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Landlords: 8Steps to GetYour PropertyRented

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Step 1: Close & Rehab the Property

Step 2: Advertise the Property

Step 3: Show the Property

Step 4: Accept Apps & Run Checks

Step 5: Create & Ratify Your Lease

Step 6: Collect Deposits

Step 7: Complete a Walk Thru

Step 8: Collect Cash Flow

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Table of Contents

After you sign the papers at closing and the property is yours and vacant, the

clock is ticking.

If you need to do any type of repairs or renovations, you should get started on

those right away.

Why?

If you have a mortgage payment you have to pay each month, then the reality

is that you don't want to prolong the process of getting a tenant moved in.

Until you get a tenant in there, the money is coming out of your pocket.

So....

During the time period between offering on the property and closing, start

pricing out renovations. If you are able to get contractors (paint, carpet, etc) in

the property to get you estimates, do it.

This will allow you to be able to schedule the fixes for as soon as the property

is yours. You could close on Monday and have painters in there on Tuesday.

Thus wasting very little to no time.

**Note: If it's not vacant and currently rented to a tenant, you will need to

make sure you obtain current leases, security deposits and any pro-rated rent.

Step 1: Close & Rehab theProperty

Once you've completed any repairs that needed to be done take pictures.

Taking pictures is extremely important. This is in most cases, what will make

or break a potential tenant contacting you to view the property.

Make sure you have good lighting and you are taking pictures to post of

what people want to see: kitchens, bathrooms, living areas, outdoor spaces

and any amenities.

Once you have your pictures you can list the property. There are a number of

ways to do this.

1. You can have a realtor list the property for you. Even if you plan to manage

the property yourself, you can talk to your realtor about just getting the

property rented. When we've done this we have paid our realtors the first

month's rent as a fee.

2. If you are planning to have a realtor or property management company

take care of your property, they will be in charge of listing and renting the

property.

3. You can list the property, and keep money in your pocket, on a number of

places online. Sites like Realtor.com, Zillow, Postlets, rent.com, and

Craigslist all are great places to list your property.

Don't forget to put a 'For Rent' sign in the front yard or window for people who

happen to be driving by.

Step 2: Advertise theProperty

When you are writing the verbiage for the listing be sure to be very descriptive

and include any recent renovations, amenities the property may offer,

parking, laundry, and utilities.

It can really help to have a website where you have more information about

the property along with additional pictures and video tours.

If you're handling the process of getting your property rented, then you will be

the one showing it as well.

First things first, this will happen to you. You will schedule a showing and the

person will not show. Inevitably it happens. You might think that an adult

wouldn't do that to another adult.

It happens.

In fact, it has happened a number of times with us on our various properties.

So we learned a valuable lesson about the value of our time.

Now, when we show a property we have sort of an open house. Meaning that

we choose 1 or 2 times and tell any potential tenants to show up during those

time to view the property. That way if we have 7 people interested and only 3

show up at least we didn't waste our time waiting for one person not to show.

If you don't feel comfortable inviting all prospective tenants to come at once,

schedule your showings back to back in 10-15 minutes increments that way

you are making use of your time.

When you are writing the copy for the listing be sure to be very descriptive

and include any recent renovations, amenities the property may offer,

parking, laundry, and utilities.

Check Out Our Video: Get it Rented- How & Where to List Your Property

Tip: It can really help to have a website where you have more information

about the property along with additional pictures and video tours.

Step 3: Show the Property

When you are at the showing of a property, be prepared for prospective

tenants who are ready to take the next step.

What does this mean?

Take paper applications with you for individuals who wish to fill it out on the

spot or who want to take it with them.

Additionally, if you have an online application you can give them a contact

card that has all of the necessary information on it:

Your name

Your phone number

Your email

The link to the online application

We have found that having an online application is really convenient for those

applying.

Why?

If you give someone a paper application and they take it with them, if they

don't have access to a scanner then it is an inconvenience for them to get it

back to you.

An online application allows them to quickly fill it out and get it back to you

ASAP. We've had tenants sit in their car, after viewing one of our properties,

and complete the application immediately.

Click Here to Access to Our Online Application

Step 4: Accept Apps &Run Checks

Once you receive a prospective tenant's application you must do your due

diligence and actually run the appropriate checks on them.

