6 Survival Tips for Renting Out Your Home

  1. Find a good tenant.

We find you tenants by advertising in the print, online media, referrals and word of mouth. Most of our good tenants come from referrals which speaks volumes for or customer service.

  1. Determine how much rent to charge.

We perform a rental market analysis for arrive at the best rental fee to charge. We can guarantee our rents are comparable to other properties on the market.

  1. Protect your rights with a lease.

We provide the appropriate legal and binding lease for the county the property is located in. Upon acceptance of a tenant, we make sure the written lease is understood by each party and that they understand their rights and obligations.

  1. Get the appropriate coverage.

We require the appropriate insurance policy is provided by the property owner and we strongly encourage the tenant to get a homeowner’s policy, property insurance, which covers the structure of the home, personal liability, medical expenses and the tenant’s belongings in the house as well.

  1. Hire a management company.

Many of our home owners have moved from the area or just lack the time or flexibility to deal with tenants, this is the reason they consider Chances Are Realty. We charge a fee for mainly two services: finding a tenant, which includes advertising and background checks, and managing the property.
Our property management fees are very competitive based on industry average and can range from 9-10% of the monthly rent and 80-90% of the first month’s rent for filing your house with us. Typically, the monthly fee covers collecting rents, handling repairs, dealing with early vacancies and evictions. At this time, we don’t charge the owner any late fees. Other property manager companies do charge a late fee.

One big advantage of using property managers is emotional distance. “Often, the owner will get involved with the tenant emotionally,” says Swanson. “Even though (property managers) take good care of tenants and they’re sympathetic, their job is to make sure that owners get the rent.”

  1. Prepare properly for evictions.

When you manage your own property, be prepared to go to court and hire a sheriff, as well as, an eviction company to evict your nonpaying tenant. Legal fees alone can run between $300 – $1000, not to mention time off from work or traveling back to the town where your property is located. You could easily end up spending one month’s rent.
Chances Are Realty, takes care of all court filings and appearances, evictions, hiring the sheriff, and repairs, all included in the low monthly fee.

If you want more information on how Chances Are Realty can save you money, time and frustration with your rental property visit: www.chancesarerealty.com today. Ask for a quote on how we can reduce your property manage fees.