Landlords, Owners and Property Managers whom decide to rent out their unit(s) to Tenant(s) in exchange for rent payments need to first decide on the type of lease options they want to offer Tenants. The options include a short-term (seasonal), a long-term, or vacation lease agreement.

Agreement Types Depending on Lease Duration and Tenant Audience:

• Long-term lease – Minimum of one-year (12 months) or more. These Tenants typically are young professionals or family units where one needs to stay consistently in one geographic area to be close to a job or school for long periods of time.
• Short-term lease – Up to one-year (12 months) or for monthly (month-to-month). These Tenants tend to be college kids where they need to rent an apartment living space for 9 months out of the year before going home for summer vacation at parents house.
• Vacation lease – One-month (30 days) or less. These Tenants range in all different walks of life as one travels throughout their lifetime and it’s becoming more common especially after the pandemic where people work remotely and also study remotely online.

 

Once the final decision is made on the lease type, the next step is to prepare the rental property for showings – in person and online. This step is when a cleaning company might help or a painter to fix interior and/or exterior touch ups. The plumber might also need to be contacted in case a faucet is leaking or a toilet is clogged.

A trip to Lowe’s or Home Depot might be a good idea for light bulbs, smoke detectors (including the compatible batteries), and having extra keys made (think extra keys for Lock-box, Brokers and Tenants).

Double check all of the essentials needed to make your home is 100% habitable prior to showing or posting any videos or pictures of the rental space online or in print ads.

 

 

The third step is finding and vetting potential Tenant(s). This is done by listing the property online, including entering information in the Multiple Listing Service (MLS). This may be the point where you will consider hiring a Real Estate Broker to help with the leasing process to avoid any financial or legal issues.

Advertising: Advertising rental properties depends on the local market and the target audiences. Landlords or property owners can choose from different advertising platforms, but it’s essential to be transparent about the property’s condition, updated photos, and prices to simplify the rental process. Also consider hiring a real estate agent to manage the rental process.

• High-end markets – Sotheby’s^↗, Rent.com^↗
• Middle-cost markets – Zillow^↗, Redfin^↗
• Low-budget  markets – Craigslist^↗

 

A rental application serves to uncover three major concerns for an owner of property about a Tenant:

• Criminal history
• Credit history
• Previous evictions by prior landlords

If a Tenant passes all three  checks, then verify Tenants employment and means of paying rent. Landlords have the legal right to ask for government-approved identification, a social security number, and an applicant’s legal status.

Depending on the property owner, one may choose to require a rental application from the applicant either prior or after viewing the property. There could be disclosures you will need to offer each tenant before they view the property, depending on the state.

Landlords and property owners should be particular when asking for references from a prospective tenant. Asking of personal friends or family as references serves little use. There are no laws or limitations an owner must abide by when contacting references.When asking for references, it’s best to ask for the following contacts:

• Previous and current employer;
• Prior landlord/owner of rented property.