There are many reasons why people may want to rent out their properties, although the main motivation is often that they want to earn more money.
Whatever your reasons may be, there are a few things you need to know about renting out your property, and this post will be walking you through a few of them. This way, you can ensure that everything goes as smoothly as possible for you as well as the tenant. So, if you want to learn more about this, keep reading.
Get professional help
You may have heard horror stories about landlords and tenants who don’t get along, and while it is entirely possible to have a good relationship with the tenants living on your property, it’s still a good idea to work through a third party.
This is because they are professionals, which means that they will know how to deal with any possible issues that may arise. These types of companies also often do a lot of the work for you, so that you don’t have to be worrying about your property all the time. Have a look at some condominium property management companies in Toronto to learn more about how they can help you.
Get the property ready
Ideally, you should do some renovations to your property before renting it out. While this isn’t strictly necessary, it does mean that you can ask for a higher price.
And since most people want to rent their properties out for the extra income, this is a good thing to keep in mind. That being said, remember that you may need to pay income tax on the money you get from renting the place out – even if it isn’t a salary, it still counts as an income source.
You should also consider getting the place into good shape to try and lower the risk of something going wrong once the tenant has moved in.
Advertise the property
Next up, you should advertise the property. If you are working with a property management or real estate company, they might be able to do this for you.
Remember that most potential tenants will form an opinion of your property based on the photos that they see, so while you don’t necessarily need magazine-worthy interior shots, you should try to at least get a few decent pictures for the advertisements.
Find the right tenant
Finally, you need to find the right tenant. You may have specific things that you look for in a tenant, such as that they don’t smoke or that they don’t own pets, so be sure to make this clear beforehand.
Of course, the most important thing is that they are reliable and responsible. While there’s no way of guaranteeing that someone will be a good tenant, you can find out about their credit score and get in touch with their previous landlords to determine whether they are a good option or not. Conducting a reference check for a tenant isn’t that much different from doing a reference check on an employee.
Interesting Related Article: “4 Things You Must Do Before Renting a House or Apartment“