Leasing Your Property – a Step-by-Step Guide
So you’ve got your rental property in tip-top shape and it’s ready to be rented. The carpets have been shampooed, all the systems (HVAC, plumbing, gutters, etc.) have been inspected, the landscaping is meticulous and you’ve had a cleaning crew scour everything top to bottom, the works. Now what?
1. Take high-quality pictures of the interior and exterior that show your property in the best possible light. A virtual tour or video is also a great idea!2. Know your target demographic. Determine the type of renter your property is most likely to attract and make sure your ads highlight the characteristics of your property they will find most enticing.3. Run advertisements on major websites (like Zillow, Rentals.com, and Rentbits). Most of these sites will require you create an account. Posting a sign in the yard is a great way to attract potential renters. Be wary of the potential for scams!4. Field phone calls, texts, and emails from potential renters. There are often a lot of back-and-forth conversations about the particulars of the home before the interested party even steps foot inside.5. Meet at the property for showings. Timeliness is important! Be prepared to be flexible and work around others peoples’ schedules. Don’t forget the keys! You may want to install a lockbox at the property so the keys are always there.6. Run applications, including a background and credit check, through the major credit unions (Experian, TransUnion, Equifax). There is a fee for running these checks! Make phone calls to the applicant’s personal references. Have an idea of income, credit score, and rental history qualifications you’d prefer, so you can let applicants know your requirements before they apply – don’t be surprised if under-qualified people apply anyway, and you have to disapprove their applications!7. Approve applications and sign the lease. Coordinating a move-in day is sometimes difficult – moving is stressful and takes a lot of time and effort. Plus, tenants often have last-minute questions and requests that will need to be addressed – What’s the garage door code? Can I plant flowers? Will I be able to fit my sofa through the patio door? You have special knowledge of the property, and you will be the go-to person for questions like this.8. Receive deposits and rents. Make sure the tenant knows how they can pay their rent from now on, so there isn’t any last-minute confusion.
If this sounds like a lot of work, that’s because it is! Some owners have the time and resources to take care of leasing their property themselves, but others hire a management company like Real Property Management to help them out. Give us a call today for your free quote and consultation!
