If you're getting into the world of condo rentals as an owner, you could be looking at a very profitable endeavor. One of the first things you should consider is hiring a property management company.
If you're getting into the world of condo rental as an owner, you could be looking at a very profitable endeavor. Having said that, one of the first things you should consider is letting a good property management company handle your business affairs. Many owners who choose to handle everything themselves make big mistakes that can cost them money, lead to endless headaches, and even get them in trouble with the law. By hiring a competent management company, you can avoid these hassles and maximize your profits. If you're determined to go it alone for a while, however, here are some things you should be aware of.
The world of condo rentals isn't much different than the world of leasing apartments. You can't discriminate based on things like race, religion, gender, or family structure. You would be well advised to carefully read up on the legal issues surrounding discrimination and the laws that govern it in your state. Failing to do so could lead to you making a mistake that could land you in court. Make sure your application forms have been looked over by a lawyer to be on the safe side. Even the notion of impropriety when it comes to discrimination can be enough to put you in hot water.
As the property owner, it's your responsibility to make sure the place is up to snuff for future renters. If you start letting the place fall into disrepair, you will almost certainly start to suffer for it in monetary terms. Customers looking for condo rentals are savvier than ever. Many of them won't even deal with private owners directly, meaning you're already at a disadvantage. Those that will often expect to be able to look at the property and will insist on more proof than a few grainy pictures before they agree to take the place. If they see that it isn't as described, they may feel entitled to break the lease.
In order to be a success at condo rentals, you have to make sure your property is out there to be seen. But just throwing a listing in one directory or another may not be enough. Study the other listings and learn from them. The more pictures, the better. Because of shady timeshares and the like, many consumers already have their guards up when it comes to this type of transaction. Do everything you can to eliminate doubt and fear. You can do this by being open, honest, and easy to connect with.