If you own high end luxury real estate, there may come a time when you want to rent it out. Doing that can be tricky. You want to get the right tenants at the right rent, but it’s not as easy as it sounds. Do it wrong and you could end up with a trashed home and no money in your pocket.
First, don’t rush into a decision. You aren’t renting out a hotel room; you’re renting out your home. Take your time, even if you have to rent it quickly. Find out more than just their name. You need to know if they can afford your home. More than just the rent, can they afford the lifestyle it offers? You need to do important things like background checks. Don’t just do a credit check, find out who they are. Do they have a criminal history? Have they been evicted before? Do they have judgments against them for civil actions? Each of these will tell you something about their character and trustworthiness.
Meet with them and see if there is “chemistry” or whether you click. Ask questions. A lot of questions. Good questions can uncover red flags. Ask things like who will be living with you in the home? What kinds of hobbies do you have? Any pets? What do they like to do in their spare time? Even innocuous questions can tell you a lot.
What are the Executive Property Management rules?
Once you narrow down your potential tenants, present them with rules for your property. A big red flag would be if they balk at any of them. Don’t back down. It’s your home, you make the rules. If you don’t want pets in your home, no pets. If you don’t want small children, no children. Be careful that your rules don’t break any discrimination laws, but other than that, you own it, you make the rules. Also, do things like require a security deposit; require that they have renter’s insurance. Realistically, if they can afford your property, they can afford a deposit and insurance.
Lastly, while you could do it yourself, don’t. Hire a Realtor to help you. Find one that specializes in luxury properties. You may pay a little more, but the quality of tenant they will find for you will more than make up for it.
Looking for a great Executive Property Management company? Give us a call today! 303-452-5853