5 Steps to Rent out your Property

5 Steps to Rent out your Property With Airbnb and similar companies thriving worldwide, there is no better time to take advantage and turn your home into an incoming earning rental property. In order to ensure your TN Vacation Rental is fully equipped and attracts ample tenants, consider the following tips.

Update your Home- It is your responsibility as a landlord to provide a safe home for your tenants. In addition to the aesthetic component, your home must be compliant with your city’s codes and pass a building inspection. Fix any leaky faucets or running toilets, put a fresh coat of paint on the walls, ensure the electrical wiring is compliant with safety regulations, and mount smoke detectors on all levels of the home. Next, if your home includes a chimney, consider getting the flue cleaned before tenants move in. The cleaner the home, the more likely tenants are to want to live there, and the more rent you are able to charge.

Update Home’s Status- Your mortgage company needs to be notified immediately when you move out. Although a small fee may apply, they will need to grant you permission in order to move, according to U.S. News.

Change your Homeowner’s Insurance- A landlord property and rental insurance program should be included in addition to your homeowner’s coverage.  Although rates vary depending on coverage options, prepare for an increased monthly premium.

Decide on a Management Strategy- You can manage the home yourself or you may opt to hire a rental management company. While you may save money handling the repairs and work yourself, there is additional stress implied with these duties. Contrarily, property management firms are available that will handle the scope of duties for approximately 10 percent of the monthly rent.

Determine Rent- If you choose to use a property management firm, they can assist in finding an appropriate rent amount. However, check rental websites to compare similar properties in the area to come up with a fair price. Be sure not to under or overcharge as you will only lose money.

Renting your home can prove to be a lucrative venture. At Barnes Insurance Agency, we are here to help you navigate the home rental process. Our all-inclusive coverage can be tailored to meet your specific needs to give you peace of mind for your property and your prospective tenants. For more information, contact our specialists today at (866) 733-5424.

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