July 21, 2020

Tips On Renting Your Private Property Long-Term

I Want to Rent Out a House

You’ve decided to rent out your vacation properties to tenants long-term. You plan to do doing everything possible to ensure that your property has all the necessary amenities for renters to be comfortable, and truly making sure tenants have a system where they can input maintenance requests, view rental agreements, and access other service features that will help them know you are always there to attend to their needs. 

Tips On Renting to Know in Advance

Before you begin renting, here are 4 top tips on renting to remember when choosing to offer your property for long-term, and even short-term stays. These are all tips for first-time home renters and things to consider when renting a house.

Set A Reasonable Price

You’re likely wondering, “How much will my house rent for?”Educate yourself on how to price your rental. If you are looking to make sure that your house is taken care of and you have to deal with fewer people at a time, require a minimum number of nights that guests can stay. This ensures that  You are making a good profit form the time and money it takes to invest in keeping your property up to date. Research area rents, tour properties to compare housing quality and amenities, and if you do decide to price your rental above average, make sure your property offers more high-quality amenities as well.  

image of master bedroom in rental property with speckled floor, gray walls, black accents and tan bed and bench

Have a Solid Property Management System

With a good Property Management System, you are able to manage renters and short-term reservations, while delegating tasks to your team in a timely manner. Not only does this assist you with making sure you focus on providing your tenants with the best customer experience ever, but it also lessens your workload, especially if you manage more than one property.  Choose a system that fits both your needs and that of your tenants. With a new, modernized platform like Jervis Systems, you are able to streamline your workload, while leaving no room for property errors that could easily be automated. 

Familiarize Yourself with Both State and Federal  Landlord and Tenant Laws

The best way to protect your self from any legal matter is to educate yourself. Know your rights as a landlord and familiarize yourself with what rights tenants have and how they can exercise those rights.

Set Rental Policies and Write a Lease

It’s good to set up a list of house rules for renters. Find a basic lease contract online and tailor them to your situation making sure to include all important information. Determine if you allow things such as pets and if you want to include a pet deposit. The most important policy to have is how to handle tenants who break the lease or want to break their lease due to extenuating circumstances. Using sample leases found online can be a great way to see how others have approached some of these existing issues.

Do Your Research for the Long Term

Following these steps will help you know if you are ready to rent out your property long-term or if you need to do some more research and educate yourself about property management.

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