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How to Rent out Your Home Fast

Have you ever rented your home out? If you purchased a residential investment property, you just might be an old pro by now. On the other hand, if you purchased a new home before selling your current home, you may need to alleviate the pain of two mortgages. No matter what your situation is, the following tips can help the rental process run smoothly for all parties involved.

Steps

Make sure your home is pleasing to the eye. – Renters value many of the same amenities/benefits that buyers seek out, so make your rental home inviting. This includes removing unnecessary clutter, making sure the lawn is freshly cut, adding a fresh coat of paint and having the carpets thoroughly cleaned. You should also take care of any of those repairs you’ve been putting off. Consulting a licensed real estate salesperson with a knack for home staging might help you rent your home out more quickly.
Set a competitive monthly rent. – Before deciding what to charge for monthly rent, do a little research. You can use websites like www.realtor.com to see what comparable rents in your community are going for. Is your competition including monthly utilities and lawn or pool maintenance? What about kitchen appliances and a washer/dryer? Consider all of these factors and set a monthly rent that falls within the average asking range for comparable homes in your area.
Promote your home to the masses. – According to the National Association of Realtors, most homebuyers begin their home search online. The same is true for renters. Post your home on your local newspaper’s website, community specific websites like www.craigslist.org and national websites like www.rentals.com. If you’re working with a real estate agent or management company, they can also put your home into your area’s Multiple Listing Service (MLS).
Screen potential candidates. – According to Ted Kimball, a California based attorney specializing in landlord/tenant law, there are three basic areas that landlords need to check: cr history, past tenant behavior and criminal history. “The best way to get good tenants for your property and protect your assets is to use a property management company,” advised Kimball. “But if you’re not interested in doing that, hire an objective third party to handle the screening of your tenants.”
Rent with fairness. – Treat every potential renter you meet with the utmost respect. There are laws in place that protect renters if they feel they’re being treated unfairly. For example, the Federal Fair Housing Act identifies seven protected classes: religion, national origin, race, ancestry, sex, familial status and disability.

Tips

According to the Federal Cr Reporting Act, if you turn down a potential tenant, you must provide in writing a reason why. For example, if it’s because of their cr score, let them know that’s why and refer them to the cr reporting company who provided the report for further information.
Violating the Federal Fair Housing Act or the Federal Cr Report Act could mean huge fines – whether you meant to or did so by mistake. If you’re not using the help of a property management company or a real estate salesperson, review these laws carefully online and have your lease agreement reviewed by an attorney to protect yourself.

How to Understand Your Apartment Lease

It’s no secret that leases can be intimidating – they can be quite long and the language is often very confusing. As a result, many people will sign the lease without actually reading – or understanding – the entire document.

Landlords can include all sorts of different provisions in the lease, and once you sign it, these terms are legally binding. That’s why it’s important to take as much time as you need to understand your apartment lease. By doing so, you will be much better prepared to handle any conflicts or problems that may come up during your tenancy.

Steps

Analyze. When you first receive your lease, analyze every single word of it – if you don’t understand a particular phrase or clause, don’t ignore it! Ask your landlord for clarification.
Compromise. If you don’t agree with a certain provision, see if you and your landlord can reach a compromise. However, if any changes are made to the lease, be sure to have every new agreement written into the lease, signed and dated by both you and your landlord.

Be aware that any agreements cannot contradict government legislation – in Ontario, for example, the Residential Tenancies Act takes precedent over any clause or provision written into a lease, even if both the landlord and tenant agree to it.
Save a Copy. Remember, always keep a copy of the final lease (and make sure each tenant in the apartment signs and has their own copy), as this is the most important document when it comes to settling a disagreement. You’ll also need your lease to present proof of residence when applying for everything from bank accounts to library cards, registering to vote, etc.

