If you have are the type of person that travels a lot because of your job or commitments then renting out your place will be a good idea to increase your income. Most people who are going to live in a different area and do not want to sell their house, they usually rent it out. But there are important things to consider when renting out your property.

1. Ask zoning and building authorities if there are limitations or restrictions when it comes to renting our private residences in your compound or area.
2. If your house is in mortgage, then you must first review the documents because it may not permit you to rent out your place.
3. Now, if there are no restrictions whatsoever, proceed on in determining how much rent you are going to apply. The best way to do this is to read classified ads and look for a property similar to yours that is located in or near your area. Determining the appropriate amount is important because you also have competitions. You might be pricing your property too low or too high.
4. Of course, advertising your property is an important part when renting out your property. You can do this online for free like in Craigslist.org. Make sure to post a picture of your property inside and out.
5. Make a lease. Here you will state the does and don’ts to the applicant/s. Make sure that both of you agree with the terms but in case there are special deals or arrangements be sure to put it in writing.
6. Interview the applicants personally while you are showing your place. Also make background checks especially credit reports. You can also ask information about the applicant’s job history to make sure that they are committed in renting out your place.
7. If there are damages in your property, be sure to have it fixed before you show it to applicants so that complains can be avoided. And it will also be nice if you are there when they move in as a gesture of welcoming them to your home.

Renting out your property is a great help financially especially when you have several properties. Do not let it sit and collect dust, make an investment out of it.

We also recommend using property management software.