So You Want to Rent Your House Out, Eh?
by Diane Rice
WHAT? You want to RENT OUT YOUR HOME? Really?
You have come to this conclusion because your home SAT on the market for two years and failed to sell even though you:
Offered a 13 Month Home Warranty
Lowered the price of it regularly
Switched REALTORS® 3 times!!
Plastered ads in ALL the neighborhood spots
Held monthly open houses
If you reduced it any more, there would be NO profit from the sale! Since you’ve already lost the equity, your last ounce of hope is to attempt to salvage something… ANYTHING!
The reasoning your mind tells you out of desperation, is that you could get enough money collected every month from a tenant, which would cover the PITI, and perhaps pay you a small reward after entering into the lease agreement.
Right? Right! Hmmmmm….. Wait just a minute…. HAVE YOU DONE THIS BEFORE ?
This is a ripe market for tenants…. GOOD and BAD ones. Consider, ponder, pray, get advice, do research and double-check before having your renter sign a commitment!
Remember…. The EASY part is placing them…. The HARD part is getting them out!
Here is a very, very small checklist of DOS and DON’TS for you:
NEVER rent to relatives – blood and business does not mix!
NEVER show your home without pre-screening first!
NEVER listen to BELIEVE a sob story!
NEVER show your home alone!
ALWAYS verify references, income sources, AND identity!
ALWAYS do previous residence home checks!
ALWAYS use a lease agreement that spells out every policy you want enforced!
If you believe you have what it takes to effectively market and successfully lease your valued investment, we extend our blessings to you!
If, however you do not feel are not wired to handle the savvy individuals that make their appearance in all forms of presentations, we highly recommend a Property Management Company with a proven record of satisfied clients and tenant discernment!
In your search, seek out one who is familiar with the neighborhood, reputable, licensed in their field…. and experienced!
Rice Property Management & Realty, LLC services South Suburban Illinois & Northwest Indiana communities, and can be reached by web at: http://www.862RICE.com by phone: 708-862-RICE (7423).
American Apartment Owners Association offers discounts on products and services for landlords related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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