that the area is secured and that you and tenant can maintain a certain level of privacy.
- List down its desirable attributes. Make a list of a one-word description of the good qualities of your property that will help you sell it. Online resources suggest focusing on desirable features such as air conditioning, garage, washer and dryer.
- Take advantage of the Internet. Post your advertisements on reputable websites dedicated for those who would want their properties rented. You can throw in a little money for local newspaper advertisement, and for posters that you can post no places frequented by many people such as the church, the park, movie houses or grocery stores.
- Mind the timing. Months from March to August are particularly the best times of the year to rent property in Maryland. Prepare your property before and rent them on those months. You would be amazed at how renters flood your emails or phone. This time it would be you who would have the power of choice rather than them.
- Enlist the service of a professional. Renting a property is a complex task. You can handle some of the aspects of it but not all as this will overwhelm you. You need the help of a legal officer for the legal and taxation aspects, for example, or an interior designer and property restoration team in order to maximize the appeal of your property. The initial investment, as a result of this, may be daunting, but you will benefit from it in the long run.
- Mind your price. Set a price that is competitive in your locality. You can scout for a price range by interviewing renters and landlords in your area or by researching the prices online through the websites you used to post your advertisement. Remember that the goal is to set a price that is competitive, fair for the quality of your property and allows you to earn after taxes and other obligations.
- Be picky with your tenants. Each of us, tenants and landlords, alike, are governed by our different psychologies. You cannot safely that your tenants will behave the favorably for you. Interview your tenants, and if possible ask why they want to transfer or why they left the previous property they rented. If you could ask for the name of their previous landlords, do so and find a way to talk to them. This way, you could choose your tenants wisely as to their housekeeping behavior and their payment patterns.
Renting a property is a wise decision, especially if you want an additional income or your are postponing the sale of your property until the economy improves. The steps mentioned above would enable you not only to rent your property fast and easy but to select the best tenants who will make your renting experience profitable and time-worthy.