Are you thinking of renting out your Tucson home? If you are, then you’d be making a great move! The city’s real estate market is booming and is shaping up to become a haven for investors.
The countless outdoor activities, prospering industry, and the near-perfect climate continue to drive demand for rental housing. So, renting out your home can be one of the best decisions you can make.
Nonetheless, investing in the Tucson rental market isn’t a guarantee of quick riches. To succeed, you’ll need to press the right buttons. In other words, there are certain things you’ll have to do to make it worthwhile.
The following are 7 proven tips on how you can successfully rent out your Tucson home.
1. Know What Being a Landlord Entails
Being a landlord entails more than just collecting rent at the end of the month. It requires a certain level of skill and experience to make things work.
Among other things, you need to know how to draft a legal lease agreement, market vacant rental units, screen prospective tenants, and maintain rental units.
Before making the decision, you’d want to ask yourself a couple of questions. For example: do I have the time to take care of my responsibilities as a landlord? Do I know how to determine the rental price? Do I know my way around a toolbox to respond to maintenance issues? Do I have a proper understanding of the Arizona landlord-tenant laws?
If you answered “yes” to these questions, then you’re probably good to go. But if not, then you might need to seek professional property management services from a property management company like Foothills Properties.
2. Make the Home Ready to Rent
Renting out a home as-is in a down market can be difficult. And understandably so, tenants have multiple options to consider and will pick the most desirable.
When the rental space is competitive, you’ll need to do everything possible to make your home desirable to prospective tenants. Depending on its condition, you may need to do the following:
Freshen it up with a new coat of paint
Clean it thoroughly
Test everything out to make sure they are working as they should
Take care of all repairs and replacements
Invigorate the property’s exterior
Remember to engage professionals whenever necessary to ensure superior workmanship.
3. Understand the AZ Landlord-tenant Laws
Sure, Arizona is a landlord-friendly state. There are no rent restrictions, no restrictions on late fee amounts, and it has a relatively easy eviction process. That being said, understanding the state’s tenancy laws isn’t optional for landlords.
It’s essential for you to understand landlord-tenant laws. This will ensure you are able to run a safe and profitable rental property.
For one, you have to understand the eviction laws. The state has an elaborate eviction process that every landlord must follow to carry out a successful eviction process. Taking matters into your own hands, like shutting off utilities or removing tenant’s belongings, could land you in legal trouble.
You also have to be wary about how you enter the tenant’s rented premises. In Arizona, landlords looking to enter their tenants’ rental unit must provide two days’ advance notice. The reason for the entry, as well as the entry times, must also be within reason.
Another law you’ll want to familiarize yourself with is the Fair Housing Act. It’s illegal for landlords to discriminate against their tenants based on protected characteristics. These characteristics include sex, color, race, disability, national origin, and sexual orientation.
Besides the above, other laws to keep in mind include:
Warranty of Habitability
Required Landlord Disclosures
4. Take Up the Proper Insurance Policy
A homeowner’s insurance policy simply won’t cut it. You see, renting out a home comes with its own fair of unique challenges. For example, you may become liable should a tenant or their guest injure themselves while on your property and you’re found to be at fault.
A landlord insurance cover will help insure you against such unpredictable events. It’ll also provide cover against common perils like fire, flood, and vandalism.
5. Begin the Marketing Process
Once you understand your landlord responsibilities, start the marketing process ASAP. Every day your property is vacant is money down the drain.
The rental marketing process involves a number of steps. First and foremost, you might want to stage your home to make it stand out from the competition. This will help you emphasize your property’s top selling points.
Once you’ve staged it, take high-quality photos to include in your rental ad. Also, make the rental description as detailed as possible, but pay attention not to be wordy. That might be a turn-off by itself.
Finally, start syndicating the ad. Use both traditional and digital means to get the word out.
6. Screen All Tenants Meticulously
Don’t take any chances when it comes to tenant selection. The last thing you want is to rent to a difficult tenant who’ll cause you nothing but trouble.
High-quality tenants are desirable for multiple reasons. They are respectful, reliable, and responsible. They will pay rent on time, care for your Tucson property, and notify you of maintenance issues on time.
To land high-quality tenants, you need to have a thorough screening test available. An effective test should be able to examine a prospective tenant on the basis of their income, creditworthiness, as well as criminal, rental, and employment backgrounds.
7. Hire an Experienced Property Management Company
Turning your Tucson home into a rental property can seem all too easy. But it isn’t, more so if you’re just starting out as a landlord.
Hiring experienced hands can help you minimize risks and maximize the potential of your investment property. A good property manager like Foothills Properties will help you fill your vacancies, rent to the best tenant, maintain your units, and more!
Renting out your home instead of selling it can be a great option. If you do it right, you may be able to earn a sizeable passive income for many years to come. If you are just starting out, kindly consider hiring expert help. We here at Foothills Properties would be happy to answer any questions you may have!