If you’re planning to move, but the housing market is a little on the slow side, then you might want to explore options other than immediate sale. One of these is converting your house into a long-term rental and using it to make some money. This might not seem possible, but once you know how, it really isn’t all that difficult. Read on for a few tips.
Complete Repairs
Your first step is to make sure your house is fully repaired. Renters don’t like projects or things falling apart. Do a full survey of your home, and note anything that needs fixing. Hire professionals for larger jobs like replacing windows or updating plumbing, but try to fix smaller things like squeaky doors on your own. Just make sure the property is in good working order and that appliances operate efficiently. You’ll attract renters more easily.
Make Your House Desirable
Next, go beyond the basics and make your home more desirable to renters. For example, brighten each room with a fresh coat of paint and new window coverings. If the flooring is looking dingy and worn, replace it. You might even update the kitchen with new countertops and cabinets, or the bathroom with a modern shower or bathtub. Whatever you decide, make your house stand out. You’ll be able to charge more for rent, too.
Consider Property Management
As you enter into the realm of being a landlord, you’ll have to decide whether you want to manage your property on your own or hire a company to do it for you. Remember that if you choose to interact with your tenants personally, you’ll have to collect rent each month, handle any maintenance requests, and deal with complaints. A trusted property management company like Leading Vegas Realty can do this for you and contact you as necessary. It might be a good option if you are busy or moving away from the area.
Market Your Property on Social Media
To find renters, you’ll need to market your property. You could use social media to spread the word since most people have social media accounts these days. Facebook ads, for instance, allow you to reach potential tenants. You can create a Facebook ad using a template and add your own text, fonts, colors, and photos. Then you can post the ad and/or download it to share elsewhere. Don’t forget to place ads in your local newspaper and use old-fashioned word of mouth.
Find the Best Tenants
You should, of course, have an idea of the kind of tenants you want to live in your home. As you meet potential tenants, see how well they fit your ideal, but be flexible. The perfect tenants may not be what you expect. Also, determine whether you’ll allow pets, and be clear about that upfront. Write up a detailed lease that lists everything your new tenants need to know.
Leave Your House in Good Hands
If you decide to turn your home into a long-term rental, begin with repairs and desirable updates. Determine whether you’ll need a property manager, and market your property on social media and elsewhere to find the best tenants and ensure your home is in good hands. For a top-notch property manager in Las Vegas, trust Leading Vegas Realty.
Danny Knight, DIY Specialist
dannyk@fixitdads.com
