If you’ve been reading articles about how to generate passive income, you might have come across the option of renting out your home. If your expenses are high, having a rental business can surely cover your bills.
Take a look at your home and ask yourself, is it located in the central area of the city where tourists flock? If so, you can turn it into a short-term rental. Is it located near the sea? If it is, you can also set it up as a vacation home. Depending on your Pocatello home’s features, you can tailor it to attract a demographic that will give you consistent earnings.
While profitable rentals help in generating wealth for property owners, you need to check if you’re ready to perform the following responsibilities:
Implement a Variety of Marketing Strategies
Your Pocatello home has features guaranteed to attract prospective renters. Your task is to find them and market them. Some of the most in-demand amenities are parking areas, extra storage spaces, kitchen upgrades, and outdoor spaces. If your home displays any of these features, you can highlight them in your ads.
Other things that renters look for are washers and dryers, central heating, and hardwood floors. So, when crafting your property listing, it pays to mention and promote these amenities.
You also need to choose popular property listing sites so your rental unit scores a higher degree of viewership. If your target market is retirees, look into placing ads in magazines and newspapers. If you’re aiming to get the attention of young professionals, your best bet is marketing through social media platforms.
Get the Property Ready for New Renters
Chances are, your Pocatello home isn’t the only available rental around your neighborhood. This means you’ll be competing with other similar rental properties. Even during property showings, you need to present an attractive unit to entice prospects to sign a leasing agreement with you.
Hire a professional cleaning service to ensure your home smells fresh and looks immaculate. You should also inspect the furnishings and appliances, swap worn-out or malfunctioning items with newer ones. This effort will pay off by gaining more prospects and landing a high-quality resident in the process.
Clearly Define the Responsibilities of the Landlord
Despite the wonderful benefits that come with renting your Pocatello home, being a landlord can prove to be more of a challenge than you initially expected. Landlords have endless responsibilities that they must stay on top of.
You may feel that most of your time is spent managing the rental unit. You’ll be busy scheduling repairs, tending to resident’s complaints, balancing the books, monitoring rent payments, and looking for suitable residents.
In addition to tackling property issues, you must be updated with the Idaho landlord-resident laws. In case a resident fails to pay on the due date, you have to send a 3-day notice to pay. You also need to be aware of what makes a rental unit uninhabitable.
Having a store of legal know-how will help you avoid lawsuits and stiff penalties. If evictions are inevitable, be aware that you can’t forcibly remove a resident from your Pocatello home or you could face legal action.
Screen All Prospective Residents Thoroughly
Before performing a resident screening, brush up on your knowledge of the Fair Housing Act. Then check if you have uniform standards for everyone. You should also review your list of screening questions and ensure that discriminatory questions aren’t being asked. For example, refrain from asking prospective renters where their family is from originally or asking if they’re religious.
Ask your potential residents to submit references so you can check their rental history. Then you need to look at their credit score, employment status and bankruptcy, eviction, and criminal history.
Being thorough in resident screening will protect you from renting to someone who habitually pays late or skips payments altogether. You’ll also avoid those who have a habit of break leasing agreements or don’t maintain the property in a reasonable manner.
Maintain the Property Efficiently
Idaho law state that the following render a space uninhabitable: a home where the wiring is exposed, plumbing that’s defective, and absent smoke detectors. Other signs include foundation issues such that the structure appears deteriorating, leaking roof, malfunctioning HVAC systems, and the presence of pest infestations.
Residents pay rent to live in a well-maintained home. As a landlord, you need to attend to repair requests, provide garbage bins and keep the home free from water damage. Otherwise, your residents can legally break their leases. By adhering to State building and safety codes, you make it easy for residents to finish their leasing period. In fact, they may even renew their leasing agreements.
Hire a Property Management Company
If you discover that managing your Pocatello home is overwhelming, there’s a solution. You can hire a professional property management company to look after your rental. Residents are also likely to be more compliant since they’re dealing with your representative.
Partnering with an excellent property management company helps you in several ways. They have a wide range of services meaning they can perform the bookkeeping or tax filing for you.
They’ll also make sure that you’re legally protected and during emergencies, you’ll avoid panic since they have protocols to handle effectively different situations. Most of all, property management companies can help maximize your income by setting the optimal rent price.
Renting out your home can result in a return on investment in your future. However, it comes with a lot of responsibilities and daily tasks.
Do you need an outstanding property management company to help you manage your Pocatello home? Choose a company with local expertise and one that prioritizes great customer service. Don’t hesitate to contact Five Star Property Management today at (208) 234 4447.