What to do if you are trying to sell your home, and are not getting real interest from potential buyers. It may not be your first desire but have you ever thought renting out your home? Let me give you some tips on how to prep your home for renters.
Always remember it is not what you would like to rent your home for. It is about the marker rate for your home and its appeal to renters. Setting the price too high will discourage potential renters from approaching you and expressing interest in the property.
Determining the rental price isn’t a difficult task because all you have to do is talk with your realtor and conduct some research on the market, which will show you what prices other rental homes are asking for in your area. If you wish to find a renter in a timely fashion, it’s important to have a fair market price, not a price reflecting how much you think your home is worth.
You must also realize, as a landlord, you’re going to have many responsibilities with the property. Although you have the benefits of an occupied home warding off vandals and earning some income from the renters, there are many things you’ll have to focus on in order for your property to stay in the best condition. Maintenance is key to not only keeping your renters pleased with the property, but also to make sure your property remains in top condition for when you finally attract an interested buyer.
It’s important to walk through your home and check for any issues you may have to fix before you have any potential renters look at it. Just as if you’re getting your home ready for a buyer, you have to do the exact same thing for a renter. Check the plumbing, the heating, the electricity, and other amenities the renters will need during their rental period. If you aren’t able to sell the house, renters are the next best option.
Take some time to find the best tenants. You have to make sure you rent out your property to people you know will take care of and respect your home. When you think you have found a possible tenant, your realtor will put them through a screening process and ask them to complete an application listing their name, employers, past landlords, and references. Once your agent gets in touch with the renter’s contacts, you will have a better idea of who the renter is and if you would like to approve their application.
Don’t rent to the wrong person who gives you an uneasy feeling. If you have ever seen the movie Pacific Heights you risk your home suffering damage and a lot of unnecessary stress. With the hard work it comes from being a landlord, stress is something you don’t need.
If you have a responsible family renting out your home, you will know your home is in good hands until the right buyer comes along.