Robert and Elizabeth R started renting out their house in Cherry Hill, New Jersey, about two years ago when their job offered a promotion if they moved
to Richmond, Virgina.
Accomplishing that, of course, requires an owner to consider and contend with a laundry list of details and concerns. âWhen you rent,â Elizabeth said,
âthere are definitely a lot of things to think about.â
The most important is probably this: they have hired someone to act as a property manager to avoid trying the patience and good will of neighbors and friends
when things go wrong.
The most obvious benefit from renting out an otherwise unused house is the income, which can pay the mortgage and other bills.
So whether youâre having trouble selling your house and have already moved to a new home, or you want to find a winter tenant for a summer vacation home,
or your house will be empty because youâre being temporarily relocated for work or just because you want to travel the world, the following is a checklist
of things you should consider before handing over the keys.
Choosing a Property Manager
Taking out a newspaper or online ad may work for owners trying to rent their houses without using a Property Manager, and the popularity of Web sites like
Craigslist have made the process far easier. But a property manager can facilitate the process by helping set the rental price with up-to-date comparable
rental information, by showing the house, by helping to screen prospective tenants and finally by helping to watch over the property while it is rented
out.
Property Managers typically charge landlords a fee equal to a monthâs rent for finding and managing a tenant.
Andrew Randolph of PMI Garden State with offices in Mt Laurel and Camden, New Jersey said, âWe have the resources, and we do all the work to find the perfect
tenant with excellent credit and job references.â
If you donât already have a trusted Property Manager, he said, âthen Iâd recommend shopping for a full-service Property Manager who has a local presence
where your home is located and who really knows your specific neighborhood.â
Perhaps more important, if the tenant suddenly stops paying rent, you can always go to the Property Manager for help. âWeâd of course be willing to intervene
because we placed the tenant, so itâs somewhat our responsibility,â Andrew Randolph said.