Be sure to look for the following things in your lease:

Tips

Will you have to pay a security deposit? If so, will cleaning costs and other fees be deducted from your deposit over the course of the lease?
Are there provisions against subletting your apartment?
Are you allowed to keep pets or other animals in your apartment?
How much advance notice must you give before moving out at the end of your term?
What responsibilities do you have when it comes time to finally move out? Will you have to shampoo the carpets and scrub the walls? Or does the landlord handle all of that work?
Are utility bills (e.g. gas, electricity, water, Internet) included in the monthly rent, or do you have to pay these bills on top of your rent?
Are you allowed to smoke in your apartment?

Warnings

Depending on what exactly you’re looking for in an apartment rental, there might be several other areas you’ll want to investigate before signing the lease. Remember, you’ll have to live according to the rules and regulations laid out in your lease – always make sure you know what you’re getting into before you rent an apartment.

How to Turn Your Home or Condo Into a Vacation Rental

This is a step-by-step guide and assessment article on how to turn your home into a vacation rental.

The vacation rental industry has spawned into an enormous multi-billion dollar market that has taken shape and has been evolving world wide over the past few decades. A multitude of online services have followed, assisting vacation rental property owners to now effectively market their vacation rental property online for various different monthly and annual price points.

In addition to online services that simply allow you to list your property on their Website for people to inquire about, entirely new companies have emerged focused around the vacation rental industry. These companies – which are inherently brokers – are now attempting to take some of the pains “>

Steps

Determine if your Property is a suitable Vacation Rental – While there are many vacation rentals on the market today, it certainly helps if your property has unique features. It is important to determine whether or not your property is marketable and desirable. You should ask yourself the following questions: Is my property in a frequented geographic area? Is my property’s location desirable (i.e. on the water, great views, or close to landmarks such as theme parks, etc.). Is my property up-to-date enough and have the amenities that many travelers are looking for such as high-speed internet, jacuzzi tubs, etc.
Prepare the Interior %26 Exterior of your Property for Rental – Once you’ve determined that your property is a suitable vacation rental, it’s time to make sure that both the interior and exterior of your property are up to snuff for travelers. When people travel and rent vacation homes or condos, the general rule of thumb is to make sure that everything works, nothing is broken and that the property in its entirety is very presentable.
Locate a Good House Keeping Service – If you’ve made the decision to rent your property as a vacation rental, it’s a very good idea to locate a good house cleaning service or maid that can clean the property for you once your guests depart. Of course, you could do this on your own, however, if your bookings begin to rise in frequency, most owners tend to want to outsource the cleaning of their property.
Create a System for Providing a Key or Entry Instructions to Guests – If you are going to rent your property as a vacation rental, you will need to somehow provide a key to your guests. Most property owners generally tend to setup a lockbox on their property which can be purchased at your local hardware store. Other property owners use property agents to provide the key or simply meet the guests at the property themselves to walk through the property and provide entry instructions, keys, and other property details.
Provide Instructions for your Guests upon Arrival – With every property, there are certain things that you will want your vacation rental guests to know about upon entering such as how to use certain electronic components, where to place trash, whether or not to recycle, where extra linens and towels are located, what the rules of the neighborhood are (i.e. loud music, parties, etc.), and other elements. It’s important to provide them with a set of instructions that they can clearly follow so that the experience is an enjoyable for not only yourself but for your guests as well.
Take high Quality Pictures of the Property and Surrounding Area – It’s extremely important to take high quality photos of the property and to archive them in digital format on your computer or other digital media disc. Photos speak volumes for your property and will make the difference between a successful vacation rental property and unsuccessful one. In addition, staging the property properly is an added plus to give people the sense of what they could be doing in your property. You should take photos with a camera that is at least 5 megapixels. If you can’t get a high quality digital camera, you should hire a professional photographer to take the photos. This will be well worth it in the long run.
Prepare a Description of the Property, Amenities, nearby Activities and Bedroom/Room Layout – It’s very critical to provide potential guests with accurate information regarding your property. You’ll need to put together a descriptive paragraph or two regarding the property, a list of the amenities %26 activites, and room/bed layout. You’ll use this information in marketing your property on various Websites throughout the Internet.
Decide whether or not you Wish to Utilize a Rental Agent or Property Managment Company – You can still ‘do-it-yourself’ and also utilize rental agents and property management companies as well to rent your vacation rental. You’ll need to make sure that you keep an updated list of your own rental dates if you’re renting the property as well as using a rental agent, however, it is possible to be non-exclusive with rental agents and property management companies. One such agency to use would be PoshParadise.com (located in Los Angeles, CA).
Purchase Vacation Rental SoftwareVacation Rental Software to Assist with the Management of your Vacation Rental Property – While we all want to think we can do everything ourselves, sometimes we may take on more than we can chew. It’s important to find a good vacation rental software system that you can utilize to assist you with booking and managing your vacation rental property or properties. Of course, you can always check out the TenantWIZ Vacation Rental Software system at www.tenantwiz.com and manage your vacation rental property for as little as $29/month. TenantWIZ assists with booking the properties, managing customers, managing photos/descriptions/amenities/activites, creating and receiving signed electronic contracts, accepting payments, issuing invoices, and so much more.
Begin Marketing your Property and Booking Reservations – Now that all the leg work is done, you can actually begin to market %26 book your own property. The process is actually rather simple and straightforward. There are several sites that have been created to assist you with this and ads range from $199/year to $399/year and up depending on which Website you utilize. However, the largest and most frequently visited site is VRBO.com, which stands for Vacation Rental by Owner, however, there are several others such as HomeAway.com and GreatRentals.com to name a few.

