7 Things to Consider Before Renting out Your House

iStock_000015752174_DoubleIn these difficult economic times, numerous people who wish to supplement their monthly income without getting a second job choose to become so-called “accidental landlords.” This is a viable option that you should consider, especially if you are the lucky owner of a house or an apartment located in some of the most sought-after Californian cities, where thousands of prospects would give just about anything to stumble across rentals carrying decent price tags. Assuming that you feel ready to make this big step and welcome tenants on your property, here’s a question that you should ask yourself right this instant: do you actually understand the responsibilities that landlordship would involve? In all honesty, landlordship can allow you to enjoy wonderful experiences, establish new connections with friendly, dependable people and boost your cash flow the relatively easy way. On the other hand, sometimes it’s more trouble than it’s worth to rent out your house, especially when you don’t really need the extra money and have a very limited amount of time on your hands. If you are currently weighing the pros and cons of becoming a landlord, here are a few things that you should consider before making a final decision.

  1. Landlordship Triggers Quite a Few Appealing Benefits. The advantages of becoming a first-time landlord are pretty obvious and include tax breaks, the ability to produce income that may very well cover your expenses and even generate a profit, as well as the opportunity to prevent damages and threats that empty buildings are usually exposed to (such as home fires or acts of vandalism).
  2. Landlordship Also Involves Numerous Responsibilities. As a landlord, you always waste a lot of time screening candidates. Once you find the right ones, you have to make sure that they pay their rent on time. You also have to address potential complaints and handle repair requests and regular maintenance work. Do keep in mind that these tasks can be quite stressful and time-consuming.
  3. You Have to Prep Your House Before Renting It Out. In the state of California, many young adults who are chasing their wildest dreams are desperately seeking an affordable new roof over their heads. Nonetheless, as a general rule, in down markets tenants become more selective and weigh their options more carefully. The increased availability of somewhat inexpensive rental properties enables people to be picky. Therefore, instead of waiting for that one tenant who would be desperate enough to give you $1,500 per month to live in a 1-bedroom apartment that is as cold and unlivable as your basement, choose to make small adjustments to improve the look and feel of your house. To begin with, clean everything twice and make sure all your appliances are in excellent operating condition.
  4. Focus on the Right Channels to Attract Buyers. Long gone are the days when word-of-mouth was seen as the most effective method to find the perfect tenant for your property. You count on recommendations to meet individuals who may rent your house, but this process could take ages. If you would much rather speed things up a little, start by exploring different channels that you could use to broadcast your marketing message. To maximize your odds of success, it is advisable to tackle both online and offline mediums. Newspaper ads and radio ads are excellent starting points. Furthermore, if you require a different kind of support and would prefer to go for a platform facilitating your communication with potential tenants, pay the right price for quality apartment finding services tailored to the needs of Californian landlords.
  5. Use the Right Keywords. Regardless of their expectations and allocated budget, people will never be interested in boring ads introducing even duller properties. We all know what unremarkable listings look like: they provide basic information, such as square footage, number of rooms, price and amenities; most of them aren’t even accompanied by a photo. Wrapping your rental in mystery won’t do you any good. On the other hand, by listing your house or apartment with Apartment Hunterz, adding up to 12 quality photos and/or a video tour, you could attract the attention of a larger number of individuals who would be happy to get the keys to your place. While trying to describe your home, remember that what you say is just as important as how you say it. Experts advise us to use a series of buzzwords to emphasize the cool factors of our property, so don’t hesitate to include terms such as “ vaulted ceilings” “wooden floors”, “state-of-the-art”, “maple” and “stainless steel appliances” to perfect your description.
  6. Set the Right Price. In overly competitive markets, putting the right price tag on whatever it is that you’re selling or renting can be difficult. Clearly, you wouldn’t want to lose money or overprice your property. Both extremes are equally dangerous. To avoid this drawback, rely on the information brought to you by California’s number one apartment finding service. Take a look at recent listings. This will help you see things from a tenant’s perspective and compare different properties that are similar to the one that you’re trying to rent out.
  7. Get the Best Support from a Team of Professionals. Want to rent out your home without hiring a real estate agent? In this case, Apartment Hunterz has the best alternative for you. Its Landlord Center is the perfect solution for “accidental landlords” who require the highest level of support to become successful lessors. Use this feature to list your property, edit your listings, submit your paperwork online, get in contact with prospects who are interested in your Californian house or apartment, schedule face-to-face meetings and let the real estate experts from Apartment Hunterz take care of the rest.

All in all, renting out a home in California involves several benefits and obligations. When in doubt, let a reliable apartment finder guide your steps towards hassle-free landlordship.

Apr 2015