By Megan Cooper   info@reallifehome.net

Image: Pexels

Are you thinking about turning your home into a long-term rental property instead of selling it? You are not alone. Many homeowners choose to rent out their property for a variety of reasons, such as investment opportunities, moving to a new location and not wanting to sell, or simply owning an extra home that they use seasonally.

Whatever your reason, becoming a landlord and managing a rental property requires careful planning and attention to detail. Here are some tips from For Sale Martin Properties to help you navigate the process and turn your home into a successful long-term rental.

Make Repairs Prior to Listing

Before listing your home, it is essential to make any necessary repairs and updates to ensure it is renter-ready. You want to create an inviting space for potential tenants that is both safe and functional.

Start by scheduling a professional cleaning of the property. This will give you a fresh slate to begin repairs and updates. Walk through the home and make notes on any necessary repairs, such as plumbing, electrical, or HVAC systems. Don’t forget to inspect the roof and foundation for any necessary repairs.

Once all essential repairs are completed, focus on any cosmetic updates the property needs. Fresh paint, new carpet, updated fixtures, and deep cleaning can go a long way in attracting potential tenants.

Use a Home Management App

As a rental property owner, you will inevitably need the services of a variety of professionals, from general contractors to plumbers and electricians. Save yourself the hassle of finding reliable professionals and download a home management app. With the Frontdoor home management app, you can connect directly with vetted professionals in your area, reducing the time and hassle it takes to find quality service providers.

Create a Comprehensive Lease Agreement

A comprehensive lease agreement that outlines the terms and expectations of the rental agreement is crucial. Include details such as payment due dates, security deposit amounts, and procedures for maintenance and repair requests. Be sure to detail any rules for pets, smoking, and guests on the property. Clearly outlining all expectations will provide peace of mind for both you and your tenants and help prevent any misunderstandings.

Find Trustworthy Tenants for Long-Term Rental

Finding trustworthy tenants is essential for making your rental property a success. Start by creating a detailed rental listing that provides plenty of photos and a clear description of the rental property. This will ensure that only potential tenants who are genuinely interested in the property will reach out to you.

Once you have potential tenant applications, conduct thorough background checks, including credit, employment, income verification, and rental history. You can also use a property management company that specializes in tenant screening to help take the headache out of the process.

Decide Whether to Hire a Property Manager

Deciding whether to hire a property manager is a significant decision for any rental property owner. A property manager can take care of many of the day-to-day tasks associated with managing a rental property, such as collecting rent and overseeing maintenance requests. This can save you time and hassle.

However, a property manager also comes with additional costs, usually in the form of a percentage of the monthly rental income. Consider your budget and time availability before deciding whether to hire a property manager.

Keep Accurate Tax Records

As a rental property owner, you are responsible for keeping accurate records of all rental income and expenses for your taxes. Be sure to keep track of all rent payments, maintenance expenses, and any other rental property expenses for tax purposes. Keeping accurate records can help reduce your tax liability and prevent any unwanted surprises on your long-term rental during tax season.

Design Customized Business Cards

Finally, create customized business cards that you can share with your tenants and contractors. Include the rental property’s address, your contact information, and the contact information for any professionals you have used for maintenance and repair requests. This will make it easy for tenants to quickly contact you in case of emergencies or maintenance requests. If you’re not a graphic designer, give this a try to easily design fantastic business cards using professional templates that you can customize with graphics, text, and colors.

Turning your home into a long-term rental property requires careful planning, attention to detail, and a willingness to take on the role of landlord. By following these tips and taking advantage of helpful tools such as home management apps and business card templates, you can navigate the process successfully and turn your rental property into a profitable investment.

 

By Megan Cooper  info@reallifehome.net