Just 25% of Lake Havasu's properties are renter-occupied, but that doesn't mean it's not a great place to own a rental property.
Renting out your home can be a great way to earn extra income, but it's important to do it right. From preparing the property to finding the right tenants, every step matters.
In today's post, we'll give you a quick guide for successfully renting your property out. Whehter you do it all yourself or hire a property manager to help, keep reading and make the process as smooth as possible.
Prepare Your Home for Rent
Start by making sure your home is in top shape with a home rental checklist. Clean every room thoroughly and handle any necessary repairs. Small updates, like new paint or modern lighting, can also make a big difference.
Don't forget to improve curb appeal. Mow the lawn and add some colorful plants to make the property's exterior look inviting. The better your home looks, the more interest you'll have from potential renters.
Set the Right Rental Price
Research the local market to see what similar homes are renting for. Look at properties in your neighborhood of comparable size with the same types of features and amenities.
Pricing too high can make it harder to find tenants, while pricing too low will hurt your rental property income. A fair, competitive price will attract more interest and help you rent your home faster.
You can also ask a property manager for advice on rental pricing. They have access to market data and can provide expert guidance.
Create an Attention-Grabbing Rental Listing
Take high-quality photos of your property. Bright, well-lit images that showcase clean and attractive spaces will help with attracting tenants.
Write a detailed description of your home's best features. Highlight things like:
- Modern appliances
- Updated bathrooms
- Large outdoor spaces
- Parking
- In-suite laundry
List important details, like lease terms and whether pets are allowed. Clear information will help you attract renters who are a good fit.
Screen Potential Tenants
Poor tenants are among the biggest home rental risks. Require every applicant to fill out a rental application. This form should include their
- Employment
- Rental history
- Personal references
Run background and credit checks as a form of house rental insurance. You'll want to ensure tenants can afford the rent and have a history of paying on time.
Talk to previous landlords to learn about the tenant's rental history. Avoid renting to people with a pattern of missed payments or property damage.
How a Property Manager Can Help
Managing a rental property takes time and effort, especially if you're doing it alone. A property manager can handle every step for you, from marketing the home to screening tenants and collecting rent.
They have access to market data to set the right rental price. They also have experience finding reliable tenants and dealing with maintenance requests.
With PMI Lake Havasu on your side, renting out your home can be easy. We're a comprehensive property management service that can handle everything mentioned here and more. Contact us today to learn how we'll make your rental thrive.
