If you’ve just invested in your very first property that you’re planning to let out to tenants, congratulations. It’s a big step to take, and it’s a solid way to invest in your own future. Renting out your property for the first time is going to feel a little bit like climbing a very tall mountain.
Nobody really expects you to know how to rent one out, especially if it’s your first ever attempt. It’s why you tend to hire property management experts to help. It’s important to know that even if it’s your first rodeo in renting out your property, it’s not going to be the first rodeo for a property manager.
Just under half of investment property owners find that finding their tenants is their main pain point because they want to find the right people for a long term tenancy that they can trust to look after their house. If you’re going in for the first time, you’re going to need as much help as you can get. So here are the tips that you need for renting out your property for the very first time.
- Get to know the nitty gritty. It’s a reality for the property managers, but it won’t be a reality for you to know exactly what to do when it comes to renting out a property. Not only do you have to figure out how to buy and rent out your property for the first time, you also have to figure out what compliance will mean. You need to keep these factors in mind if you’re renting out your property: Safety requirements at the minimum, how clean your property is, the entry condition report and the tenancy agreement. You can absolutely rent your property out privately and be the manager of the property itself, but it’s much easier to hire somebody who knows the insurance and outs and who can handle it all for you.
- Setting the right rent. If you’re renting out for the first time, you need to consider how to set the rent on your property. You can get a free rent appraisal online, or you can contact a property manager for a rent appraisal letter. You can also calculate the monthly rent by yourself. You also have to remember that as a landlord, just because this is your house, it doesn’t mean that every single cost can be passed to the tenant. This is your investment and if you cannot afford your investment, you should be selling it.
- Understand your demographic. Renting out your property for the first time may lead you to asking yourself how to find the right tenants for the house that you’ve got. It’s a good question, but you need to make sure that you figure out the right time to have your open home and inspections. And you need to arrange the open home so it caters to your target market. If you’re looking to bring in business professionals, then keeping open homes out of work hours is a smart idea.
Renting out your property doesn’t have to be a massive pain point, especially if you know what you’re doing.