Getting started with current rental

[Jesika Roybal]

Hello,

I have a rental property that we have been renting for 7 years.  We only rented out to friends because we were asked to move abroad at very short notice. We have been taking a bit of a loss in the last couple of years and are now in the position to rent out at full market price.  However, we are new at this and would like to know where to get started to understand what would be the recommended information as if we were renting our primary residence for the first time for a long term rental. It would be good to read about strategies, looking at considerations on pricing the rent and any other factors. Yes, we have learned plenty along the way but would like to start reading materials/podcasts so we are guided a bit better as we get renters we are not familiar with. Also, we are still living abroad so landlord services may make sense and I know this will needed to be costed into the rent price. Can someone direct me to the recommended reading?

[Parris Taylor]

@Jesika Roybal Market rent isn’t a single number. Check Rentometer, Zillow, Craigslist, and Facebook Marketplace. Then look at what units actually rented for on Zillow’s “Rented” tab or RentCast. That tells you what people really paid, not wishful asking prices.

If you’re managing from abroad, build your remote triangle. You should have a local property manager to handle people, a reliable handyman on call for problems, and a quarterly photo and inspection routine for peace of mind. 

Collect rent digitally and keep every doc in a shared drive. 

When setting rent, price for occupancy. Go a little under market, fill it quick, and raise predictably every year.