You have a property you’ve decided to rent. How do you list your home for rent? Do you need a rental realtor or a property management company? What will you need to do? Plenty. Here’s the run down.
First, have a rental realtor or property manager go through the property and suggest a few things. They can tell you what it will rent for in it’s current condition, suggest some fixes you should do, and tell you what it could rent for if the changes are made. That way you can make decisions on what repairs really need to be made, or if they can wait.
Because they are working with lots of rental properties, a property management company can give you a better idea about the market, current rentals, what the rent for, average size of rentals, how long they usually rent for and other pertinent and useful information.
If you’re going to list your home for rent you may need to make repairs, so set time and budget aside to make them. Some repairs can be costly, but you will get that back in the extra rent you can charge. Check with your local city or county to see if permits are necessary for what you need to fix. Also, if you can’t make the repairs yourself, find a reputable contractor to make them. (if you are working with rental realtor, you may have to find your own workers, a property management company will generally handle this for you with their own preferred contractors and negotiated reduced pricing).
When you list your home for rent check with your city or county to see if you need any kind of permits or inspections for renting the property. While some might think “I don’t want the city or county in my business” if something goes wrong down the line, having done the right thing will work in your favor. Also, talk to your insurance company to get the proper insurance for renting. You will need extra liability beyond typical home owners insurance.
So how do you list your home for rent? You can do it yourself in the newspaper, online lists like Craig’s List or something similar. If you do that, you have to screen those who respond yourself. Background checks, financial checks and so forth. You also have to be aware of laws on discriminatory practices to keep yourself out of hot water. Using a rental realtor or property management company will save those aggravations. They will, for a fee, list your rental, screen potential tenants and help you get things done right!
Looking for a great property management company in the Denver and Fort Collins area? Give us a call today! 303-452-5853