Renting out property is a profitable venture given the right factors and some business and interpersonal savvy. Look to the tips below to get started.
Know the law
Look up relevant local, state, and regional laws regarding rental property. Familiarize yourself with your rights and responsibilities as a landowner.
Draw up a sound contract
Consult or hire a professional regarding your rental contract. Your contract must be clear and concise regarding the rates, term of lease, the details of the property, and the rights and responsibilities of both tenant and owner to the property.
Perform routine maintenance
Check in on the property before your tenants move in. The premises should be clean, secure, up to safety codes, and ready for occupancy. Check the plumbing, electricity, and any appliances or furniture. Have them repaired if needed. Take photos of the property and its rooms, features, and furnishings for documentation. Additionally, perform maintenance checks throughout the term of lease as well. Notify your tenants of the maintenance check ahead of time.
Screen your tenants
Select your tenants carefully. Credit reporting agencies can provide you with your tenant's credit report for a fee. Check state and local records for any criminal history.
Build & maintain relationships
No one wants to do business with someone they didn't like. Keep on good terms with your tenants. Lend an ear and assistance to any problems regarding the property that might crop up during their stay. Work together for the good of the property -- it's a win-win situation.
Keep track of your records. Organize and store your papers and receipts for any work or purchases done for the property.