Choosing the Right Kind of Renter For Renting Out Your Home Your home is your castle. And even if you don’t currently occupy your home, you still want to know that it’s being well cared for. There are many reasons why homeowners choose to open up their property to renters. They may be traveling overseas for an extended period of time, they may take a job that has forced them to relocate or they may be experimenting with the idea of turning their family home into an investment property. Whatever your reasons for renting out your home, you want the peace of mind that comes with knowing that it’s occupied by the right kind of renter. A two-sided problem Trying to find quality renters for renting out your home can be a little reminiscent of the story of Goldilocks and the three bears… Except that the balance never seems to be quite right. Either you struggle to find a single quality tenant or you have a huge list to choose from and find it impossible to make the right call. Thus, here are some tips to help you to navigate both of these common scenarios… Offer the first month at half price rent Struggling to occupy your property but don’t feel that you should have to budge on your list price? Perhaps you should consider offering the first months’ rent at half price. This can induce a surge of interest in your property and bring out quality renters who, for whatever reason, have previously kept their distance. Carry out one-on-one interviews When you have an embarrassment of riches on paper, personal one-on-one interviews may be a great way to separate the musts from the maybes. Interviewing prospective tenants can help you to get a feel for their personalities and better differentiate them from one another. When you have gotten to know each prospect a little better you can make a more informed choice. Carry out the right checks Once you’ve found a seemingly suitable renter for renting out your home, it’s essential to carry out checks to make sure that they are everything that they appear to be. Many a well-meaning landlord has fallen afoul of tenants who turn out not to be as reliable as they first seemed. Appropriate checks include; Income verification- (3 months of payslips or invoices for self employed tenants) Credit checks- All landlords should carry out credit checks to help ensure that their tenants are financially responsible and likely to pay rent on time. Criminal background checks- Because you can never be too careful. Do they have a guarantor? There may be some instances in which a renter is unable to guarantee their income. Nonetheless, this does not necessarily mean that they are not a worthy tenant. They may have only recently started their job or begun self employment. If you have a good gut feeling about a renter yet they are unable to verify their income you may wish to give them the option of nominating a guarantor who will pay their rent if, for whatever reason, they are unable to. How we can help With our suite of property management services accessible through our easy to use owner portal, we can take the guesswork and the legwork out of finding the right renters for renting out your home. We can also help you to monitor your property throughout the tenancy to give you peace of mind and put you in the driving seat. Contact us today to learn more about renting out your home and for one of the best Bend Oregon property management companies.
Renting Your Home: It Can be a Great Investment For Your Future None of us ever knows what the future will bring. No matter how stable our careers and how reliable our income, it’s always a good thing to be able to take steps to safeguards your future wealth. That’s why you’re never too young (or too old) to think about savings, pensions, IRAs and other financial products to help you to enjoy a leisurely and stress-free retirement. Yet, one of the most potent investments you can make in your future is the roof over your head. Those who choose to rent out their homes find that they benefit in a number of ways which make it easier to plan for good financial health in the future. Here are just a few of the reasons why renting out your home can make a great investment for your future… Renting your home gives you additional income to bolster your savings Do you find it hard to save? You’re not alone. Despite the received wisdom that we should all put at least 10% of every paycheck into our savings account, an increasingly large proportion of us find it harder than ever to do that. The rising cost of living and the bare essentials seems to leave us with less and less to put away each year. However, the steady stream of rental income you receive by renting your property gives you a comfortable margin to bolster your savings, leaving you with more ready cash to pay for the essentials and life’s little emergencies. What’s more, when the time comes to remortgage you may find that you’re able to reduce your monthly mortgage repayments, increasing that margin even more. Renting your home insulates you from the risk of negative equity In today’s property market, home owners are thankfully free from the worry of negative equity. Nonetheless, nobody knows for sure what the future of the property market holds. The good news, however, is that people always need a place to live. Renting out your property can prevent you from needing to sell it, thereby allowing you to weather any economic crisis and its impact on the housing market. Renting your home gives you the freedom you need to pursue great opportunities Every now and then an opportunity of a lifetime may come your way. It may be an opportunity to travel the world or perhaps pursue a dream career move in another town, state or even another country. Being tethered to your home can prevent you from seizing these golden opportunities. Renting out your house, however, can allow you to pursue these opportunities without the need to sell your home quickly and take an inevitable hit on price in the name of a quick sale. Renting your home keeps you in the driving seat When you rent your home, you have the peace of mind that comes with knowing that you always have equity when you need it. And that equity will only keep on growing as your tenant pays more and more of your mortgage. This puts you in the driving seat and gives you a greater range of options later on down the line. How can we help? With our suite of property management services, we can make renting your home completely stress-free without completely eating into your profit margins. If you’re ready to take a bold step forward and rent your home, contact us today to take control of your future!
Corporate Rentals can be a Great Real Estate Investment Strategy Corporate housing is usually fully furnished, full-service housing that is available to rent on a temporary basis. This can include apartments, houses, studio rooms and even condos, but the point is that it is used to be let for business workers who need accommodation that is cheaper than hiring out a hotel room. The average corporate housing stay is between eight and twelve weeks and it’s traditionally used by business travelers who need a place to stay while they are working. Think those who are remotely working with a client in the field and need to stay away from home for a few weeks to complete a contract. Why Would Corporate Rentals Be Good For Investors? Any real estate investor who enjoys a challenge and likes a profit would want a piece of the corporate rental business. There are several reasons investors would see corporate rentals as real estate investment opportunities, and here are some of those reasons: Versatile . Choosing to invest in corporate rentals is an optimal rental strategy for real estate investors. They’re a flexible, versatile option and finding the right rental strategy can be done by checking out the demand in the area you are interested in buying in. most corporate investors are looking for professionals to fulfill the rental agreement, and in return, the income tends to be slightly higher. Better Tenants. As the tenants that come through the door of a corporate rental are usually on business, it makes sense that corporate rental landlords don’t face the same worries as they would about a normal tenant. Most of the time, investing in a corporate rental means reducing the costs of finding tenants for the property as well as finding professional tenants. Lower Maintenance. Corporate rentals are fully furnished, and the maintenance and follow up required to ensure the property that you’ve invested in is generating high revenue. Corporate rentals attract tenants more willing to take care of the property, which reduces the overall maintenance costs. Customization. One of the best reasons that corporate rentals can be a great real estate investment strategy is that you can customize the rental to suit you. If you are looking to own property that is leased to your employees, then you can make sure that it’s of the highest standard in terms of furnishing – your reputation would be at stake. The other upside to customization is the fact that it makes the rental more profitable! Should You Invest? Really, it’s never going to be yes or no as to whether you invest in corporate rentals. There are always going to be downsides to the investment, including your budget and location. The best real estate investment strategy involves putting money into a project that you’re going to get a good return on investment with and as your clients will be willing to pay for any premium services or amenities, you can do so much with your investment and earn quickly on them. Take the time to study the various investments in real estate and figure out what’s right for you. If you need any assistance the team at Fox Management Services would love the opportunity to provide advice or property management services for you and your corporate rentals. Give us a call today!
