Renting Out Your Home: Advice from a Seasoned Pro
Susie recently wrote an email to past clients highlighting her favorite “landlord tips” after years of owning rental properties. After a quick read, I realized it would be an excellent blog post that would be helpful for any landlord.
Whether you're a newbie landlord or an old pro, there are some seriously helpful tips you need to know for smooth sailing on your rental journey.
Professional Pics and Staging
Think about how different your home will look compared to the competition with strategic design choices and professional pictures. Most people do a camera phone session and call it good, but we can recommend a stager and give clients access to our staging inventory to spruce things up for pics. Reach out for photography recommendations or a free staging consultation.
Lead-Based Paint Disclosure
It can be easy to forget, but if your home was built before 1978, you’ll need a lead-based paint disclosure signed as well as a lease.
Get Creative with Lease Terms
Be crystal clear about early termination agreements and renewal notices. Decide ahead of time if, once the lease term is up, you’re going to have your tenant(s) renew their lease (which is what every property manager does, because they get a fee for the re-lease) or if you'll let them go month to month.
Now, here's where Susie's advice gets interesting. Who says a lease has to be the usual one year? She's all about thinking outside the box. Forget about leases ending in the chilly months from November to February – nobody wants to move in the snow! Instead, why not go for 11 or 15 months? And, aim for lease terminations and renewals between March and October.
Cleaning
Picture this: monthly or quarterly house cleaning is included in the lease. Sounds like a tenant's dream, right? Not only does it keep the place sparkling clean, but it also ensures the long-term maintenance of your asset. And, you can essentially pad the rent to include it.
One of Susie’s cleaners discovered the very beginning of mold growing in a tenant’s bathroom. That discovery led to the realization that the bathroom fan wasn’t working. Susie was able to get the bathroom fan fixed and have the mold treated, preventing both a much larger construction project and the tenant from getting ill from mold exposure.
Bathroom Tip
As I’ve discussed in other home maintenance blog posts, water can cause issues faster than you’d believe! One of Susie’s tips for avoiding a moist, moldy bathroom is to tie the fan switch and light switch together. A quick visit from an electrician and you can ensure that no one can shower without the bathroom fan running.
