Renting out your Property

Posted: October 7, 2012 in Real Estate Tips

When a rental property gets in your hands, should you hold or fold. Are you thinking about outsourcing it to a property management firm or doing it yourself? Do you think you can handle toilets, tenants, and trash?

It doesn’t take a lot to turn your everyday homeowner into a landlord. Perhaps you need to move out of state for work but want to keep your home and have it rented out. Or perhaps you get married and move in to another house. While a lot of individuals would want to have an extra house that they can worry about, managing a rental property can be a headache. Among other matters, you need to ask yourself the following questions:

  • Is your property worth hanging onto?
  • How do you feel about strangers living into your home?
  • Can you work with tenants from hell?

Can you be a landlord?

The biggest determinant factor on whether you can be a good landlord is your temperament. Ask yourself if you have the skill and time to do this task properly. Aside from the keeping your business afloat, you also need to provide a safe and smoothly functioning house for your tenants. Your rental home’s wiring, plumbing, stairways, and outdoor areas should be safe. You also need to advertise your rental, screen and select the right tenants, and evict (if you must). If this sounds hard for you, then you might just opt for a property management firm that will do all the said tasks for you.

Outsourcing and Getting that Peace of Mind

When you think about all these landlord responsibilities, there is much to be said for getting professional help. Hiring a skilled property manager will cost you around 10% of your home’s monthly rent. When choosing a property management, make sure you ask them a list of services that they provide, professional references, insurance coverage, and etc. Ask the company if they offer a 24-hour maintenance service for all their rental properties.

Check out property management reviews online to prove the credibility and reputation of the company. Always remember that having a rental property is a business. If this isn’t something that you like, it is better to let go and stick to something that you enjoy!




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