Some families sell their starter homes to buy another house to live in. However, you may be financially comfortable enough to own both of these properties. Selling the starter home can kickstart or boost other investments, but you may want to rent out the property.
Becoming a landlord is a lot of work. The experience, knowledge, and skills you gain over the years make it possible to produce great rental results. However, you can get the best results from the beginning by hiring a property management company to manage your rental home.
How long your rental property stays vacant plays a huge role in annual income. A five-week vacancy means you are missing out on almost 10% of your potential income in a year. By hiring a property manager, you can feel confident about keeping vacancy length to a minimum.
Many different steps go into renting out a home fast, such as photos, videos, marketing, and communication. For instance, you want to take plenty of photos that showcase the entire rental with excellent natural lighting. A property manager can take it even further by capturing videos or even a 360-degree video so that renters can take a thorough virtual tour.
Figuring out the rental rate is an important part of renting out a property because it will determine your potential annual income. As a rookie landlord, you may not know how much to charge on rent or be good enough at preparation and marketing to get your asking rate quickly.
Hiring a property management service is helpful because they will analyze the area, competition, neighborhood, and demand to come up with the rental rate. Ideally, you want to charge the highest rental rate that you can while still generating a lot of renter interest.
The tenants you bring into your rental property will determine a lot about your experience and results. For instance, getting high-quality tenants means receiving your monthly rent payments on time and keeping your rental property in excellent condition.
A property manager will use a rental application that allows them to get the information they need to feel comfortable approving an applicant. An important part of the process is getting references and contacting them to learn more about details, concerns, and qualities. You also want your tenant to have enough verifiable income to pay rent comfortably and reliably.
Get help from a property manager to enjoy the best rental property results.