Almost half of Brainerd residents are renters. On top of that, Brainerd is a hot spot for tourists looking for short-term rentals. Are you thinking what we're thinking?
That's right. You may want to consider listing your home for rent to make some extra income. Renting out your home for long-term or vacation rentals can be lucrative.
We're here to give you a brief guide on how to get started. Read on to learn more.
First: Prepare the Property
Unless your property is move-in ready for renters, you will need to do some prep work.
Ensure the property is clean, well-maintained, and ready for someone to rent it. Take care of any necessary repairs before listing it. Consider doing minor renovations, like upgrading appliances or painting the walls.
You want the property to look as nice as possible for new tenants, regardless of whether they're vacationers or long-term renters.
Consider Your Rental Price
How much will you be listing your property for?
Look at other similar rental properties in your area. You want to make your price competitive. If it's too high, people will have no reason to choose your property over other comparable properties.
On the other hand, you don't want to price it so low that you can't cover the cost of upkeep. Find a happy medium and know that you may have to make adjustments in the future.
Gather Information and Photos
Now it's time to start creating the listing.
Start by getting as much information about the property as possible. You need to know the square footage, number of rooms, basic amenities, and anything else that a renter may want to know. It's also helpful to gather information about the surrounding area.
Ideally, you'll have a professional photographer take photos for you. But you can also do it on your own. Make sure that the photos are clear and that they aren't misleading.
It's helpful to have a professional writer create the listing's description to make it sound nicer, but this isn't always necessary.
You'll want to write your expectations of potential renters in the listing. What will applicants need to know? This is a helpful instruction guide for applicants as well as a pre-screening method.
Mention what applicants will need in order to apply. They may need to submit credit scores, proof of income, and other helpful documents that let landlords know the prospective tenant can be reliable.
You should also mention any must-haves, such as income requirements.
Choose the Right Platforms
Where do you plan on listing your property? There are so many options, and it's a good idea to use several of them so you can expand your reach as much as possible.
Conventional platforms like Zillow are great, but you can also use social media. If you work with a property management company, they can also list your property on their site.
Listing Your Home for Rent?
If you're listing your home for rent, use these tips to get started. You have the potential to make a steady income off of your property!
If you need a property manager in Brainerd, Minnesota to help you out, we're here for you. Contact us so we can start working together today.