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!
What to Expect from Experienced Property Management in Bend Those who choose to invest in rental properties here in Central Orgon know that hiring good property management in Bend to work alongside them is going to yield them higher earning potential and reduced liability. Knowing what to expect from experienced property management in Bend isn’t always easy, though, especially if you’re not a person experienced in dealing with them. They should be able to supply you with a higher rental price, good quality services including: Expert knowledge in the property field and location area Interior and exterior walkthroughs Access to quality advice about the local area Cheaper vendor recommendations Excellent tenant screenings Peace of mind! You’d go see your physician to make sure you’re in good health on the inside, so you’d go to property management professionals to make sure that your property is leased, cleaned and managed appropriately. You’d also want to know that your tenants are happy, which is why you hire property management in Bend to stay on top of these things for you. You want to choose a bend property manager that will communicate with you effectively so that you can be a more successful property owner. So, what sort of service should you expect to receive from your property management in Bend? Communication, Professionalism, Accessibility Firstly, you need a property manager who is going to be available to you when you want to contact them. A property management company that doesn’t respond to an email is not going to give you the peace of mind that you need to know that your investment is being taken care of. If you don’t have calls returned to you promptly, it’s a cause for concern, as you are allowing someone to manage your rental property and they are doing so ineffectively. Trust is important, and a professional property management company will be respectful to you. Knowledge, Experience, Expertise There are laws that will impact your rental property, and you aren’t going to be an expert in these laws. A professional property management company, however, will be adept in the legal changes and the local laws that will affect you. You can expect them to have the right knowledge and expertise for your property so that they can manage any issues that could arise in the course of their working with you. Marketing, Advertising, Leasing You need good, professional tenants that are going to look after your property. With the right marketing and advertising strategy as put forward by your property management in Bend, you can ensure that you get good quality tenants that will meet the rental criteria that you’ve set out. They will use the leases that will protect you as a landlord and the leasing process is handled for you, from key signing to move in inspection. Using a property management company may not have been in your radar when you first bought your property, but when you need to concentrate on your work and other areas in life, the right experienced property management company in Bend could be everything you need for success. The team at Fox Management Services would love the opportunity to provide property management services for you and your rental properties. Give us a call today!
