 Property owners rent out their home for many reasons. The most popular are:
1. Needed Repairs: A variety of contractors may be needed depending on the deficiencies: Mason, carpenter, roofer, handyman, electrician, plumber, trash hauler, etc. Your property manager already has a network of these contractors and can recommend specific ones depending on the schedule, budget, and quality requirements. 2. Inspections and Permits: Inquire, schedule, or apply for these after the repairs are underway. Depending on the county and age of the house, several kinds of inspections and/or licenses/permits are necessary. They may include: Lead inspection, occupancy permits, and rental licenses. Renting without these is foolish and fines can be expensive! Arrange for the inspections to take place after all the work is done. See more on this topic in last month’s blog. 3. Clean Sells: For the cost of a one-time housekeeping service, it’s worth having the bathroom, kitchen, and carpets cleaned, and the tile floors, porcelain, and plumbing fixtures shine. If the windows don’t have shades, install the inexpensive blinds for about $4 each. They provide privacy and comfort to a new tenant who doesn’t see window treatments as high priority. You don’t want blankets hung across the windows! 4. Advertise: Nobody will know the property is for rent if you don’t announce it. Place an ad in any number of online websites. Your property manager will use several and specific ones depending on the type of house, type of tenant, and location. FOR RENT signs, where allowed, work well in the window or in the front yard. Always leave an email address and phone number with a voicemail message specific to the rental for prospective tenants. Return calls/emails promptly. 5. Record the Condition: Take pictures of all the rooms before the tenant moves in. Add this to the move-in move-out form that the tenant fills out at the time of lease signing. This is so important if you have to chase that tenant in court for damages. 6. Insurance: Your insurance agent will be able change the homeowner’s policy to a landlord policy. This is necessary because the property is no longer owner occupied. The coverage and premium will be different. 7. Get a Lease: Preparing the property for rental creates the vehicle for business, but the lease lays down the processes and terms of how that business is conducted. Standard leases can be found in stationary stores, on the internet, a property manager, an attorney, or you can write your own. Maryland laws only require a few, but specific items in a lease, but experience with local rent court will suggest additional terms. The lease used by your property manager will have all of these provisions. 8. Consider a Property Manager: Many consider a property manager an unnecessary expense. When you engage a property manager you are not just hiring someone to collect rent; you are benefiting from his/her experience, contractor network, gaining a advocate, and a mediator with the tenant. Finding a tenant, collecting late rent, handling emergency repairs, and fielding complaints can all be stressful. Like any professional, the property manager can lay out alternatives in an unemotional way so you can make decisions with confidence. 77th Meridian, LLC manages residential property in Anne Arundel and surrounding counties, and parts of Baltimore City for a monthly fee of 7.7% of the collected rent. Why pay the 10% others charge? We save you TIME and WORRY. . . .
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