How to ‘rent’ a property?

Renting a property is not just about putting up a tenant sign and seeing potential tenants lining up at your door. The most important thing is the first impression that you must get and determine if you should involve a real estate agent so that they know your legal rights and obligations and help you negotiate the best price for your property.

Tips on how to rent a property

• Stand on the opposite side of the road and look at your home to see the first impression you want your prospective renter to have. Is there garbage on the side of the house? Is the lawn covered with weeds? Clean it up and mow the lawn. If you have a porch, clean it up and place a large pot of flowers on the porch.

• Take a good look inside the house. Can you do the kitchen with a new coat of paint? Can you renovate the bathroom by removing the dirty carpet and replacing it with tiles? Give the bathroom a coat of paint, replace old faucets, put in new steel railings, and hang a fern in the window. It immediately makes your bathroom friendly, especially if there are clean towels that guests can use.

• If you have a wooden floor, clean it and throw it away and use mirrors for staging if you want to create space. Tenants are willing to pay their rent if they move into a clean, fresh house.

• Check wooden window frames and repair cracks and holes and apply a new varnish.

• If you have pets in the house, make sure their sleeping areas are clean and shake out your rugs and spray to kill bacteria and eliminate dog odors. Do not smoke in the house on the day you have the open house.

• Get a homeowner’s guide and familiarize yourself with safety rules and no-hassle gas HVAC equipment, trim, and roof leaks when it rains. Doing the right thing up front will save you time and money and will also make the difference between quickly renting your property or waiting months for a new tenant.

• Check all the legal aspects related to the rental of your property and the cost of municipal taxes, utility bills, etc.

• Talk to a mortgage lender if necessary and an insurance company to make sure the property has the proper insurance.

• Have a contingency budget for attorneys, administration fees, and insurance. There should also be a sum for repairs and maintenance. Don’t underestimate the costs.