What to Consider When Renting Your Home
Renting out a home is a great way for homeowners to earn some extra income. Some homeowners see renting their homes as a long-term commitment to their financial futures.
Being a landlord has its advantages and disadvantages, and the decision to rent out a home is one that homeowners should not take lightly. The following are a handful of factors homeowners should consider before trying to rent out and managed their homes themselves.
Being a landlord is a 24/7/365 commitment, as tenants will expect their landlords to be on call at all times. Tenants will call their landlords should plumbing fixtures suddenly burst in the middle of the night, and landlords must be available to answer such calls no matter how inconvenient they become. If you are not willing or able to devote the time necessary to tend to tenant needs, then being a landlord may not be for you.
Whereas homeowners may be able to delay making certain repairs in the homes where they lay their heads, such a luxury is not afforded when they are renting out their other properties. Repairs and maintenance of rental properties cannot be put on the back burner while you save money to fix them. In addition, if even minor repairs typically pose a problem for you, you may soon discover that hiring a handyman or discounting rent for live-in supers is cutting into your profits or making it difficult to pay bills. Before deciding to rent out your home, determine the potential costs of maintaining a second property and use that information to decide if renting the property is a sound financial investment or one that might put you in the red.
Many people who have rented have a horror story or two about an absentee or indifferent landlord, but landlords also have their own such stories about nightmare tenants. When mulling whether or not to rent out your home, consider who your prospective tenants will be and if your community will supply the steady stream of renters you will need to pay your mortgage and bills without jeopardizing your finances. The last things first-time or even experienced landlords want are tenants who cannot pay their rent and/or those who are disrespectful of their neighbors and their landlords, so it's best to give ample consideration to your potential pool of renters before deciding to rent out your home.
O'Brien Property Management is here to help!
Many landlords work with O'Brien's property management division because we do much of the legwork with regard to finding tenants and maintaining properties for you. This is an affordable solution that makes renting your home financially viable.
Renting a home is a great way to earn extra income and O'Brien Realty is the solution that makes it easy to do.
O'Brien Property Management Services
• We work with a variety of subcontractors to maintain and supervise your property.
• We perform random property inspections.
• We perform credit and background checks on potential renters.
• We know the laws and your rights.
• We’ll maintain it so you won’t even remember you own until the check reaches your bank account.
Why Choose O'Brien Realty?
• We show your properties 7 days a week to prevent vacancies.
• Provide yard sign, lock box, MLS access with worldwide exposure of your properties on the internet.
• Photograph your property and provide flyers.
• Inspect properties at move in and move out with photographs for each tenant.
• Take repair calls from tenants meaning no 3 AM calls for you.
• Screen potential tenants to include prior rental history, credit and background check to provide good tenants.
• Perform complete accounting for your properties to ensure maximum return on your investment and optimum tax benefit to include sending an annual income and expense summary.
• Pay contractors and keep detailed maintenance records.
• Provide a lease agreement that covers your property well and enforce it with the tenants.
• Track and provide vacancy rates, average time on market, and comp rent values for the area.
• Collect rent and disburse to you every month.
Frequently Asked Questions