If you are thinking about renting your home after buying another house, during an extended vacation or for any other reason, proceed carefully. Renting to any random tenant will likely backfire in a big way. Furthermore, the nuances of the lease's language matter a great deal. There is also the matter of conducting background checks and managing the property. Here is a look at the steps necessary to rent a property.
Key in on Visuals
The presentation of your property matters a great deal. Every aspect of your home must be properly prepared and showcased to present the property in the best possible light. The best tenants are looking for a property in tip-top shape. Do everything you can to present the space in a manner that makes it easy for prospective renters to envision themselves living there. Check locks, light bulbs, doors, appliances and anything else that has the potential to malfunction. Fill all holes. Apply a fresh layer of paint on the walls.
Conduct a Background Check
The last thing you need is to rent your home to someone who has potential to cause significant damage. You can reduce the odds of such a problematic tenant by conducting a background check on prospective tenants. Every prospective tenant should fill out an application that lists their contact information, employer, earnings, references and other essential information. Obtain each prospective tenant's Social Security number as well as their signature for authorization to conduct a credit report. This written authorization also empowers you to perform a background check to delve into whether the applicant has a criminal history. If you fail to obtain such information, you might end up leasing your space to a renter you regret. Take the background check process seriously, and you will greatly enhance the odds of pinpointing the perfect tenant.
Though you can hire an online company to conduct background checks on prospective tenants, anyone you hire for such a job must be accredited by the Better Business Bureau. If you take the DIY (do it yourself) approach, be as thorough as possible. Check each applicant's criminal history in-depth. Search through all local and state records on the web. Check employment references as well as references from prior landlords. Though many of the applicants might have an average or poor credit rating, pulling credit reports is worth considering. You can conduct research through credit agencies like Experience and Equifax.
Lease Language Matters!
The nuances of the lease are of the utmost importance. The lease should detail everything from the term of the rental to the date rent is due, penalty fees for late payments, the amount of the security deposit, repairs, pet policies, routine maintenance and eviction terms. The lease should also explain all rules pertaining to noise, conduct, drug use and smoking.
Hire a Management Company
There is no sense trying to maintain the property, tend to tenant issues and solve problems when a group of property management professionals can do it on your behalf. A property management company can even advertise for tenants, pinpoint the ideal tenant and conduct background checks. Once the tenant moves in, the property management company will perform an array of activities ranging from collecting rent, handling repairs, applying late fees and dealing with tenant evictions.
Pick the Tenant
It is now time to select the tenant. Review the information collected on the application and background check. When in doubt, opt for the tenant who has the best references. A glowing reference from the prospective tenant's prior landlord is an indication the tenant will pay on time and keep the property in excellent shape.
Contact Us at Aria Properties
Are you on the lookout for a rental? Perhaps you own a home or other living space you would like to rent out. We are here to help prospective tenants as well as landlords. Reach out to us today at Aria Properties for more information about our services. You can reach us by dialing 615-953-9700.