Renting out property on popular platforms such as Airbnb has become a leading way for homeowners and renters to earn extra income without breaking a sweat. Whether you have an extra room or living area in your home you wish to rent out for long-term use or an additional property that needs some fixing up, this guide will explore the steps to take to rent out your property successfully that may get forgotten as a beginner.
Research Your Way To The Top
A crucial aspect of real estate, or contributing to any business, is to research your market. Having a wonderful-looking home is just one piece of a large puzzle. The best option to consider is determining the demand and statistics for people renting our properties in your area. If your property or home is in a “hotspot” area lavish with shops, dining places, and tourism, then your demand may be higher than someone just living in a rural, modest town. Seeking advice from a professional real estate agent on the rental market. Be sure to consider the following:
Strong income in the market you are renting to
Prepare to be the landlord of your property
Comply with laws in your state to understand your rights as well as manage tasks
Property Management
As a homeowner, you should already be familiar with handling excess expenses in your home. Regular maintenance and cleaning, for example, would be tasks you could outsource to another company or person, but ultimately the responsibilities will fall on you. You will also be in charge of collecting rent on a timely matter, inspecting the property, and understanding tenancy laws and information.
Declutter, Clean, and Declutter Again
Now, the fun part. Once you’ve moved on to setting up your property for rental, cleaning every aspect is essential. Remove any trash, personal belongings, and items that would be in the way of your potential guest. You can always keep a few pieces of high-quality furniture, lighting, and additional electronics (TV, cable box) if those will be applicable features for the guest, specifically for Airbnb. We recommend starting with a clean, uncluttered space to ensure no damage to your belongings or items. Renting a dumpster for trash disposal is a great choice to get rid of a mass amount of things in a short time.
Professional trash disposal companies such as Yankee Dumpster provide excellent rental services that save you time to work on other areas of renting. Also, remember that the exterior of your property should be up to par—branches, rocks, or unkept plants can hurt the appearance of your rental—nobody wants to rent out a space that doesn’t look good. Finally, outdoor maintenance is crucial to attracting curb appeal, especially if extra room exists, such as outdoor living spaces and a large landscape. Keep up with mowing and trimming the landscape and cleaning the debris from the lawn regularly.
Create a Contract and Boundaries
There’s a reason not everyone rents out their own home for a source of income—it can be awkward or difficult for people to rent out their home to strangers. So instead, contact a real estate agent or agency to create a mock leasing agreement that covers the basics, such as security deposits, maintenance responsibilities and costs, and most importantly, the leasing term. Are you planning on renting out property for a short-term period, or will this become a long-term investment?
Have the ability to set boundaries for yourself. If you believe running your business is too much to manage or not the right venture to take on right now, understand and honor those boundaries. On the other hand, it may feel like too much to take on down the line, and there’s nothing wrong with just keeping the property for sale as yours to do what you please.
Staging Your Property and Landscape
As a homeowner, you’ll learn quickly that the exterior of your home is just as important as the inside. It’s no wonder buyers will invest thousands into rich brick walls. Outdoor maintenance is a crucial investment as it is the main factor in what sells a home. According to a NAR report, 99% of members believe curb appeal is a significant factor in attracting buyers. Set up your landscape and outdoor living spaces for success with proper staging and maintenance.
Ensure your property is upgraded and your landscape has been tended to and flourishing. It may take time, but potential clients love nothing more than renting out a beautiful place to stay, no matter the occasion. Depending on your region, locations and climates will dictate the popular local style. For example, you can expect Pacific Northwest homes, which includes Washington, Oregon, and Idaho, to have clean, natural palettes, slate grays, and paved stone. Be sure to compare your exterior to other popular styles and themes in the area to see what properties correlate with the local culture.
Preparing your home or property for renting is a large step that can turn into a long process. Whether you plan or sell your home, rent it out, or wish to add value to your property, our dumpster rental services will be here before you begin to keep your property clean and ready. Call Yankee Dumpster today to remove unwanted trash safely and securely (352) 730-9596.
