What should you consider before putting up that rental listing?
Having a rental property is a great way to make passive and/or supplemental income — all you need is a property to rent — right? Well, having the phyiscal rental is great but there are factors and steps to take before being able to rent it. Sure you could simply list it on any Rental site, but being prepared upfront avoids an array of problems that tend to arise during the process.
Is my property ready to be rented?
Provided that all basic services and safety concerns are addressed, in theory, you should be good to go. However, it’s important to think about a couple factors that could cause some headaches down the line and to take the necessary steps to get read.
We’re talking about things like finding the right tenants, attracting the righ customers, handling all the legal documentation and more. For this reason, our Rent Shop property managers have made a list of elements that are part of The Rent Shop’s pre-rental checklist when helping landlords rent out.
Property value assessment
Pricing your rental is key to finding the right tenants — is your price trying to attract Students, families, working professionals, retired folks, etc? Getting a property value assessment done will help you understand where you stand in comparison to the market, your area, demographic and more.
Pre-rent preparation consultation
Have you spoken to a property manager about your plan? Are you familiar with the regulations, the documentation and other key factors of renting that could have both financial and legla impacts?
Property advertising
Much like the property value-assessment, choosing where you advertise your rental could play a big role in finding the right tenants. You should consider setting aside a budget or letting Property Rental / Management Service to handle this part. Often this will include photography / video services and advertising online and in multiple key areas of your market.
In-person or virtual showings
Your showings are what make and break potential deals with your customers. Have you thought about wanting to offer in-person showings or going virtual? Virtual showings have seen much growth in the recent years and offer a way to pre-rent your unit while you finish the last touches of work / renovations. A Rent Shop Property manager can easily handle all the showings for you whether they are physical or online.
Final thoughts on considerations before putting up your rental listing
Being prepared is always the best avenue to take, an renting a unit is not something to take lightly. It’s imnportant to consider many factors such as the property’s value, financial and legal documents, advertising and getting ready to show the rental.
The Rent Shop offers complete tenant placement services and property management services, allowing you to let an expert handle all the above and a lot more.
