Selling Rental Property Thornton
The decision of selling rental property Thornton is not an easy one. In most cases, homeowners get fed up with the headaches of dealing with stubborn tenants as well as all the hassles involved with handling rental property, thus deciding to sell.
Maybe you have been doing things wrong and hence the many ups and downs with tenants and your rental property. If you find yourself in that awkward situation of selling rental property Thornton, maybe you should be able to reconsider the decision after reading this.
Know the law
Before you make the decision to rent out your house, make sure that you get familiar with the landlord/tenant laws at both state and federal levels. The most important law you need to get acquainted with is the Fair Housing Act. This act details out what constitutes illegal discrimination against tenants that meet all the prerequisites. For instance, the act allows rental property owners to reject anyone based on their credit history and not their race. A good place to start is the Department of Housing and Urban Development.
Check your advertisement
Maybe the reason you have decided that selling rental property in Thornton is the ideal choice is that you haven’t been able to find someone to rent the property even after months or years of advertising. Well, you are probably doing it wrong. Make sure you stay off discriminatory wording in adverts and focus them on specific groups that you’d like to rent your property. For instance, property that is meant for families can be advertised in parenting magazines while going for online platforms will most probably land you a young adult.
When creating the ads, be sure to include all the necessary details, including the number of bedrooms, baths, social amenities and any other features of the house that might come in handy when trying to lure potential tenants. Also, make sure you include the rental charges, but ensure you have the fairest figures in mind in order to attract people to your property. It’s also a good idea to let your friends and neighbors know you are renting your property for they might just be the key to finding the best tenants.
Make your house tour-ready
Since potential tenants will still want to come and view the property before they make their final decision, always ensure that the house in tour-ready once you make it available for rent. Whether it’s cleaning, doing some repairs, or taking out your personal stuff, just make sure the house doesn’t look unlivable.
In most cases, rental property will start getting offers within an hour of submitting ads to different platforms. You need to make sure that the house is ready, especially since the first people to show up are usually the most serious ones and you don’t want them to get a bad first impression when they come for the viewing.
Make sure you have a clear rental policy
Make sure you get the best rental application form that conforms with the rental laws of Colorado. In addition, print out clear rental policies on a sheet of paper, for instance, can tenants bring pets? Is there a minimum requirement for a credit score? Do you accept applications with a co-signer? And so on.
Also, make sure you have a thorough lease with agreements you feel are essential to the rental property. For instance, who will be taking charge of maintenance, how the rent will be paid and so on. Make sure you don’t overdo it because too many requirements might put off some potential tenants.
As pointed out earlier, some people decide to sell their rental property because they can no longer deal with stubborn tenants. Well, the best way to know your potential tenants is to run a background check on them before allowing them to rent your property. Review the completed applications, call references and run a credit check to ensure that you are not getting someone who won’t be able to pay the rent after a few months.
Perform final cleanup before the tenant moves in
Before a tenant moves in, do a final cleanup to make sure that everything is in order. Once done, feel free to leave behind your contact card or that of your property manager and encourage the tenant to call at the sign of any issue.
But if you really can’t get your mind off selling rental property Thornton, feel free to get in touch with Denver Property Flip on (720) 370-9595 for a quick house sale. We buy houses in their current condition and pay the cash after just 5 days.