The process of renting out a property can be a daunting task, especially if you have no prior experience. However, with the right guidance and support, you can make the process a smooth and stress-free one. In this blog post, we'll take a look at the year in the life of your rental property, as described by Cindy Browning from Round Table Realty Property Management.
Rental Market Analysis
The first step in renting out your property is deciding how much you want to earn in rent. Cindy suggests that the best way to determine this is by having her come out to your property to take a look at it. She will also bring some comparable properties in the area to show you their rent rates. Together, you can then come up with a number that makes financial sense for you and the property.
Rental Property Marketing
The next step is to hire a professional photographer to take photos of your property. This is important because the photos will be used to market your property on over 200 websites to get the most views possible. Once there is an interested applicant, they will be required to fill out an application, as well as submit to a full background check and screening will be done to ensure that they are qualified for the property.
Once a tenant has been chosen, their deposit will be collected along with a completed lease. The security deposit will be the same as the first month's rent. Before the tenant moves in, the property should be inspected. This is an opportunity for photos to be taken of every room in the house, including the exterior of the home, to ensure that the property is being handed off to the tenant in good working order.
Rent Collection and Tenant Portals
When the tenant moves in, the owner portal will be set up. This portal will have a copy of the lease, the moving inspection, and a general monthly statement showing all money that is coming in and going out, along with all bills attached to it. Monthly rent will be collected on the 1st of every month, and the payment will be direct-deposited to the owner between the 8th and the 12th of every month. The owner will also receive a general monthly statement along with that payment.
Rental Property Maintenance
Throughout the tenancy, any repairs that need to be done will be coordinated. Drive-by inspections will be done every two months to ensure that the property is being maintained on the outside. If any issues are found, an interior inspection will be done. At the six-month mark of the lease, an interior inspection will be done to ensure that the property is being properly maintained.
Renewals and Turnover
When it's time for the lease to be renewed, about 60 days prior, renewals will be sent out. The comps will be re-run, and if necessary, a rent raise will be offered. The owner will be a part of that decision-making process. If the tenant chooses to renew, a renewal inspection will be done to ensure that the property is still being maintained. If the tenant chooses not to renew, a move-out inspection will be done to determine what repairs need to be done for the property to be ready for the next tenant.
Finally, if the tenant chooses to go month-to-month, an increase of $100 will be charged, and they will be required to give 30 days' notice before moving out. Once they move out, a move-out inspection will be done, and the property will be ready to be rented out again.
In conclusion, renting out a property can be a smooth process if you have the right support and guidance. The year in the life of your rental property, as described by Cindy Browning, is a comprehensive guide that covers everything from determining how much to rent your property out for to getting it ready for the next tenant. If you have any questions about the process or anything else, give Round Table Realty Property Management a call at 904-469-7272.