Everything You Need to Know to Rent Out Your Home

Some people are born to be landlords, and others have tenants thrust upon them.

This post is geared more towards those with tenants thrust upon them. I’ve worked with a few landlords, who never had any intention of being a landlord, and as a result didn’t always make the wisest decisions. It can be difficult to think of your home accommodating anyone’s needs but your own. But styles and needs vary person to person.

Make sure the place is in good, habitable condition. No need to get carried away with any major renovations, but everything should be in working order. This is also a good time to talk to a Realtor to get advice about what tenants look for in that area. It never hurts to get a second opinion.

Don’t be greedy. Play the long game. Is it better to let your condo sit vacant for a month for an extra $1,100/year? Probably not. Don’t be afraid to give in a little to a respectful tenant who’s going to pay on time and be a long term tenant.

Don’t go in blind. Know how much you need to get a month to make it work. Sit down with a pen and paper and hash out the cash flow. Once you' become a landlord, you’re a business owner and your rented property is your business.

Screen your tenants. If you’re using your go-to Realtor (me), then that all gets taken care of for you. You want to believe the best in people, but it never hurts to run a comprehensive back ground check.

Be honest. Don’t hide any information about the property that will come to light later. If there’s a frat next door, and they ask if there’s a frat next door, tell them there’s a frat next door. Your tenants will not appreciate any hidden surprises. This could result in unplanned vacancy, or just a tumultuous relationship in general.

Do a final walk through before move-in, or have your Realtor (me) do it. Make sure the place is clean, all the lightbulbs are functional and those sorts of things. One time . You want to start your relationship with your new tenants off on the right foot.

If you find yourself in a position to rent out your condo, give me a call. As always, I’m happy to answer any questions you may have. It’s what I do! Call, text or email me. 617 528 8461 willy.charleton@nemoves.com