Question 1

How do I start renting my house?

Accepted Answer

1) Know the latest landlord-tenant laws [renter/tenant rights, landlord rights, and Fair Housing]

2) Decide if you will be renting yourself or hiring a property management company

3) Using real data, determine a sound rental rate for your market

4) Research how you will list your rental property online

5) Inspect the property and perform required maintenance

6) Take premier property photos and list the home

7) Schedule appointments and show the property

8) Secure a legally compliant & fair lease

9) Collect initial move-in payments

10) Oversee pre-move repair requests

11) Oversee move-in day, utility transfer, inevitable new user issues

Or, you could just hire us...

Question 2

Is renting my home a good idea?  Risky?

Accepted Answer

Renting out your home can be a very smart and lucrative decision when done properly. Determining up-front what costs and benefits to renting your home can be expected is crucial. Accurate pricing, knowing state and federal landlord laws, and understanding the future market trends are all pivotal in the success of your rental home.

Question 3

Do you need a real estate license to be a property manager?

Accepted Answer

The exact requirements can vary by state or municipality. Most areas do require a real estate license if you collect rent and deposits on someone else's behalf. Simply put, your friend that used to work for an apartment complex cannot market your home, lease, or collect rental funds on your behalf unless licensed.

Question 4

Who are the best property management companies near me?

Accepted Answer

Without being partial, that’s really a preference question. However, here is our list of things to be on the lookout for in a great property manager:

Communication: Are your questions answer quickly, clearly, and kindly?

What do their property manager reviews have to say?

Has the rental process been explained clearly and do you agree with it?

Are their rental home listings clear and descriptive or rushed?

Question 5

How much do most property management companies charge?

Accepted Answer

Property management company fees vary widely based on the type of service, season, and property management company you choose. Average monthly fees can be around 10% while some companies may charge a flat monthly rate

Question 6

Should I use a property management company for my rental?

Accepted Answer

Being a landlord can be both fun and easy. With free property, management software available (Apartments.com) do-it-yourself landlords have never had it easier! However, the largest sacrifice to be a landlord is time, and stress. Advertising your rental home, processing applications, emergency maintenance calls, and the unfortunate eviction can quickly wipe out a huge amount of what you might save by passing on hiring tax-deductible superior property management services. That said, a poor rental management company can cause headaches of their own, so it's a matter of finding a great one. If you do, they're worth their weight in gold

Question 7

Should I rent my house or sell it?

Accepted Answer

According to RocketHomes.Com,“When you sell a home, that’s the extent of the money you will make on the property. But if you hold it as a rental, you could continue to earn money every month, realize tax advantages and, ideally, see appreciation.” We couldn’t have said it better ourselves! With the expanding real estate market, now is the perfect time to invest in rental property. The US government has built a system where the easiest and most consistent path to wealth is owning exceptionally managed rental homes

Question 8

Are property management fees tax-deductible?

Accepted Answer

Yes! Property management fees, and even most maintenance items, are tax-deductible as they pertain to your rental property

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