Warnings

Make sure you have or create a good rental contract when renting your home – you should consult an attorney regarding this.

Things You’ll Need

A house, apartment, condo or suite located close to a popular vacation area.
A good digital camera (if you don’t have one borrow one) 7 megapixels or greater.
Vacation rental software to keep track of rentals from www.tenantwiz.com

How to Sublease Your Apartment in the US

Subletting your apartment – particularly in a major city – is quite easy. In most big and medium size cities in the U.S., you can start by posting an ad on the Internet addition of local newspapers, or put an ad into the paper itself.

Steps

Post an ad on listings site
Email friends and associates to tell them that you are looking to sublet your apartment and ask them to forward around
Find out some background information on the person(s) who are looking to sublet
Schedule appointments/open houses for people to come see the apartment, and for you to meet them
Create or borrow a sublease agreement for the person to sign — particularly if you do not know this person. A sublease agreement creates a contract between you and the other party and sets out an obligation for them to pay you.
Arrange for a trusted friend/relative to drop-off/pick-up the key from the sublease’s
Relax, and enjoy the extra money for your apartment.

Tips

Investigate to see how much other apartments in your area are being rented for so you don’t price yourself out, for example, by checking craigslist.com or the local newspaper.
Be descriptive in your posting — include intersection, access to public transportation/parking, name local restaurants, sights, hot spots, future big events like concerts, popular conferences or major sporting events.
Include pictures in your posting! Try daylight for best effect.
Note any flexibility in your dates of availability (e.g. can you leave earlier, return any later?)
The sublease agreement can adapted to your particular situation. Include any restrictions (e.g. no smoking, no pets), how/when you want to get paid (e.g. cash only, money order, paypal), what to do in the case of damages (e.g. a refundable security deposit).

Warnings

Be careful to read your own lease to see what restrictions you may have in terms of subletting your apartment

How to See the Value in the Apartment You’re Renting

Finding the right apartment can be tough. There are so many apartments out there, and there are so many factors that go into your decision in choosing which one to call home. The key is to look for the best value – not just the actual monetary value of the apartment, but the personal value to you and your lifestyle. While the overall value of an apartment will differ from person to person, there are several categories that should be considered by everybody looking for a new apartment.

