It is important for people to understand the do’s and don’ts of renting out a space. It can be hard to be a landlord so people need to know the best ways to go about implementing the process. Here are some tips to remember:
1. Ensure that you make the space as livable as possible so that prospective tenants want to occupy it. Have an inspector go through the space to see if there are any issues that need to be addressed such as mold, mice, bugs or structural issues.
2. Update the appliances. Prospective tenants want to live in a place that looks like it has been taken care of. Replacing the stove, refrigerator, dishwasher and other appliances can really make a good first impression.
3. Paint the entire space. This gives the area a new fresh look that will catch the eyes of prospective tenants. It is a good idea to keep the paint color white or a pastel color so that it does not turn off any potential tenants.
4. Set a competitive price for the lease. This helps to ensure that the property is occupied as quickly as possible. Review the comparative listings in the area and then set one based on financial needs and the market.
5. Conduct a credit and background check on every prospective tenant. It is crucial to ensure that every applicant is financially responsible. It is tough and expensive to evict someone if they fall behind on their monthly rent obligations. This is a situation you don’t want to find yourself in, and you need to be very careful. Keep documents, take photos of the place, keep evidence. You never know when the worst will happen, but you can try to prevent it.
Here are some things that people don’t want to do.
3. Don’t believe everything that you read on an application. Many landlords do not verify the information that they are given. It is important to check references, check employment information and speak to the person’s former landlord if they have one.
4. It takes about one month to properly prepare an apartment and screen applicants before a property will be occupied. It is crucial for individuals to make sure that they complete the process so that they find tenants who want a long rental commitment and will pay their rent on time.