5 Steps you Must Take to Rent out your Condo
Whether you are moving to a new city or moving up to a larger home, renting out your existing condo is a smart investment. The condo market is strong and getting stronger, and that has created a great deal of interest in condo rentals.
Before you can rent out your condo, you need to prepare the unit for its new tenants. The right preparation can make a huge difference, so you can start collecting those rent checks right away. Here are five essential steps you need to take before renting out your condo.
Prepare the Unit for Showing
You want the prospective tenants to see themselves in your space, so get the unit ready for the showing. Take the time to depersonalize and declutter – removing the family photographs from the walls, stowing everything that can be stowed and giving the walls and floors a good cleaning.
The better the unit looks, the easier it will be to rent. You will also attract a better class of tenants with a clean and well-appointed condo, so you can have a smooth landlord experience.
Get Your Paperwork in Order
Once the condo is ready to rent, you will need to have your paperwork in order, and now is the time to prepare. Have your attorney draw up a rental contract, and make sure you understand all of your responsibilities.
Be sure to keep copies of all your paperwork, including the title to the property and any rental agreements. This information will be vital for everything from filing taxes to settling disputes.
Research the Market Rates and Place Your Ad
You do not want to set your rent too low and be flooded with applications, but you do not want to price yourself out of the market either. Before you advertise your unit, do some research and see what comparable condos are renting for.
You will want to compare like units, so look at things like square footage, number of rooms and amenities. Once you know the going rate, you can price your condo accordingly and place your ad.
Show Your Space
Hopefully your ad will bring in a lot of prospective tenants, and now it is time to wow them. You have spent time getting the unit ready for its debut, so you can be confident when welcoming potential renters to your space.
Be ready to show off the space, including special amenities, hidden storage areas and anything else you think a tenant would appreciate. The better you show off your condo, the easier it will be to rent the unit.
Choose Your New Tenant
If your showing goes well, you will be flooded with offers from prospective tenants, but choosing the right occupant is very important. Be sure to screen your tenants carefully, and make sure the family you choose has read and understood the rental agreement.
It is better to screen the tenants carefully up front than to deal with a bad situation later. Taking a bit of extra time here could save you a ton of hassle down the road.
Renting out your condo is a great way to make some extra cash, and an excellent alternative to selling. If you are ready to move on but want to hang on to your condo, the tips listed above can help you rent the unit with confidence.
Are you looking for a condo instead of renting one out? Marina Grande Luxury Rentals in Daytona Beach is the place to go.