When the economy isn’t doing well, it makes better sense to accept renters than to sell your investment property. Renting out your property is also a great source of passive income.
If you’re planning to rent out your Raleigh property, there are a few things we suggest you keep in mind. First, we suggest you determine what kind of rental you’d like to offer. Where in Raleigh is your rental home located? Is it near tourist attractions or the city center? If it is, you can opt for a short-term rental to cater to high market demand.
Below is a list of factors you might also consider when renting out your Raleigh home.
Understand Your Duties as a Raleigh Landlord
Being a landlord is much more commitment than investing in rental property. In North Carolina, landlords are responsible for structural components, electricity, heating and cooling systems, sewage, water supplies, and the removal of mold and bedbugs.
Your property should be habitable and kept in sanitary condition. You’re responsible to resolve rodent infestations in your Raleigh rental home if it’s a building issue, such as having large cracks and holes in the floors or walls. If a renter’s unsanitary habits brought on the proliferation of rats however, they’re responsible for resolving the infestation.
Raleigh landlords also need to provide smoke and carbon monoxide detectors for their units. In North Carolina, failing to do so or failure to repair them can result in paying a penalty of $250. Any necessary repairs need to be arranged and paid for when the damage is not a result of a tenant’s negligence or abuse of the property.
North Carolina landlords are also expected to provide secure doors and windows, hot and cold running water, HVAC equipment and proper electrical wiring. They also need to ensure that the property’s floors are in good condition and safe, including all stairs and railings.
In North Carolina, landlords must receive a written request for property repairs, except in the case of emergencies. You need to dedicate enough time to complete any needed repairs. The time allotted will depend on the type of repair needed.
Advertise Your Raleigh Rental Home Effectively
When you’ve finished staging and/or renovating your rental space, you need to know what rental features to highlight to prospective tenants. Review the amenities you provide. You might promote a parking space, a dishwasher, an in-house washer and dryer or a granite countertop in the kitchen.
These are amenities renters look for in their rental search. Including them in your ads can generate more interest from potential tenants.
When creating a property listing, you also want to include attractive photos and engaging copy. Post your listing on various popular online platforms to reach a wide audience.
To benefit from a wide array of property management services, get in touch with Keyrenter Raleigh. Their local expertise and experience helps in attracting quality renters to fill your vacant Raleigh rental home.
More than that, Keyrenter Raleigh also offers effective management practices and processes, including tenant screening, better rent price setting, prompt rent collection and strategic marketing.
As industry specialists, property managers have the resources and in-depth knowledge to run advertising campaigns more efficiently than you might on your own. Turn to a professional to ensure you save time, money and effort when marketing your Raleigh property.
Screen Prospective Tenants Thoroughly
Welcoming new tenants to your Raleigh rental home can be a risky task without proper tenant screening. An ideal renter can afford to consistently pay the rental fee and will treat your property with care. To start the tenant screening process, we suggest reviewing a prospective tenant’s rental history, income and employment.
Once you’ve accepted a renter, we suggest you ask for a security deposit. In North Carolina, limits are imposed. You can charge only 2 weeks worth of the rental payment for a weekly agreement while the maximum for a monthly lease is 1.5x the rental amount. For fixed-term leases, you can’t charge tenants over two month’s worth of rent as a security deposit.
Prepare Your Rental Property for Tenants
You might have to compete with other landlords to attract and retain tenants for your rental property. Enhancing your services can motivate your current renters to renew their leases with you, instead of looking for cheaper rentals elsewhere.
You can hire professional cleaners and ensure the appliances and furnishings of your Raleigh rental home are property looked after. Make sure to inspect and repair your home systems as needed too, such as heating and cooling equipment.
Hire a Property Manager
As a landlord, your renters expect you to create a rental agreement that complies with housing regulations. Keyrenter Raleigh is more than familiar with North Carolina property laws and the North Carolina Fair Housing Act.
If you partner with our property managers, we’ll review the terms and conditions of your Raleigh rental home for proper compliance and protect you from lawsuits or penalties.
Property managers also detail financial reports for landlords, which will make your tax season much easier. Keyrenter Raleigh can also help you set the rental price of your investment property.
We’ll compare your property to similar properties rental prices in the area in order to set a reasonable and profitable price. A low rental price that’s too low will lose you money, while an overpriced rental home will drive away prospective tenants.
In a Nutshell: Renting Out Your Raleigh Property
Before deciding to be a landlord in Raleigh, it’s important you understand North Carolina property laws as well as the Fair Housing Act. We suggest you be diligent in advertising your Raleigh property, screening tenants and in preparing your unit for tenants.
Do you still have questions or feel like property management might be overwhelming for you? Contact Keyrenter Raleigh today! You can reach our professional property management team by dialling (919) 518-9800. We’re happy to answer any questions you might have and are eager to support you in your property investment journey.