Becoming a landlord takes some knowledge of how the home rental process works. We're here to help you to rent your property to ensure it’s a smooth—and financially smart—venture.
Considering Short Term Rentals
Option to use the property when you want. Property won’t have as much wear and tear with occasional use.
Seasonality & current market demand can be factored into rental rate.
Need to clean the property more often than if it was occupied by a long-term renter.
May be challenging to find renters in the off-season.
Competition can be steep. What gives your property an edge?
Considering Long Term Rentals
Consistent second source of income (as long as it's rented).
Cost of utilities can be included or passed on to the renters.
Use property management who will handle screening potential renters, adhering to rental laws, and handling home repairs and maintenance.
Property continually occupied is going to lead to more wear and tear on the home and its appliances.
Potential for long-term contract with a less than an ideal tenant.
Property damage: Coverage that helps pay for repairs to the property due to damage by fire, weather, or natural disasters; may also cover landlord’s personal property such as appliances, furniture, lawnmowers, etc.
Other coverage you may want to consider:
Liability: Protects landowners from being held liable for tenant-sustained medical injuries while on the property.
Loss of rental income: In case property is damaged due to a covered event & the property is not available to be rented until repairs are made.
Vandalism: If the property is damaged by a tenant or another person
Home warranty. To cover most items in the house — dishwashers, refrigerators, washers, dryers, & garage door openers.
Before signing a lease, it’s common for landlords & renters to walk through a property & perform a move-in inspection together. After the inspection checklist is completed, it’s added to the signed lease agreement for viewing at the time of move-out to determine if anything needs deducting from the security deposit.
Otherwise known as “check-in inspections,” these occur annually or a few times a year.
Property management inspect the property to ensure things are still in tip-top shape. If there are any concerns with the way a tenant is treating a property, this is a good chance to discuss these issues to keep the property protected & keep a tenant on track to getting their security deposit back.
Very similar to the move-in inspection, the property management compares its condition against the move-in inspection report.
All rental properties require a security deposit, which is like collateral to protect the property.
The tenant pays the security deposit to the landlord when signing the lease, and the money is used to cover any damages that may occur during their stay.
If the property is in the same condition upon move-out, the security deposit is refunded back to the tenant.
Prep for Rental
Keep gutters clean, lawn cut, tree branches trimmed, & weeds pulled. Power-wash the home & fencing.
Consider painting trim inside the house & around the garage, or adding a fresh coat of paint on the kitchen cabinets.
Foundation, walls, doors, & windows of the home should be secure, the walls weatherproof, & there shouldn’t be any standing water within the home.
Heating, electrical, plumbing, gas, & other systems should be safely up & running, and in compliance with local codes. Additionally, the home should be equipped with smoke & carbon monoxide detectors.
Other easy, affordable tips
Deep cleaning the house, putting out fresh flowers, staging the house with a few odds & ends (like wine bottles & glasses in the kitchen), adding a “Welcome” sign on the front porch, changing out light bulbs, & cleaning the windows.
Reach out to us with your rental questions by email or phone. We're here to help.