Before You Tell Someone, “Rent My Property!”

Renting out your property is a new experience for many landowners. If you hope to make some extra money by renting out an apartment or home that you own, it is crucial to keep in mind the various factors involved in the process. Between collecting rent checks and performing routine maintenance, it is more work than most assume. Before deciding to rent my property, take the time to understand everything that it entails.

Things to Consider Before Renting Out Your Property

Being a landlord involves a lot of responsibilities. Many people assume, “I will rent my property, collect the rent each month and live a comfortable life.” Many tasks require overseeing, some frequent and others infrequent. Here are a few factors to consider before you put your property on the market.

Should I self-manage or hire a property manager?

Self-managing a rental does bring some advantages, such as no additional costs to a middle man. However, it also means taking on a lot of the responsibility on your shoulders. A property manager would keep up to date with legislation and rental prices, while they take care of collecting rent, routine maintenance and any issues that arise with tenants.

How much rent should I charge?

Assessing the rent you may charge tenants involves researching the market, identifying the pros and cons with your property and comparing it to similar rentals in the area.

Landlords must also consider their monthly and annual property expenses, as you want to factor in your monthly profit before deciding on a rental price. A property manager could help you identify how much rent to charge before you put your property on the market.

What are my legal obligations as a landlord?

Specific legal obligations for landlords depend on current legislation. If you choose to self-manage, you must keep up with new laws, while a property manager can take care of it for you. Important laws involving landlords include maintaining the structure of a residence, ensuring installations work, performing routine maintenance and treating any life-threatening issues on the property.

Are there any costs involved with renting out a property?

Renting out a property involves several costs, with the specificity depending on your circumstances. For instance, anyone who wants to “rent my property” as a source of monthly income would need to invest in a property. If you already own a property, your existing mortgage is an expense, along with taxes, routine maintenance fees and necessary utility fees.

Many landlords feel they can take on the challenge of renting a property on their own. However, it can prove challenging work, especially if you hold a full-time or part-time job. Instead of taking on that task, it may be wise to hire a reputable property manager in the local area.

Hiring a property manager is an added expense, but also comes with many benefits. They would take care of any task related to the property while depositing the monthly rent in your bank account. It is the best way to benefit from an investment property while taking a hands-off approach.

Ready to begin renting out your property? Start by finding a local property manager to help you.

Or why not check out one of our other blogs to find more tips on owning and maintaining real estate.

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Brit McDowell

Lifestyle Specialist & Subject Matter Expert

Brit McDowell is a Product Specialist at Localsearch with a background in marketing, business and tourism management. Aside from her specialisation in technical processes, Brit is known for her green thumb and growing succulent collection, love of dogs (especially Dalmatians), eye for home interior and fervour for travel. Brit is also a Lifestyle Specialist on the Localsearch Blog and enjoys sharing her research and knowledge in home and gardening services, food, beauty and general lifestyle tips and tricks.

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