Although it may seem that leasing out a property is a simple process, there is quite a bit that should go into this process to best protect the property and the landlord. The leasing process doesn’t just entail finding a willing renter, creating a lease agreement, and determining monthly rental payments. There is much more that goes into this process.
At Rincon Property Management, the leasing of the property is covered by the leasing fee.
Conducting a Rental Analysis
Leasing the property can include conducting a rental analysis for the property and setting the rental price. Conducting a rental analysis can help the owner find the value of the property they intend to rent out, which is based on a number of factors including location, size, and more. The rental analysis also can help inform the owner of simple ways to boost profitability.
Ensuring the property is rent-ready
There is quite a bit that goes into ensuring a property is rent-ready. When we begin managing a new property, we provide a list of things that need to happen prior to tenant move-in. This could be eliminating unnecessary appliances to reduce costs, ensuring the unit is clean, there is fresh paint, and more. This process can be time consuming depending on the number of items.
Taking digital photos to market on relevant sites
Taking images of the unit not only ensures that you are documenting the condition of the unit prior to tenant move in, but also ensures that you can accurately display the unit to garner tenant interest.
These images are used on sites like Zillow, HotPads, Trulia, Apartment List and more.
By posting quality images, we are able to spread the word about available units and begin conducting showings.
We utilize lock box showings for potential renters who are interested in coming to view the property. The lock box method has proven to be safe and effective, while allowing for more potential tenants to view the home. While other rental units may only be available for showings during work hours throughout the week, our properties are available to view on weekends and evenings when necessary.
Vetting tenants and processing applications can also be a time-consuming but essential part of the process. When you are vetting a potential tenant or reviewing a rental application, there is a lot to keep in mind.
It is essential to take the tenant screening process seriously, and to be thorough with confirming the provided information. It is better to take your time to ensure the tenant is qualified prior to move-in, than to welcome a tenant quickly without the proper safe-gaurds. We ensure applicants are qualified to rent out a unit by utilizing software which allows applicants to securely share their banking information. The software can then verify their monthly income through their bank, eliminating the possibility of inaccurate paystubs. We dedicate the time and do the work behind-the-scenes to verify that all information is correct.
As you can see from the list above which is by no means an exhaustive list, even these initial items can be time-consuming and difficult to navigate. However, each is truly essential to preparing adequately for a tenant’s move-in.
To learn more about the leasing process, visit our learning hub, here.