According to the figures released by Trulia, one of the most trusted sources of real estate information and statistics in the country, rents in Knoxville, Tennessee, have been rising since the dip in October-November 2017, with the average rent per month for apartments in the city for the month of April 11 to May 11, 2017 estimated at $1,175. The trend of rising rents is expected to continue, making this a good time to consider putting property up for rent. However, before you do so, here’s a look at some things that you will need to take care of before you can consider finding the right tenant.
Fix What’s Broken
The first step in preparing a home for rental is to inspect to and check for any major or minor issues that should be repaired. There might be a leaking pipe or faucet, cracks in the wall or in the driveway, issues with the wiring or electrical outlets, etc. You should also inspect the flooring to make sure there are no problems ready to emerge. Anyone looking to rent a space will definitely check all these things and if there are smoke detectors that are not functional or there are spaces along the windows that lets air in, they are likely to reject the space as a viable home. This is also a good time to clean up the home. Make sure you declutter, organize and even renovate the walls with a neutral color. This will immediately start making the rooms look much brighter.
Not just the interiors, the exterior of the home should be inviting too. So, if there is a front or back yard, clean it up, de-weed and mow the lawn. You might also want to repaint the exteriors or renovate so that the home looks as inviting from the outside as it does from the inside. What experts recommend is to make sure the exterior looks well maintained, while also giving the impression of being low maintenance. After all, first impressions do count.
Estimate the Market Value
Now is the time to do some homework. Research the rents in your area for comparable properties to determine what kind of rent you can ask for. This could also be a good time to seek the help of a professional real estate agent. Not only will they be able to help you with the evaluation, they can also help with other aspects of renting out a property, such as compliance with the regulations in your area, listing your property, screening tenants, getting all the paperwork done and even helping you negotiate a good deal. If you are new to the rental market, a DIY approach might not be the best course of action. Once you are more familiar with the process, you can always make a choice of whether you want a property manager to take care of all aspects of maintaining a rental property or not.
This is a crucial part of the entire process, so make sure you think through what kind of tenants you wish to rent out the property to. Would you prefer families, bachelors, company leases or something else? This is also where your real estate manager can help. In fact, when you allow the real estate firm to list your property and screen tenants, based on parameters that you have set for them, you are saved the headache of having to meet with multiple people who are clearly completely the wrong type. By having prospective tenants first screened by the agent, you get to meet only the most suitable candidates for further negotiations. While getting extra income from rent seems like a very lucrative idea, being a landlord means additional responsibilities. But the good news is that you don’t have to shoulder it all by yourself. You can hire professionals to take care of all the nitty-gritties for you.