Leasing a Residence

Whether you are going to lease out your home, and thus become a landlord, or if you intend to lease a home, a thorough preparation, analysis and plan is something we will design together.

Leasing Out Your Home

In addition to the preparation of the home for a tenant, it is crucial to carefully screen and evaluate your potential tenant.  Here are a few screening essentials:

  • Credit Report.  I advise that every person who signs on the lease supply an individual report.  Also, the report should be obtained by your real estate agent on your behalf.  Beware of a credit report supplied directly by the potential tenant.
  • Review and ask questions about any elements of the tenant Application to rent.
  • Call or contact the most recent landlord, if the applicant is currently renting.  Ask about timeliness of rental payments, and also about their relationship during the rental tenure.
  • Above all, before signing a lease, be sure to personally meet with them.  This can be done at the property, and much of value can be gleaned about your potential tenant from meeting them personally.

A good choice will make rent out your home a pleasure.  But if you end up  with a difficult tenant,  it can be a nightmare in the worst case, or at best a constant drain on your time and resources.

Finding a Home to Lease

Leasing a home as a tenant can be a great experience, or a bad one if the landlord is not of good character.  Here are a few things to consider before you sign a lease as a tenant.

  • If you are not very familiar with the neighborhood, drive around and check out the surrounding properties.  Are they well kept? What is the traffic like?  Is there a nearby school?  Check out the property in the morning, afternoon and evening.  It only takes a few minutes, but if there are issues you are concerned with, be sure to explore whether the total picture is one you can life with.
  • Ask the landlord for a few copies of recent utility bills.  Some during summer, and also winter, will give you an idea of that cost, especially if you will be paying those bills.
  • I also routinely do a rental analysis for what comparable properties are going for in the neighborhood.  That gives a clue as to a negotiating strategy as to what you may offer for rent, as well as other terms of the contract.

For leasing as either a landlord or potential tenant, we will work together to create a strategy to meet your needs. Just as in a purchase, the specifics are all important, and every detail needs careful consideration.  Please contact me if you have any questions.  I look forward to helping if I can.