Did you know Idaho is one of the most popular moving destinations in the United States? If you want to invest in rental property in the Gem State, there isn't a better time than the present.
So, you've purchased an investment property and now you are interested in rental leasing. What do you do next? Here are some tips for smoothing over the leasing process.
1. Use a Property Management Company
If you are new to the rental market, a property management company is essential to help you navigate the process. You can begin with a property consultation and market analysis, which determines how much money you can make from your residence.
A property management company can also manage rentals, handle the tenant screening process, and even collect rent. These companies are beneficial if you have many properties or you live out of state.
2. Conduct Background Checks
A background check is essential for making sure you have decent tenants. In the real estate business, a damaged property can eat into profits when you have to waste time with repairs or find new tenants.
Your property management company may be able to help with the background check applications. There are many third-party sites that you can use for a small fee. To save money, you can pass this fee to the potential tenant as part of the application process.
3. Follow Local Guidelines
Every state has different laws for both landlords and tenants, and Idaho is no exception. You should educate yourself on the legal landscape so you don't get into hot water, especially when it comes to things like renters' rights.
For instance, in Idaho, you must return a security deposit within 30 days after the tenant has left the property. In addition, keep an eye out every year or so for changing legislation.
4. Design a Rental Application
Rather than just interviewing potential candidates, a rental application is an easy way to weed out less desirable tenants. You can include any questions or information that you feel is relevant to your lease agreement.
For example, you can ask if the applicant has pets, and if so, how many. A rental application is a go-to resource for information when running a background check.
5. Keep Digital Records
While a paper trail is great for keeping track of things like rent prices, digital records are a fantastic backup method. Make sure to save documents frequently and back them up through a secondary method, such as the cloud.
Some digital records to keep on hand include:
- lease agreements
- rent receipts
- background checks
- maintenance receipts
Rental Leasing Made Easy
Whether you are new to rental leasing or you need a refresher, it is important to know all about the real estate business. With this guide, you can start leasing your rental property in no time.
Want more information on property management in the Boise area? First Rate Property Management has been in the business for almost three decades. Contact our professionals today for answers to all of your questions.