Landlord (Renting Process)
If you are thinking about renting out your property and need help, the following is my recommended path to get the best renter possible. For more detailed information on how to find great renters, click and download my report
Step 1: Determine Renting is better than Selling your home.
The decision to rent should be weighed by the costs and benefits of selling the property with the potential other investment opportunities from the proceeds of the sale. And, in our current times, where owners have experience property depreciation, special consideration should be made regarding how negative cash flow on a monthly or yearly level relates to the potential of selling at a loss. Selling at a loss could include losing your own money, or going through the process of a short sale.
Step 2: Prepare property and the application process
1. Property Inspection
2. Improvement Recommendations
3. Estimate / Schedule Improvements
4. Vacating Tenant Coordination for Showings
5. Determine the different ways a tenant can show promise – more details in Find Great Renters.
a. Paying the rent on time
b. Keeping the house in good shape
Step 3: Marketing
1. Photos & Video – see samples under Video
2. MLS listing – populates 1,000’s of websites & preset agent email alerts
a. Recent MLS listings – click to download
3. Advertise on other sites – Craigslist
4. Put up For Lease sign &
5. Put up lockboxes
a. Electronic – For agents to key in
i. Attached to exterior of property if vacant.
ii. Left inside for occupants to put out on
doorstep for showings.
b. Combination – for non-agents – contractors, etc.
a. Within 24 hours- usually same day for tenant calls
b. By Tenant Agents
7. Diagnostics (Feedback)
b. Website Traffic
Step 4: Application
a. Sample Application – click to download
b. Credit Report
c. Pay stubs
d. Bank Statements showing balances
e. Letter from past landlord
Step 5: Acceptance
1. Paperwork & Move In Funds
a. Sample Lease Agreement – click to download
b. Sample Disclosures – click on each to download
iii. Lead Based Paint Hazards Disclosure for
home built 1978 & before
2. Move in Inspection – confirm property condition to be referenced at move out.
3. Finalize any last repairs, communication methods.
a. Direct Deposit. Rent drop off, Mail, etc.
b. Maintenance Procedures