As a home owner, there often comes a time where you ponder the thought of possibly selling or renting out your house. For most home owners, your property is one of your biggest investments, therefore, a very big concern for you is making sure that it is being well taken care of. Typically, when you decide to rent out your home, you will have a criteria of what you are looking for in a tenant. You want them to meet your expectations in terms of income, excellent past references, pet regulations, smoking regulations, etc. Ideally, you want to make sure that you find the best tenant possible, who will pay their rent on time and treat your home like it’s their own. With that being said, finding your dream tenants can often be a challenging process. If you are unfamiliar with how to manage a property yourself and have minimal or no experience, it is a smart idea to explore the option of hiring a Property Management company to help you along the way!
There are many benefits to hiring an experienced Property Management company including saving you time with the rental process as well as any future issues that could possibly arise during the tenants lease period. They will take over the responsibility of things such as arranging viewings and screening applicants very carefully in order to find you the best fitting tenants. Once the perfect tenants are found and your home has been officially rented, property inspections are done to assure that the property is being well maintained and taken care of. If any issues arise during the lease, the tenant is responsible for contacting the company managing the property directly, saving you the stress of having to deal with any of these problems on your own. Other things, such as signing the lease, move in and move out inspections, repairs, and questions or concerns are all dealt with initially through the company first so you do not have to take time from your day and deal with all these issues yourself. What to do when renting a home can fill a book with all the details involved…
If you have been trying to rent your home for some time but are finding that you are not having any luck, there are a few things to consider doing that may help speed up the process and draw more attention to your property. For example, pricing your home reasonably and competitively is important as most tenants will do their research and will often know when a property is either over priced or under priced. Having professional photos taken to advertise your property online is also a good way to gain interest as most people today use the internet to find a home… After all, first impression is everything! Your home should be well organized, clean and presentable for when prospective tenants are coming in to view it. The goal is to make your home look as appealing as possible so that those viewing it can visualize themselves making it their new home.
If you are looking for a West Vancouver Property Management company, it is always a good idea to do research and check out the reputation of the company. Once you decide on the best company for you, they will give you advice on your home. It is is a great way to find out what characteristics of your home interest people, as well as any changes that could be made to make it more appealing. Having your home looking ‘up to date’ as much as possible will go a very long way. Having it touched up and repainted if needed, will make a big difference as people often want a home that looks fresh when they move in. As it may be obvious to make sure that the interior is looking presentable, tenants will pay just as much attention to the exterior too. You will want to make sure that the landscaping, gardening and lawn maintenance is kept up.
It is important to understand the responsibility of renting out your home. There are a few things to consider such as possible future repairs, maintenance fees etc. Depending on the age and condition of your home, sometimes tenants will have expectations regarding what they want done to the home before agreeing to take it and sign the lease. Things such as up to date and working appliances are something that most renters will look for in a home. Often tenants will be willing to put in an offer on a home under the condition that the owner agrees to modify certain aspects of the property to make it more appealing to the person who will be renting it. In that case, it may require you to put some money in to your home to satisfy your potential tenants. In a down market, it may be more tough to rent out your home exactly the way it is as tenants tend to be choosey and be more attentive to the details and the condition of the home. As the availability of rental homes will be greater than usual during this time, those who are looking to rent, will have more opportunity to explore other options in terms of rental properties.
Last but not least, it is very important to know your laws and rights as a landlord. Hiring a property management company to help you manage your home will definitely come in handy when it comes to the legal aspect of things. Property managers are extremely knowledgeable with the rules, by laws and steps that must be taken in order to rent out your home properly and legally. It is always a good idea to seek professional advice when it comes to renting out your home to make sure the process goes as smooth as possible. After all, it is your home and surely you want the best possible outcome from your rental experience!