Steps

Consider location. How far away is it from work or school? Is it close to grocery stores? Do you really want to live in a busy downtown area, even though the price might seem right? Although that apartment with the swimming pool and the really big bedrooms might seem like the obvious choice, but if it takes more than an hour to get to work, is it really worth it?
Compare how much space you get versus how much space you will use. How big are the bedrooms? How much storage space is there, and more importantly, how much storage space do you actually need? If a massive walk-in closet is just going to go to waste, you’re not getting the most value as possible out of that new apartment. Going beyond your own apartment, what else is there inside the building? Does the apartment have a laundry room or a convenience store onsite? Are there any extra perks, such as swimming pools, saunas, party rooms and squash courts? And if there are, does it cost anything to use them, or is this cost built right into your rent? If it is, and you don’t plan on actually using any of these services, you might want to look elsewhere.
Think about the structure of the building. For example, does it have concrete walls between apartments to block out noise? As well, what is the overall cleanliness of the building? Don’t just look at your apartment, either – take a close look at the common areas such as laundry rooms, lobbies and elevators. The upkeep and maintenance of these spaces is perhaps the easiest way to evaluate the building’s management team.
Evaluate the level of service provided by the apartment’s management team. Is there an onsite property manager? What about an onsite security, or a superintendent who can deal with emergency calls any time of the day? The most valuable apartment to live in is the one where you can trust and count on the management to serve and help you when you need them. You might also want to consider the demographics of the apartments you look at. What sort of people do you want to share a building with? Each apartment has a different feel to it, whether it’s populated by a lot of young families, university students, seniors, etc. If you value fitting in with the rest of the tenants and looking for social opportunities in your building, the demographics could weigh heavily on your decision to rent there.
Consider the cost. How much is the rent? Is parking included? What about utilities? With rising gas and hydro costs, knowing how much you’ll have to pay each month on top of the rent is vitally important.

How to Save Energy (and Money) when Renting an Apartment

Whether your apartment is considered all-inclusive or if you have to cover some of the utilities yourself, it’s everybody’s responsibility to reduce the amount of energy they use, regardless of whether the costs are coming out of your own pocket. Reducing your apartment hydro bills will not only save you (or your landlord) some money, you’ll also be doing your part to help save the environment, which is just as important. If you’re looking to cut back on your energy consumption, all you need to do is follow these handy everyday apartment rental energy-saving tips.

Turn off and unplug appliances when not in use.

Cooking and Storing Your Food

Minimize the number of times you open the oven, refrigerator and freezer doors.
Match the size of any pots or skillets you use on the stovetop elements. There’s no need to use the energy required to heat up the largest element when you’re only using the smallest pot in the kitchen.
Reduce cooking times by thawing frozen foods in the refrigerator beforehand.
Don’t overcrowd your fridge, or unfill your freezer.

How to Squat in Abandoned Property

The international squatters symbol.

Squatting, the practice of living in abandoned or unoccupied spaces that a squatter does not legally own, is a great way to avoid paying rent, if you’re willing to take the risk. While many squatters are routinely evicted, arrested, harassed, or even, in some parts of the world, beaten or killed, some manage to make comfortable long-term homes on someone else’s property. A few are even able to take legal possession of their adopted digs through a process called “adverse possession.” Whether you’re unemployed, underpaid, or just extraordinarily thrifty, squatting may be the solution to your housing needs.

The exterior of a squat in Spain. Note the squatter symbol in the doorway on the left. Note also that while the building is colorful, it appears well-maintained. In many parts of the world, squatters can establish a legal right to occupy the property if they take care of it and establish themselves, and as a result squatters can be quite conspicuous. This squat is even decorated with political messages. In other parts of the world (such as in much of the U.S.), squatters must depend largely on their ability to go unnoticed.

