A step by Step Guide
How To Rent My Home
Victory Property Management
Consider strengths and weaknesses for your home/location and create special strategies to utilize them. Is it a college area? If so, you’ll likely handle a lot differently from low income or a suburb.
Depending on your location and added services, pricing your home is key to making a sustainable profit.
Also consider if you'll be providing any additional services like utilities or pest control.
With an average of $4 a day (tax deductable) for property management, why stress?
Get the property in show-ready condition by handling repairs, but also low-cost aesthetic fixes. A sure way to attract sub-par tenants and repel the rest is to show a home with unrepaired issues
Decide whether you’re going to allow pets or not. Before you decide, know that for most landlords it’s the single best thing you can do to increase your “bottom line” profit over the long term.
Roughly 85% of renters are pet owners post COVID19
Not allowing pets is the #1 mistake most landlords make.
Take professional-grade photos of the home, and don’t neglect the yard especially when it’s a great feature.
List the home on all significant rental websites, with lots of great photos.
Dont forget to mention all of of those great features. Like being close to major highways or recent upgrades
But most importantly...
Price your home right for its area.
Make price reductions on time.
Potential tenants dont just call after business hours. You'll need to field calls, schedule tours, and answer questions as quickly as possible. Tenants know that speed is important when it comes to rental homes. Dont miss your dream tenant with slow responses.
ALWAYS collect a formal rental application to review. Do thorough credit and background checks and for added security, a rental verification from their previous landlord.
Prepare a simple lease that outlines expectations well, protects both parties in event of default, follows industry norms, and most importantly is enforceable in county court.
Stay within your local and federal fair housing laws.
Now that your tenant is secured, its time to finish and oversee repair and upgrade needs with various vendors. Over promising and under delivering is good way to start a bad relationship.
Be prompt and arrange for move-in, payment collection, key exchange, etc. Don’t forget pool passes, mail keys, and other easy to forget needs.
Outline reliable and consistent instructions for your renter to make payments, view important documents, and pay rent online.
Rent can be submitted by the 5th via check made to RentLLC
For ALL maintenance call or text me at 919.249.8555
Give your new tenant an opportunity to do their own inspection and move-in report.
And be prepared to address a few minor and sometimes larger items that may need repair. Its not uncommon for hot water to be down after any vacancy.
Your home is now rented and you need to be prepared for disaster both environmentally and financially. You’ll need an army of loyal contractors, especially in the event of a major event like a hurricane, and a reasonable knowledge of home repairs and costs.
Always plan ahead. When your tenant does eventually give notice, you'll want be extremely pro-active in handling any repairs as fast as possible because time is money. Always stay within the limits of what your local laws permit you to charge back to your tenants security deposit. Things like cleaning, touch up paint, and stains on old worn carpet are some of the biggest hurdles you'll face as many of these items have life-spans you have to consider.