Tips for Renting Out Your Home
When opportunities to relocate or move into a larger home arise, many homeowners decide to rent out their property instead of selling. This route provides a viable alternative to selling in a buyer’s market while also generating passive income. The experts at Block & Associates are here to help you decide if this is right for you and help secure a renter and manage the property for you.
Learn more about Block & Associates’ rentals and property management services. Call us at 919-459-6300 or contact us online.
Understand Your Responsibilities and Renter Expectations
Just as homeownership comes with unexpected expenses and challenges, the obligations of being a landlord don’t always follow a set schedule. You need a plan for staying on top of maintenance and repairs, collecting rent, making insurance payments, and managing the wear and tear your tenants will undoubtedly cause on your property. You’ll also need to be prepared to file the appropriate taxes from your rental income.
If these responsibilities seem a little overwhelming, Block & Associates can help. Our property management services include running the day-to-day details of your rental property so that you can enjoy its financial benefits.
Enlist Professionals To Manage the Financials
Before renting your home, it’s important to discuss the financial and tax-related implications with a professional and experienced real estate attorney, accountant, or management company like Block & Associates. These experts can also help you set a competitive price for rent and make sure your listing and lease agreements comply with all local and state laws.
Preparing and Marketing Your Home
Your property likely doesn’t need major renovations to be a good rental property, but you should take steps to ensure it’s attractive to renters. Be sure to clean the home and yard, and make sure all appliances and plumbing fixtures are working well. Before you advertise the rental, make a list of features that make your property stand out from others. Renters usually look for stainless steel appliances, granite or quartz countertops, hardwood floors, etc. Block & Associates can help with all aspects of marketing your property to ensure the listing gets in front of as many potential renters as possible.
Pick the Right Tenant
Perhaps the most important aspect of a successful rental property is your process for finding and screening tenants. Your tenant or tenants are not only responsible for paying rent on time, but they’re also your first line of defense against long-term damage to your home. You need someone who will keep the place in order and clean and alert you immediately to any major breakdowns or plumbing failures. It’s important to screen references and run credit checks before signing any paperwork or leasing the property. This is another critical area that the experienced professionals at Block & Associates can help with.
Why Block & Associates Is Right for Your Rental Property
When you choose our team to manage your property, you’ll erase all the potential for stress that a rental property can create. Not only will we manage the details — rental contracts, maintenance, accounting — but we’ll find the perfect tenant and can serve as their point of contact for everything related to the property. You’ll be tapping into our years of expertise in the market, and ultimately, you’ll have less tenant turnover.
When you’re ready to discuss your home’s rental potential and how our property management services can create a hassle-free investment for you, call us at 919-459-6300 or contact us online.