Deciding to become a landlord is a big decision. After you've made the decision to start renting your property, there's a lot to consider. Finding renters can, at times, turn into a nightmare. With just a few tips, you'll be able to fill your property and be renting in no time.
Go to a realtor. Sounds ridiculous, doesn't it? Yet, a realtor could be your best friend when looking into becoming a landlord. A realtor can get you comps in the area. Not only can you find out how much your property would sell for, but you can also find out the average rent price. And while we're talking about realtors, forget those online sites. An actual agent will give you the most accurate information available.
Try a tenant finding service. Not all areas have tenant finding services, but check your local area. Your Real Estate Club is a great place to find these types of services. The tenant finding service is so easy and simple. You pay a small fee (like $25/week). They put the sign up, they announce it online, and they get the calls. Basically, the tenant finding service does all the work for you, without having to pay a realtor 6% commission. With this type of service, you'll be renting in no time.
Call a property management company. This could be tricky and you'd only be able to do this a couple of times, but call the property management company and ask how much they charge for rent. Act like you are interested in a place they have posted for rent. You'll get the information you need.
These are just a few of the things you can do before deciding to become a landlord and renting your property. Start with these three ideas and then you can make a more informed decision from there.
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