Tips

You can also squat buildings to be used as public areas. Not all squats are residences. Some are social centers that take the place of comparable services which are otherwise missing in the community, e.g. bartering centers, libraries, game rooms (just throw in a ping pong table), and meeting spaces.
Find a source of water. If you’re lucky enough to find a place with running water, you’re set. But not every squatter is this lucky. Having water is essential to making a squat habitable.
You can find out who owns a building by visiting the local assessor or clerk and recorder. This information is usually public, and may help you determine the suitability of a building.
Try to make sure you have at least one or two people “at home” at all times during the initial stages of a squat. This will help deter thieves and vandals, and it will make it more difficult for people to lock you out.
In many jurisdictions, the police can evict you only if the property owner requests it and only if the property owner legally establishes that you don’t have a right to be there. In some places, this is harder than you might think, so check your legal options if the threat of eviction looms. There are organizations available in many countries that can help you defend your claim.
If the property owner wants you out, try to negotiate with him or her instead of causing conflict. You will make a more favorable impression if you have already fixed up the property and if you are living a responsible, low-key life.

Warnings

Be aware of the laws and be willing to accept the legal consequences of squatting. Try to avoid breaking other laws, such as damaging property.
Be careful of who you tell about your squat. It only takes one neighbor who is willing to call the police to have the squat compromised.
Don’t make the squat obvious. Enter late at night and leave early in the morning, and don’t make any loud noises.
Take steps to protect yourselves against thieves, vandals, and others who might harass you or try to cause you harm. Squatting can be especially dangerous if carried out alone.
Beware of Statements about “Squatter’s Rights”. Squatters have no rights to the property they are squatting on.
Beware of Statements that say you can get ownership through “Adverse Possession”. Laws regarding adverse possession usually have statements requiring the person to be acting in “Good Faith”. Squatting is not considered acting in good faith. Acting in “Good Faith” usually requires some legit claim to the property. Consult an Attorney.
Don’t put illegal items on the property.

How to Resolve Apartment Issues

Living with strangers, or even friends, can be challenging – especially if it’s your first time living away from home. Learn how to divide the bills and chores in a winning style.

Divide up the bills evenly. This is the most important, and divisive, issue in every apartment – who pays for what and when. There are several strategies to handle the apartment bills. All roommates could take responsibility by having a bill in their name so each person receives a bill, rather than all bills being directed to just one person. This avoids the risk of one roommate being left to pay out of their own pocket if others miss payments or leave the apartment. Setting up automatic payments for each individual’s monthly expenses takes the hassle out of remembering or encouraging your roommates to pay on time. Another solution is to open an apartment bank account, which everybody automatically pays into each week to cover bills and expenses, including food. Set up a day every month, perhaps the last Sunday, to reconcile your bills and issues so you can feel confident that the rent and bills will be paid on time.
Divvy up the duties. Nobody likes doing the dishes or taking out the garbage, but it needs to be done. Have a duties roster with clearly assigned roles for each day. Your roommates will learn to get into the groove of doing chores and will understand that everyone must pull their weight. Dishes can be a subject of contention. Make it clear whether people are responsible for just their own dishes, or if they are all assigned particular dish days.
Make sure everyone is comfortable. Maybe one roommate likes listening to heavy metal, one is a TV addict and another likes to smoke. It’s important to find the balance between enjoying your interests and hobbies and respecting others’ rights not to share in these. Smokers should smoke outside, especially if your apartment is smoke-free. Your music should not interfere with your roommates, unless by agreement. Don’t let any one person dominate the TV. If the TV is a concern for you, buy or borrow an additional TV for your room. Respecting each other’s privacy and comfort, and taking the time to get to know each other, will go a long way towards creating a harmonious apartment environment.

How to Resolve Landlord Disputes

Information to help yourself through a dispute with your landlord. Be sure to consult your local regulatory agency for more information.

Steps

If this is urgent or already beyond easy communication with your landlord you may want to immediately seek advice from a lawyer.
Find out which local government agency regulates landlord\tenant disputes in your area and ask if they have a copy of the landlord tenant laws for your area. For me, this was the Department of Agriculture Trade and Consumer protection.
Read up on the laws regarding the dispute to see what they say. If your landlord is breaking any laws or threatening to you have the option of informing them or reporting them.
If you are still having issues, either report or consult the advice of a lawyer. Having a lawyer draft a letter requesting them to comply is inexpensive compared to taking court action. If you are in the right it is in the best interest of your landlord to comply.

