Leasing out your S&B home?

[Yaj]

Hello friends!
We want to go full time but don't want to give up the S&B yet.
It's a nice older home (70's) on a lake just North of Milwaukee.
We believe we should be able to get top dollar for a lease so we anticipate attracting a good caliper tenant.
That said we are trying to figure out the best way to market the home for lease. We would like to get the ball rolling A.S.A.P. hopefully by spring or early summer.
The question for any of you that have already done this type of thing is; How did you market the home?
We certainly would like to hear any thing that may help us do this as properly as possible.

I will check this thread often and any thoughts will be immensely appreciated!!!

[bigdogger]

Also, are you going to be OK with other people using your things? I assume you intend to rent it furnished, since you are going to full-time RV. Every item of yours that has any sentimental value will need to be packed away. Same with any high value item (artwork, antiques etc) What are you going to do with your personal items? By all means, use a property management company. But also be aware that once you list a property for lease, fair housing laws come into play and you may find yourself unable to screen applicants and manage the property according to your desires.

[Francesca_Knowl]

I think your best bet would be to check out local companies that do this kind of property management.

A reputable Company would likely be glad to provide references from satisfied property owners using their services. This would also allow you to drive around and look at some of the properties they already manage just to get an idea of how well they're maintaining them.

Try to get a sense of how often their rentals turn over- longer term tenants indicate more thorough/careful selection of same by the Property management company.

[Yaj]

Thanks Dennis! And the rest!
This is just the kind of input I'm looking for!
Yes, we most likely will use a property management firm as we have no experience dealing with this type of endeavor.
We are still wide open for more suggestions as to how to proceed with this.
Is there a reputable nation wide property management firm? Or one that could be suggested?

[PawPaw_n_Gram]

Every person I've known who started leasing or renting a home themselves found that the time and work required significantly more than they had anticipated.

Managing leased / rental property is a specialized skill set that takes time to learn. And you have to be local to the property to develop those skills.

That is the opposite of what most folks going to full-time want to do.

[Executive45]

First, a few questions:

1. Have you ever leased a property out before?
2. Are you experienced in "fixing" things that break?
3. Do you have experienced contractors you can call if something breaks?
4. Does your current homeowner's insurance cover renters?
5. Does your current fire insurance cover renters/smokers?
6. Does your current insurance cover pets?
7. When traveling how will you handle any repairs that come up?
8. How will you handle landscaping chores?
9. How will you handle the eviction process if the renter stops paying?

My suggestion is to find a realty company that SPECIALIZES in rentals. They may not be the LARGEST but they may be the BEST. Most real estate firms are looking for the most bang for their buck and that would be in sales. Your home, while important to YOU will be nothing more than a small commission when leased, and perhaps a small monthly percentage. Only a few companies specialize in property management. This is the type of company you should be looking for. Interview them just as you would a prospective tenant:

1. How many properties do you manage?
2. How long have you been managing properties?
3. How do you handle landscaping?
4. How will you collect the rent?
5. How will I get paid?
6. Do you have a contractor's list if something breaks? In the middle of the night?
7. Ask to see the list and verify.

Any firm worth it's salt will be happy to answer all these questions for you. You want worry free traveling yet you also want your S&B properly protected for when you no longer wish to travel and/or you choose to sell it.....Dennis

[ventrman]

missourijan wrote:
Unless one or both of you is an experienced realtor your best bet is to find a property manager that will manage the property for a percentage.

X2

[Yaj]

Thanks for the quick replies!
We are just starting to talk with a large real estate firm about property management. I will report back here as those talks move along.
Any more thoughts are welcome!

[robsouth]

I would contact realtors in my area and discuss the options with them. Do many pitfalls for the average homeowner to contemplate. Why re-invent the wheel?

[missourijan]

Unless one or both of you is an experienced realtor your best bet is to find a property manager that will manage the property for a percentage. No insult intended but while you may love your home some owners may love their home and it suits them but may need updating to attract a high quality tenant. How old are the appliances, furnace, ac, etc. Is the home close to schools or shopping? Call some realty companies in the area and ask if they have realtors that manage property. Usually the property management companies don't want to take on just 1 property. It isn't worth it to them. Meet with realtors who are willing to manage the property, get several opinions on the amount of rent, any repairs or updating needed. If you are planning on doing this yourself, are you familiar with leases, what do you have in place for problems or repairs? We have 2 rental properties and it is well worth the percentage we pay the person to not deal with any of the tenants. She handles everything.