For many people, becoming a landlord is not always their first option. Sometimes, when the market is not in your favor or you are having a difficult time finding a buyer at the price you want, the option to rent out the property for a time until the market turns or you find someone who is interested starts to become more appealing. After all, having someone to pay for the mortgage will help you cut the vacancy costs.
However, becoming a landlord is no small venture. Between having to draft up rental contracts and managing maintenance emergencies, being a landlord can easily become a part-time job.
The Responsibilities of a Landlord
When you rent out your property, you add many responsibilities to your plate. The following are examples of those:
• Ensuring that your tenants pay you on time
• Calling maintenance teams for issues with the appliances
• Performing regular inspections of the rental property
• Recording the profits on your taxes at the end of the year
• Getting informed about legal issues regarding landlords and tenants
There are many more tasks than we could possibly list here, but we hope that that have given you a better idea of what you should be ready for when you rent out your property.
Is Selling Your Property the Better Option?
If you had a guarantee that your property would sell, would you take it rather than bother with renters? At The Marshall, we guarantee that your home will sell within 86 days or we will buy it from you. That way, you can get the burden of trying to sell your home off your shoulders and not worry about dealing with tenants. Real estate investment and property management should be your choice, not a last resort when things are not going your way.
For more information about how you can sell your property more quickly, call The Marshall now at (801)-566-9500!