Tips

Check your lease carefully, and compare it to the laws in your area. If you sign a new lease to renew read it carefully to make sure there were no changes from the original that are unwanted or not agreed to.
Retain any written communication and document phone calls. Keep this information in the event it is needed in the future, even after you move out. It may prove useful in the future.
When involved in a dispute be sure to communicate in a calm manner. Do not escalate the dispute into an argument.

Warnings

Do not say or put anything in writing that you may regret later.

How to Rent out Your Home

For years, Europeans have rented out their homes for a few months a year while they traveled or vacationed along the Merranean. The idea of short term rentals of the family home is catching on in the U.S. as well. Europeans enjoy the services of rental agents who handle the bookings, scheduling and collection of rents — not so in the U.S. So how do you protect your property and enjoy the freedom and cash flow a short term rental would provide?

Steps

Check your homeowner’s insurance policy. Most don’t cover damages done by a renter, so you’ll have to purchase an additional policy to cover not only your home and any contents you leave, but also liability issues in the event the renter is injured on the property.
Make sure your local zoning regulations and homeowners association permit residential property rental. If not, you may need to obtain a variance to rent your home.
Decide what furniture you’ll leave and what will go into storage. Short term rentals, typically 4 months or less, are usually rented furnished. You’ll want to make the renters feel at home, while protecting heirloom furniture and other treasured possessions. Storing them offsite is safer than simply warning tenants about fragile chairs or delicate fabrics. Consider purchasing inexpensive basic furnishings to use in place of irreplaceable family favorites.
Remove valuables from your home. As much as you would like to trust your renters, things can disappear while owners are far away. Take family collectibles, special toys, electronics, cameras, and silver out of the house. Simply putting it out of the way in the attic or a closet is not sufficient protection for your valuables.
Make sure appliances and mechanicals are in good working order. It’s easier for you to make needed repairs or replace them before you go than to try and arrange it from another state, or worse yet, come home to find that the tenant has tried make repairs on their own!
Hire a local property manager to handle all repairs and emergencies, or create a list of trusted service people to leave with the tenant. The former has the advantage of saving you from a tenant who calls in an expensive service person for minor repairs, while the latter means you only pay or services actually used.
Have a cleaning service come in to thoroughly clean the house before the rental starts, then make it a contingency in the rental agreement that the tenants hire the same service to clean before they leave. This prevents disagreements when it come to security deposits.
Get a security deposit. Even for a short term rental, you need protection against tenant damages or rent defaults.
Run a background check on your renters and meet them in person, if possible, before the lease is signed. Basic background checks online cost anywhere from $7.95 to $150, but are well worth the money for the peace of mind they provide.
Arrange to pay all your basic bills in advance or online. Having mail forwarded is slow and often unreliable, and could result in late payments and penalties.
Make sure your pets have a place to go. Take them with you or board them while you are gone. Even if a neighbor offers to feed and water a pet, remember there will be strangers in your house and that could lead to bites and scratches.
If you’ll be renting to people from another city or region, leave a local reference packet with names of area businesses, a map, local emergency information, and names of neighbors. A renter who feels a part of the neighborhood is more likely to care for your home.
Keep all expense and income records for your Federal income taxes…the revenue you receive is taxable, but you can deduct the mortgage, property taxes and relevant expenses if you keep good records.

Tips

Include taxes and cleanings fees as part of the expenses for the renter.
Create special deals and niches for groups during times that are hard to rent out. (Rent five nights and get 6th night free).

Warnings

Be aware of oversea frauds that want to rent out your cabin. Do not refund people if they send you too much money. Make sure you get the correct amount before cashing the check. Some over sea people try to swindle you by sending you an amount over what is due and are expecting you to cash it then send them the rest of the money. This is fraud and the check will bounce. Be aware.
Some communities do not allow you to rent out vacation rentals. Make sure you check in with your local community before trying.