Around 10 million Americans own rental properties, which shows how popular renting out a home is for extra income.
Properly preparing your property is essential for attracting tenants and maximizing your profits. But if this is your first rodeo, it can feel overwhelming to understand where to focus your efforts.
Sounds like your situation? Luckily, we've got the answers you're searching for. Here's how to get ready to rent out your house in Park City, Utah.
Research the Current Market
Like every business venture, it's important to conduct market research. Figure out whether there's a need for rental homes in Park City, Utah, to determine whether it's worth your effort. It'll also give you an idea of how much you can charge monthly and how to set your property aside from others.
Prepare Your House
As you prepare the property, imagine you're the tenant and decide whether it's good enough. You'll likely need a fresh layer of paint and do necessary maintenance, such as replacing your heating or AC filters.
To ensure you've done a good job, check out local housing codes to get a breakdown of what you must legally do, such as property repairs.
Hire a Property Management Company
Don't worry if you can't produce a lease agreement because that's what property management companies are for. These professionals understand the rental market and will suggest how your listing can stand out. It also removes any stress, as you don't need to worry about setting a price or advertising the property.
Market Your House
You want quality tenants to find your rental listing, which explains why marketing is so powerful. Browse other rental property descriptions and note down the most desirable amenities, such as in-unit laundry facilities and community spaces.
Aside from posting on the property manager's site, post on social media and in the local newspaper to further your reach.
Screen Potential Tenants
Once your listing has gained a buzz, ask the property manager to select tenants. Reputable ones will conduct a thorough background check to determine whether they're a good fit. This means sifting through credit, criminal, and past eviction reports so there aren't any surprises later on.
Use a Professional Lease Agreement
If you're happy with the tenant, ask them to sign a lease agreement because it's legally binding.
Many landlords make the mistake of drafting documents, but they often aren't legally sound, which puts your investment property is at risk. Instead, hire an attorney to create an official lease agreement and give you peace of mind.
The agreement should detail clear rules for tenants. For instance, state whether you accept smokers and pets so residents know what to expect.
Rent Out Your House Today
Now you know the latest tips, it's time to rent out your house.
At PMI Mountain Collection, we have a robust marketing network to attract quality tenants that landlords are happy with. We also have years of experience in streamlining property management to protect your property.
Interested in renting out your property? Then, contact us today to speak to a member of our team.