Thinking About Renting Out Your Home in Southwest Michigan? Tips from a Property Manager

Whether you’re moving out of your home to a new home or you’re relocating out of the area, selling the house you’re currently living in is only one of your options. Many homeowners find that renting out their property is a better idea. This may be especially true if you don’t think you’ll get the asking price you want, or if you plan to come back in a few years and you want to hold onto the asset.

While renting out your home is an excellent way to earn some rental income and build a profitable return on your investment, there are a few things you need to think about before you become a landlord.

Preparing the Property

You’ll need to move out of your home completely. You cannot rent out the property and still use it as a storage space. Be sure that you’re willing to vacate, and make sure you’re comfortable with the idea of tenants living there. Many owners maintain an emotional connection to the home, and while that’s understandable, it could get in the way of making sound business decisions for your property.

Before you can list it on the rental market, you’ll need to have it professionally cleaned. You’ll also need to take care of any maintenance issues that you might have deferred. That cabinet with the missing door that never bothered you will be unacceptable to tenants. Make sure everything works, and give the place some fresh paint, new floors if necessary, and any upgrades or updates that will make the property ready for the rental market.

Consider the Costs

When you rent out your property, you’ll be able to earn regular rental income as long as the property is occupied. However, there are also costs that will offset that income. You’ll have to be prepared to pay for routine and emergency maintenance issues. Habitability laws require you to make those repairs quickly when you have a tenant in place. So, make sure you have access to the necessary cash to keep up with mortgage payments and other expenses. If the property is vacant, you’ll still need to meet those obligations. You’ll also need to budget for property taxes, management fees, and insurance. You’ll need to change from a homeowner’s insurance policy to a landlord policy.

Work with Professional Property Managers

Unless you have the time and knowledge required to screen tenants, hire vendors, manage security deposits, collect rent, and enforce the lease, a professional Southwest Michigan property management company can help you. Owning a rental property is one thing, but being a full-time landlord is something quite different. When you work with property managers, you’ll have the peace of mind you need to ensure your rental home is operating efficiently and profitably. You won’t have to worry about making expensive legal mistakes, pricing your home according to the market, or managing tenant disputes. A property manager can also provide a valuable buffer between you and your tenants. You won’t have to worry about getting emotionally involved with your tenants or your home.

If you’re thinking about renting out your property, contact us at Real Property Management Southwest Florida. We’d be happy to work with you.