There are numerous reasons for converting a house into a rental. Whether moving into a larger home or inheriting a house, you don’t intend to live in, renting your house provides a passive income stream. Property owners must familiarize themselves with the renting process before jumping in and risking legal action or high vacancy rates. If you prefer a hands-off approach to rent, a property management company can do all the heavy lifting, ensuring you get a significant return on investment (ROI). 3 Options Realty has a team of experts with extensive industry experience and expertise to help you transition from homeowner to landlord. Here is a quick guide to help you rent out your house.
Consider many things before putting your single-family home on the market. While the cost of sprucing up your house can be overwhelming depending on the state of the house, it is not advisable to turn it into a DIY project. Most property management companies work with licensed contractors, ensuring everything is up to code and safe for tenants. We can help you refurbish your house with repairs and upgrades, allowing you to raise the rent based on the quality of living.
The next step after ensuring everything is up to code is making renovations and upgrades. Since the coronavirus pandemic, most people have switched to working remotely. This means renovating existing space to create room for an office or turning the basement into a functional workspace by adding a desk and shelving. Fiber-optic internet is accessible in most parts of the country, and installing it is an excellent way of attracting at-home workers.
If you are on a budget, there are many cosmetic changes to choose from that won’t break the bank. One of the ways to achieve this is by modernizing the bathroom by updating the light fixtures or adding a fresh coat of paint in the living room. Ensure that the carpets are thoroughly cleaned and the hardwood floors resurfaced to enhance the appeal to potential tenants.
The lawn is usually the first thing people see when they walk by your house, so you have one chance at a first impression. Start by power-washing your sidewalks and gate to enhance curb appeal, and impress prospects looking for the ideal rental space. Consider livening the landscape with greenery like trees, flowers, and shrubs. If you have a garden, ensure it is well-maintained and the lawn is mowed regularly, giving your property an edge over other rental homes.
Once your house is resident-ready, you must conduct market research to determine how to rent without making losses or risking high vacancy rates. Property management companies have the extensive industry knowledge and a proven system for determining rent based on the current state of the rental market. If you are researching, start by visiting various neighborhood areas to assess available amenities like schools, hospitals, and shopping centers, among many others.
Homeowners who transition to landlords have no problem handling the leasing process, management, and upkeep of the rental home, but working with a property manager is crucial. At 3 Options Realty, we have a well-trained team that understands the particulars of managing rental property, helping you turn your home into a profitable rental property. Contact us today and start your journey to becoming a landlord with a team of professionals by your side.
If you have been rummaging through web results for “property management companies near me,” then you are at the right place. 3 Options Realty’s property managers in Atlanta are experienced and trained to deliver top-tier service. Call 3 Options Realty to speak with a friendly representative today to learn more about our property management & real estate services. We are ready to take your call.
We use professional market research to determine fair-market rent, and we use broad market advertising to reach a large audience. Our agents will also help you prepare your property and skillfully present your property. Prospective tenants will undergo comprehensive interviews and background screening before we negotiate with them the rental agreement using our proprietary, attorney-reviewed forms.