Don't get me wrong, it is still a good time to rent out your home. But you must remember that there is more product in the market place. Why? Builders that cannot sell have decided to rent out their homes and foreclosed homes are being purchased by investors and turned into rentals. Also the condo market has gone cold thus these homes have been converted into rentals. Long story short, potential tenants have many choices!
For this reason, investors/landlords need to ensure their product is in good shape and reasonably priced so that it rents quickly. Competition is tough right now. Potentially more important than price is finding a good quality tenant that will keep your home in good condition. Background checks and asking the right questions are vitally important and should not be taken lightly. For instance, is the potential tenant willing to sign a one year lease or longer? It cost money to turnover tenants and the longer they stay around the better for the investor. But first you must find a good qualified tenant.
For this reason, investors/landlords need to ensure their product is in good shape and reasonably priced so that it rents quickly. Competition is tough right now. Potentially more important than price is finding a good quality tenant that will keep your home in good condition. Background checks and asking the right questions are vitally important and should not be taken lightly. For instance, is the potential tenant willing to sign a one year lease or longer? It cost money to turnover tenants and the longer they stay around the better for the investor. But first you must find a good qualified tenant.
info@RedDoorResidential.com
No comments:
Post a Comment