1. Inspect your home when your home is empty, thoroughly inspect it and repair major problems. Address potential problem areas including roof leaks, sagging or clogged gutters, driveway cracks, leaky faucets or pipes, electrical outlets, and burnt-out light bulbs. Also, inspect your floors to make sure they are sound.
2. Think Safety Tenants will feel more at ease if they have a safe place to live. If you’re renting out a portion of your home, secure and separate the rental area from the rest of your home. Ensure smoke/carbon monoxide detectors are in good working condition.
3. Clean Up Nothing will turn off a potential renter more than a dirty place. Clean the floors, windows, and blinds. Shampoo the carpets to remove stains. Repaint walls with a neutral color to make the rooms seem cleaner and brighter.
4. Evaluate Your Furnishings and Appliances Cleanliness applies to furnishings and appliances, too. If you have valuable furnishings or fixtures you don’t want stolen or damaged, remove them. If you are providing a furnished home, make sure everything you provide is in working order. If you are providing appliances, ensure they’re clean inside and out. Keep in mind, renting a home with appliances may allow you to boost the rental price, but it can cost you if the appliances require frequent repairs or maintenance.
5. Notify Your Mortgage and Insurance Companies It’s important to contact your mortgage and insurance company to let them know you won’t be living in the home. Your mortgage company has certain rights to the home to protect its security interests. Once you’ve notified your mortgage holder of your intent to rent out your home, you may have to meet specific mortgage-as-landlord requirements. You should switch your homeowner’s insurance policy to a landlord property insurance policy to cover any losses due to tenant’s negligence, natural disasters, fire or water damage.
When you’re trying to determine how much rent to charge, there are a number of things you’ll need to think about. A good first step in this process is asking a local Professional Management Company for a free rental assessment of your property. Given the size of their portfolio and market knowledge, they will be able to give you a ball park figure of what to charge.
Other than local professionals, you’ll also need to consider what landlords are charging for similar rentals in your area. If the rent you want to charge is unreasonable compared to what everyone else around you is charging, you might struggle to find a tenant who’s willing to commit to your terms. A website like Trulia or Craigslist can show you how the rental rate in your head stacks up against the rates your competitors are offering.
If you’re renting out your house so you don’t have to pay for your home loan, the rent you charge has to be at least equal to the cost of your monthly mortgage bill. Don’t forget to factor in an estimate of repair costs, taxes, homeowners association fees and insurance when you’re deciding what to charge.
On average it will take anywhere from one to three weeks. The reason for such a spread largely is due to the time of year a property becomes vacant. Winter months are inevitably slower than summer months.
As an owner you have the ability to set your properties pet policy. You have the choice to dictate no pets, pets of certain size, or all pets welcome. Your choice!
Prior to receiving keys for the unit, the resident will have registered with the office, passed the background and rental screening criteria and will have paid in full rent and security deposit.
If a resident is late with their rent payment, a manager will reach out to them via phone, text or email to see what the story is. On the sixth of the month they will be assessed a late fee per the lease agreement.
Monthly owners disbursements take place on the 10th of every month. With the owner disbursements, there will also be a detailed financial statement of the income and expenses for the property.
4 Degrees offers a 24 hr./7 day a week hotline that will address all resident emergencies upon notification.
Work orders are received by the office either via email or phone call. The manager will address the work order by following up with the resident who submitted the work order and assuring them we are working to resolve the issue. The manager will simultaneously notify the owner with all pertinent information. We will then coordinate vendor work to be completed at the property (depending on the scale of the project).
If a resident leaves prior to the end of their lease they will be charged for breaking their contract. We will then work to get the unit rent ready in order to get back on the market.
The owner is protected from damage to the property (on a small scale) by the security deposit charged upon move in. 4 Degrees also requires liability insurance from the resident to cover large scale issues and works with 3rd party vendors to collect on past due amounts owed by residents.