Renting out your property can be a lucrative business if handled in the right manner. It represents a stable income source to your overall revenue and doesn’t require you to sacrifice a lot of time to its management.
There are a few things that should be considered when thinking about renting your property. Making sure your house is prepared to play host to new tenants is essential and involves the inspection of various areas.
Some of the key things you should consider when looking to rent your property include:
Adequate representation
If you happen to be a professional with a full-time job, it’s unlikely that you’ll always have time to address the various needs of your tenants. Identifying an affordable property management company to represent your house and handle all landlord related needs can be a lifesaver for packed schedules. APM property management rent out homes on behalf of their clients throughout the state of California. The experts at APM address all your issues related to tenants.
The particular representation you choose can have a potential impact on the overall success you enjoy. Elements like the variety of services on offer and a company’s public relations skills can play a major role in developing your property’s reputation in the market.
The company you choose should treat your tenants with respect and offer effective support services like bookkeeping and tax information.
Check the floor, walls and windows for damage or stains
One of the main issues involved with moving is the potential return of a tenant’s security deposit. Returning the deposit isn’t always a straightforward story, especially when you’re not too sure about damaged or stained sections. You should always check the floor and walls before potential tenants move in to identify and address any damage or stains.
Once a tenant arrives, taking the time to do a quick walkthrough with them before leaving them to settle down is essential to make sure you haven’t missed anything. If there have been areas you have been unable to address immediately, it’s crucial to be transparent about the matter and let the tenants know beforehand.
Check the lights and switches
You should also check all the lights in the house and their switches to verify that they’re in working order. You should address any issues before a tenant moves in, as they represent an essential fixture in any living quarters. You should also check the various sockets throughout the house to verify that they are in good condition.
Taking the time to go through the different sockets in the house may be mundane and time-consuming, but it’s an essential part of the inspection process and can reveal potential problems with the wiring.
Inspecting the safety equipment
Poorly functioning safety equipment is an effective way of attracting a lawsuit if not addressed before renting out a property. It’s essential that all safety measures including fire extinguishers, smoke and carbon monoxide detectors are available and in good working condition. Safety measures involved with the design of a property, including fire escapes, also qualify as part of the checklist.
Providing safety equipment against potential dangers isn’t the only responsibility of a landlord in the safety department. It’s also crucial to ensure that your potential tenants live in a safe environment by addressing any potential risks and dangers in and around the property.
Sections with open wiring, for example, should be examined closely to make sure none of the insulation has been exposed. Rusty plumbing or exposed pipes that could potentially affect the water supply are other areas that should be considered.