What do we mean?

These are some of the things that are included on a tenant application that

you should follow up on:

Previous places they have lived(contact previous owner or property

manager)

Current Employment- You may call and verify their employment.

Criminal Background check- they should have to sign on the application

that they allow you to do this

Credit Check- they must also give you the ok to check their credit as well.

We've included links at the end of this section for great sites that offer

thorough tenant screening.

Following up on these aspects of the individual allow you to more thoroughly

and accurately screen your tenant. If you do your due diligence in screening

your tenant, you will hopefully eliminate many possible future headaches.

Learn More About The Importance of Tenant Screening

Tenant Screening Links:

ezLandlord Forms

Buildium

TrueRent

MySmartMove

This is a fairly quick and simple process.

Really, you've done the work already by listing and screening your

tenant.

Once you've decided on a tenant you will need to get a lease. Some

people create their own lease; however, I highly recommend checking

out LegalZoom or ezLandlord Forms for information on leases.

There are many laws that differ from state to state when it comes to

landlords and tenants and you want to make sure that you have a

thorough lease.

What to include in a lease?

There are many things that should be included in a lease. A few of the

key points are:

Personal Information about the tenant

Information on deposits

Late fee information

Pet information

Property Information

Monthly Rent that is due & when it is due

Protocol for returned payments

Utility and service information

Lease terms (length of lease)

Use & Occupancy of property

Step 5: Create & RatifyYour Lease

These are just a few of the important things that you really must include

within a lease.

Once you have a lease completed you should meet with your tenant in person

and go over the lease in detail.

We often go through and with a highlighter, highlight some of the most

important information within the lease.

Then, once we have covered all of the important information both the tenant

and the landlord sign the lease to ratify it.

Once you return home, you should scan or copy the ratified lease and send

your tenant a copy for their records and keep a copy for your records as well.

This step will happen while you are signing and ratifying your lease.

You should collect all necessary deposits and rent at the signing of the lease.

What should you collect at the lease signing ?

1. Security Deposit (Be sure that you check your state's laws about what you

may charge as a security deposit.

2. The first month's rent- many landlords will collect the first month's rent at

the lease signing.

3. Pet Deposit- If you are allowing your tenants to have pets, you may want to

charge a pet deposit. This may be refundable or not.

A great site that you can reference for state's laws related to deposits and

other landlord/tenant issues is Nolo.

Click to access the site here.

Step 6: Collect Deposits

This step could potentially also happen while you are signing and ratifying

your lease.

In reality, you could meet at the property to sign the lease and collect deposits

so that you can complete the walk thru right there and allow your tenant to

start moving in.

Rookies Make This Mistake...

Yes, this is one of the things that many rookie landlords forget to do or choose

not to do. It may seem like something that isn't all that important; however,

this can ultimately save you from misunderstandings down the road.

How?

At a walk thru you and your new tenant are collectively taking record of the

condition of the property upon move in. You should keep record of this on a

walk thru checklist and even take pictures, if need be, of anything that may

present itself as an issue later.

Click here to access our Walk Thru Checklist

When a tenant moves out you should complete a check out walk thru that

inspects the property in comparison to its condition upon tenant move in.

If there are issues beyond normal wear and tear then you may have grounds

to hold some of the security deposit. However, having record-through a

checklist and pictures- can help the landlord if the tenant tries to fight this.

Step 7: Complete a WalkThru

This is the best step of the process and really the easiest.

Depositing checks in your bank account.

Once you complete the walk thru and give the tenant the keys, your job now is

to enjoy that hard earned cash flow that you hopefully are earning each

month off of your property.

There are a couple of ways you can collect your monthly rent:

Personal check sent to you

Certified check

POP Money (electronic transfer of money)

Using a rental payment software online (i.e. ClearNow, Cozy, RentPayment,

etc)

Personally pick up rent each month

Tips:

As you collect your monthly rent from your tenants you should really start

keeping record of income and monthly expenses for your yearly taxes. There

a number of online websites that you can offer services to do this or using a

simple excel file can work when you are just starting out.

Figure out what you are doing with this positive cash flow each month. Are

you saving it to reinvest into another property, using it to pay off debt, or

living off of the extra income.

Whatever your purpose with the cash...enjoy it- you deserve it!

Step 8: Collect Cash Flow

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