Renting Out Your Condo: Here’s What You Need To Know

There are few better ways to maximize your savings than owning an additional property. Landlords with properties that are rented out successfully would surely testify to that. Moreover, the idea of renting out your property and earning money with ease sounds wonderful in theory. Although in practice, things are not as simple. There are various points to keep in mind and several risks that you need to prepare for in order to rent out your condo successfully. Lastly, there are certain investments that you must make to maximize the earning potential of your condo. Here are few things you should be knowing if you are renting out your condo in Edmonton:

The Maintenance of Your Condo

You must maintain your condo adequately not just for the benefit of your tenants, but also because a well-maintained condo would yield a higher rent. A higher resale value is another added advantage of regular maintenance if you intend to liquidate your condo at a later stage. Some of the key aspects associated with the leasing of your condo include:

1) Adequate Repair and Renovation

A property which is well maintained and adequately renovated is more desirable for the tenants. There are several instances where the landowners are unable to rent out their property despite getting visits from various prospective tenants. The reason prospective tenants don’t settle for a poorly maintained condo is that certain areas require basic repair and renovation to be more habitable and tenants expect to have as many facilities as possible prior to moving into a property. After all, your condo is much more than the four walls that surround it. The prior presence of a kitchen backsplash and other common utilities such as a deck would enhance the property and make a more positive psychological impact on the mind of a prospective tenant.

2) Appropriate Security

It is imperative that your property comes equipped with the necessary security features. These security measures don’t just protect your tenant and their family, but they also make sure your property remains secure. While functional doors are mandatory, having additional amenities such as an intruder alarm system and security cameras outside the home is really good for your property. This not just enables you to monitor your condo whenever you wish to, but also allows you to charge a potentially higher rent on the basis of these additional investments that you have made. The tenants certainly appreciate feeling secured in the place they are residing.

How to Find Tenants?

There are certain aspects that you need to keep in mind to ensure you are able to find suitable tenants quickly:

1) Reasonable Pricing

You have to price your condo in a way which fetches adequate return on your investment and does not intimidate the tenants away. The rent you charge your tenants would depend on the location, the prevailing market conditions, the amenities you provide, and lastly, the condition of your condo. However, at times, certain landlords slash their price to such a degree that the true potential of their condo’s profitability is not realized. Property management companies could help you evaluate the worth of your property to make sure you are on the right track.

2) Effective Marketing

To be certain that your plan of renting a condo in Edmonton is executed properly, you must make sure that your condo is reaching those prospective tenants who need it the most. Today, the most popular way to advertise your condo is through the online rental property listings that property management companies provide to the interested tenants. The traditional mediums of marketing in the case of rental properties are not as effective in the digital age.

Steps to Renting Your Condo in Edmonton

These are the essential steps to make sure you rent out your condo to quality tenants.

1) Conduct Thorough Background Checks

Renting out your condo to the wrong tenant poses danger to your property as well as your finances. It is crucial to check the prospective tenants’ earlier tenant history, their credit score, criminal record and their source of income. The potential dangers you would be putting yourself in would include not receiving rent from the tenant, and the tenant conducting potentially criminal activities on your condo for which you may or may not be held responsible.

2) Prepare a Rental Property Lease

A rental property lease would act as an agreement which states that the tenant agrees to your specific terms of renting a condo in Edmonton. The lease would clearly state the period for which the tenancy would last for, the amenities which would be included in the rent, the pet policy and other such important details. This lease is an important piece of documentation you need, should there be any misunderstanding later on, and if the tenant denies any of these agreed upon terms.

3) Consider a Rental Property Management Company

Days, when traditional property agents were incapable of providing tenants for an urgent requirement, are long bygone. The advantage of consulting rental property management companies is that they are capable of making sure that your condo has a great reach with the help of their online listings. Furthermore, these rental property managers are really good at scanning through the tenant applications for your convenience. You don’t have to unnecessarily worry about the quality of your tenants renting a condo in Edmonton.

Quality property management companies such as Rental Advisors are popular among both the landlords and the tenants. This is because they help landlords with their exclusive property management contracts, also making sure that they handle the redundant paperwork which goes into a rental property lease with their property evaluation services. The landlords and the tenants both appreciate the way their online property listings are useful for both parties.