Have you been thinking about adding a new property to your income stream? Buying a home or apartment property is a great way to enjoy a whole new source of passive income. But you should also be aware that there will be quite a few things to keep in mind. Here are the top 5 things that you need to be ready for when renting property.

1. Your Property Needs to Be in Shape

The first thing you will need to do is make sure that your rental property is in the best possible shape. You only get a single chance to make a positive first impression on a potential renter. It’s important to make sure that they see a clean, well-kept property that they can easily picture themselves living in. If repairs are necessary, you need to make them.

You may have gotten a great deal on a new property because it was advertised as a “fixer-upper.” There is no shame in getting such a deal for your first rental property. But it does mean that you need to make your reputation as a renter by making sure that the needs of your property, as well as your tenants, are taken care of.

2. Make Sure Your Rental Fee is Reasonable

Once you have fixed up your property to the point where it can be offered for rent, you will have a new issue. This will be to make sure that the price that you fix for rent is a reasonable one. You don’t want to have to spend all of that money on a series of renovations only to then discover that no one wants to rent from you.

The way to avoid this is to check out other properties in your area. Go on the web to find the average for rental properties in your county and the general region. You can then choose to price your property strictly on par with the average or even slightly below. Giving a small discount, in the beginning, could be the key to getting a tenant fast.

3. Advertise Your Property in the Right Places

After your property is priced and ready to rent, you will then need to advertise it. There are hundreds of locations on the web where you can do this. Sites such as Zillow have been set up to make this part of the process an easy breeze. You can supplement this with a listing in the local Nifty Nickel but most queries will come from the web. You can also look into newsletters online that specialize in promoting rental properties, and you can see the profile and necessary information of the candidates wanting to rent your property.

4. Screen Your Applicants to Reduce Potential Problems

Your next order of business will be to make sure that you hire the right sort of folks to be your first set of renters. A criminal background check is a definite plus in this regard. You need to be sure that you are renting to people who don’t have any issues with the law that can get them sent to jail and thus unable to pay their rent.

You also want to make sure they have good credit and rental history. Never rent to someone who you think maybe a potential flight risk. You don’t want to be left holding the back on a lease that has been broken.

5. You Need to Hire a Property Manager

When your property is in good shape and ready to rent, the last thing you need to do will be to hire a manager. Securing top-level Indianapolis property management services is easier than ever. You can use the web to find the service that is right for the needs of your property. From there, your manager can help you to figure out your next move.

It’s Easy to Profit from Your Property

Making a nice profit from renting out your property is easier than ever. Thanks to the web, you can get a great deal on a new property. Using the same means, you can quickly get it rented out for a very nice profit. But once this is done, there is a lot for you to take care of. Now is the time to be up to speed on all of these many factors.

Author: McKenzie Jones 

McKenzie is your typical Midwestern gal. When she is not writing or reading, she can be found training for her next half-marathon, baking something sweet, playing her guitar, or cuddled up with her golden retriever, Cooper. She loves watching football, fall weather, and long road trips.