Renting your property may seem like an easy way to increase your passive income but once you start the process it can become more complicated than expected. Your home may sit on the market for several months without a rent applicant because it is higher than the fair market rent, the bad tenant may be late or refuse to rent directly; Their property is likely to lose several thousand dollars and your efforts to evict them from the property may be ignored if the authorities are not involved.

5 Things to Do Before Renting Out Your House

So how can you avoid these common problems related to renting a property? There are five things you should do before renting your home to reduce the risk and stress of becoming a new landlord.

1. Take photographs of the property

Pictures of the property are required for a variety of reasons. These are an important part of online advertising - otherwise the optimal rental list is often provided by potential tenants without a picture of the property because they don't have to wait for a trip to a home where the property has no layout or wants to look or design accordingly. These photographs will also be helpful when your future tenants move away, as you can use them to measure any property damage during the rental period.

2. Determine the fair market rent

It may be tempting to charge higher rents to recover your recent renovations or discounts after you leave your property, but the best thing to do is conduct market research: rental websites, newspapers, local landlords, realtors and property management companies. Also check to determine the amount of property they are renting in similar location, size and conditions

3. Create a short, effective rental application

An effective rental application will not intimidate potential tenants with length, but it will be wide enough that it can be used for tenant screening purposes. Any additional information from tenants to pass the screening may be included in your lease document. A good app will have space for the following items:

Name

Date of birth

Social Security number

Phone number

Current / Previous Address (last 7 years with landlord name and contact information)

Current Employer (Name, Address, Rental Date, Income, Contact Information)

Approval of receipt of customer report statement

Tenant signature

4. Consider using a property manager

Property operators will usually charge a percentage of the monthly rent for their services but will instead take care of issues such as finding new tenants, creating / signing leases, collecting rent and issuing legal notices (including evictions). Assigning a property manager reduces the benefits that your tenant will receive from paying rent, so you should carefully consider the cost-benefit of this service.

5. Find a good tenant

Finding an aristocratic tenant is easier said than done - many applicants may be friendly, polite and seem quite appropriate but will create a flood of problems for you. The best way to increase the value of the tenants you are hiring is to conduct a tenant background check - selecting the tenant based on measurable financial and rental obligations. Most landlords will charge an application fee for tenant screening of tenant applicants.

The general tenant screening services provided by AAASS are credit report, criminal background check, landlord verification and employment verification.

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AAA_Credit Screening Services provides business reporting used for commercial tenant screening and extended business extensions, provides contractor background checks - allows landlords to screen contractors before repairing rental property.