3 Things I Wish I'd Known Before Renting My Home Out
They say your house is your castle. But if you own more than one, you might be thinking of renting it out. Atlanta Property management looks like not a big deal, until you try to do this on your own. Later on, it turns out there is a brave new world of regulations, policies, and general how-to tips you’d better know. This time, we chose to focus on three most fundamental points you need to learn.
Rental Property Insurance Is a Must
This is the first and foremost step you should take in your landlord’s career. Even if you are lucky enough to find the best tenants on the planet, odds are good that eventually something will get damaged. Given this fact, enjoy the big secret revealed: even if you have a standard property insurance policy, you still need to get a landlord’s one. Wonder why? Well, this part is tricky. And it perfectly displays how mercenary the entire insurance business is. Although both landlord’s and standard property insurances cover virtually the same things, you still need a special one as a landlord.
One little thing to add: your landlord’s insurance does not protect any personal belongings of your tenants. This means, your renters will need their own insurance even if they live in a protected apartment. This pretty much explains why so many insurance companies are moneybags.
It’s Not a Good Idea to Skip Tenant Screening
Not all tenants are equal. Some people are clean and honest, while others are not. Your major goal is to weed out the good from the bad. This is where the tenant screening comes into play. Some experts suggest starting by writing a comprehensive plan of a screening process. But this is obviously too much. We live in the 21st century, which means that most of the rental-related operations have gone digital. Check out Rentberry or Zumper to learn more about online tenant screening.
No matter whether you choose to screen tenants online or conduct your own procedure, there is one thing to keep in mind. There is a Federal Fair Housing Act, and it is meant to protect tenants from any possible forms of discrimination during the application process and along the way. To cut a long story short, you should be really careful when asking your prospects about their race, religion, and gender.
Sticking to a Fixed Price is Wrong
Being flexible is good for yoga classes, but not only. When you rent your properties out, you can take advantage of adaptability as well. On a slow rental market, flexibility might help you reduce vacancy rates. Plus, it can even help you earn more. For example, if you own a property in Florida, you have reasonable grounds to establish a higher price during the hot season and reduce it for winter months, when the demand for property in such regions subsidies. Not only will this help you take the most of a high season, but also your vacancy rates will be minimized.
They say practice makes perfect. And it’s true that the most successful landlords are those who’ve already learned from their own mistakes. Multiple mistakes. But we encourage you to take the most out of living in the 21st century. Use the power of Google. Take time to learn lessons from the articles like this, talk to experienced landlords, and remember to trust your gut feeling. Being a landlord is not a rocket science, so you have a fair good chance to succeed.
Author’s bio: The writer, Chloe Underwood, creates remarkable content for Rentberry. Being well-versed in the real estate, she writes for the company’s blog and creates guest articles that are educational and entertaining at one time.
