4 Key Tips For Renting Out A Residential Property

If you own property and want to make it work as an investment with you, it pays to follow some advice that will let you get and keep it rented. There are a lot of ways to go about this, so make sure that you take ownership over this and provide yourself the opportunity to manage the property on your own terms. Whether this is a new endeavor for you, or you want to improve the management of your current properties, follow these guidelines so that you can handle your business with prudence and efficiency. 

#1: Make The Right Choice In Residential Property Manager

First and foremost, you need to be certain that your choice of property manager is licensed and insured. Speak to five different property managers and hold consultations, until you're satisfied settling with one. Make sure that their management fee is agreeable to your budget and worth the work that they put forth. Once you sign the agreement, be ready to work handily with your property manager over the process. Property management companies, like Foreside Real Estate Management, can greatly help you and your property, but be sure to do your homework first. 

#2: Inspect The Property Before Renting It Out

Before signing a tenant to a rental agreement, you need to be sure that the property is in tip top shape. This will help you not only avoid health and safety violations, but save yourself the problem of having to go in and make repairs once a person is already signed to a lease. Hire a separate contractor to handle the inspection from top to bottom and fix any issues before advertising the property. 

#3: Choose The Right Tenants

Half the battle of managing a property is finding the right tenant for your property. When screening your tenants, make sure that you check their previous rental history, credit score and report, driving record and references from prior landlords. Make sure that you also interview the tenant in person, so that you can get a feel for their personality and reliability. This will save you trouble down the road. 

#4: Use Property Management Software

If you don't end up hiring a property manager, or if you want to always sync up with important matters with your property manager, you'll want to get a good software to help you. This will help you to reduce clutter, since you'll be able to scan and digitize important documents. It also helps you to keep accurate accounts and records, so that it is always easy to find information when you need it. 

Follow these tips so that the property management process is as smooth as possible.