Homeowners have the freedom of renting out their homes in order to make a steady income from their tenants. The benefits of renting out a home may outweigh the benefits that come from selling the home upfront. Perhaps you’d like to receive monthly payments instead of one lump sum. Maybe you’d like to still own your property but you simply want to rent it out for the time being while you live somewhere else. No matter what your reasoning is, the Lozano Real Estate Group can help. But how does one go about renting out a home in El Paso? We’ll outline what must take place in order for your rental experience to be as positive as possible!
Step One: Find the Right Tenant
This step may seem obvious but it’s necessary and homeowners must go about it as accurately as possible. Some potential tenants may seem great on paper but they may bring along a flurry of chaos in their wake. Instead of leaving it up to chance or renting out to strangers through print ads or online databases, you should team up with an experienced real estate group that understands what it takes to find the right tenant. Tenants should be screened, their credit reports should be examined and their criminal history must be checked. It’s also very beneficial to speak with the tenant’s references, such as employers or previous landlords, before making the decision. The Lozano Real Estate Group can take care of this entire process for you so you won’t have to worry about signing on the wrong tenant or skipping on the perfect one.
Step Two: Prepare the Lease and Insurance
Once the right tenant is found, it’s time to have them sign a lease that explains the rights and obligations that come when moving into the rental property. Since the rental property still belongs to you, it’s necessary to make sure it remains in tip-top shape. This is where the insurance comes into place. Even if the tenant is perfect, accidents and incidents can still occur. With an insurance policy, you’ll be able to rest easy knowing your home will be well taken care of in the instance of an issue.
Step Three: Team Up with a Management Company
The Lozano Real Estate Group can take care of the entire rental process. You won’t have to worry about taking care of your home’s lawn or fixing mechanical failures. Instead, our team will deal with the tenants and any issues that may come up. We will also take care of the rent collection so you won’t have to worry! If you’re planning on renting out your home in El Paso, choose the Lozano Real Estate Group! It really doesn’t get any better than this. Give us a call today so we can get started on renting out your home!