The ABCs of Property Rental
Okay, so you've decided to rent out your home. Where do you start? First, you need to get the house into tip-top shape in order to get the highest reasonable rent. This includes:

  • Interior painting: your best bet is to use neutral colors. Don't forget to patch cracks and nail holes in walls.
  • Exterior painting or siding: again, a nice neutral color scheme is best.
  • Professionally clean or replace carpets.
  • Make sure your home insulation is adequate to cut down on utility bills.
  • Don't leave any furniture or accessories behind that you want to keep. Furniture in rental properties gets burned, scratched, dented, broken, and sometimes permanently "borrowed."
  • Clean the house from top to bottom. Consider hiring a heavy-duty cleaning service (not a maid service) to do it for you.
  • Fix whatever needs fixing, and tune up and clean appliances. If they are part of the rental agreement, you'll be responsible for fixing or replacing them if they break down.
  • Set the proper rent price. While cleanliness, attractiveness, and amenities are important, location still rules when setting prices. Contact a property management company to find out prices they're seeing in your area, and look in the real estate section of your Sunday paper for similar houses on the rent market. If you set your price too high, it's unlikely that you'll find a tenant. If you ask too low a rent, prospective tenants may wonder what's wrong with the place.

Should You Hire a Property Management Company?
This is especially important if you're moving far away from the house and won't be able to keep an eye on things. It's not absolutely essential to hire a property manager, but it can make your life a little easier. Ask Laban Marsh about Property Management services offered by Marsha Marsh Real Estate Services. Points you’ll want to cover when talking with Laban:

  • Accreditation: While not imperative, it's wise to deal only with firms that are Accredited Management Organizations (AMOs). l References. Don't just ask for them - contact them and ask pointed questions.
  • Tenant screening: If you're interested in keeping your house in good condition, your property management firm should have a thorough screening process in place.
  • Contact: Can you phone, email, or fax your property manager? Do they have a 24-hour emergency number?
  • Experience: How long have they been in business? Are their employees professional and experienced?
  • Vacancy rates: Find out the average time it takes to turn the property when it's vacant.
  • Maintenance: How long does it take to repair problems? Is maintenance handled internally or through an outside contractor?
  • Reporting: Ask if it's standard procedure to get a monthly report and copies of all bills.
  • Evictions: How are they handled?
  • Insurance: Determine how much insurance the company carries and through whom they carry it.
  • Fee structure
  • Inspection: Does the manager or an outside party do the inspection?
  • Customer service: Can you talk to the owner of the company if you want? How do they take care of tenants?
  • Special services: Are there any incentives or special services they offer?


Set the Right Rent
The best place to start is by checking your Sunday newspaper for the range of rent prices in your area. In trendy areas, there is a constant demand for rentals. Still, if your property is in such an area, common sense dictates property with repair or maintenance issues won't demand the same price as a well-maintained property.

Amenities like dishwashers, laundry facilities, and parking can affect a renter's decision.

Join Apartment Association of Northwestern Pennsylvania to learn of trends affecting rental rates. They also offer advice on pricing and management issues.

When you decide on a price, err on the high side - it's easier to lower prices than raise them. Offer incentives when the market is soft, like a free month of cable TV.