Becoming a landlord can be a lucrative prospect for most people. Your tenants pay you money and all you have to do is collect it, right? Well, there’s nuance to this; there are some caveats you need to watch out for. We’ll cover most of what you’ll need to know about successfully renting out an apartment in Memphis.
Are you renting out an apartment in Memphis for longer periods or not?
This is one of the most important points to consider for a new landlord. Many professional movers Memphis TN is home to will tell you, there are two most prominent reasons people come here. Either they want to enjoy the attractions, or they want to take advantage of the low cost of living. The former implies you’ll be leasing your apartment in Memphis for a shorter time period, probably about a month or so. The latter, on the other hand, means you’ll have a long-term tenant. Vacation renting services are popular these days, and seasonal renting is definitely more profitable. But there are advantages of renting long-term – for starters, you don’t have to find new tenants as often. Deciding on how long you’re looking to lease is the most important step because it helps you set the tone for advertising.
Do you want to furnish your Memphis apartment before leasing it?
Another important detail to consider is whether you’re renting out a furnished apartment or an empty one. Naturally, a furnished apartment is going to attract a different type of tenant than an unfurnished one. Namely, it would be easier to lease your place to people who come to Memphis for a vacation, or people who come here to work for a period of time. According to Oxford movers and packers, a lot of students from Oxford Missouri would preferably move into a furnished apartment for up to nine months. On the other hand, empty apartments in Memphis are typically rented out to people looking to start a life in Tennessee. They will look for an opportunity to decorate their new apartment in their own way. When a family moves into an empty place, chances are they won’t relocate for years. And you won’t need to look for new tenants either!
Make sure your apartment is ready, especially the bathrooms!
If your previous tenants are the sort of people who clean up before they vacate the premises… well, good for you! However, a simple vacuuming and mopping of the floors may not nearly be enough. Defects like cracks in the wall or crooked floorboards become obvious only when the apartment is vacated or unfurnished. It’s wise to do some home improvements and thorough cleaning between tenants. Repainting the walls, repairing the floor, and polishing it is usually enough. Also, bathroom hygiene makes your apartment more appealing than you think. Ask yourself this – would you take a shower in a bathroom with a rusting bathtub and a muck-encrusted toilet? Yea, we didn’t think so. Before you put your apartment on the Memphis market, scrub the bathroom down and change the lights to give it a cleaner look.
You should properly advertise that you’re renting out an apartment in Memphis
You probably won’t be surprised to hear that there are agencies that take care of finding tenants for you. And sure, this might be tempting – after all, it means less hassle. But finding tenants through an agency has a serious downside. Agencies take a paid commission once they do their part, and they might even tack on a few more fees. This could end up costing you more than you think it’s worth.
The alternative to this is advertising on your own. This way you evade any fees from agencies. The only thing you pay is the price of putting an ad in a newspaper or on the internet. If this is the route you plan on taking, keep in mind there are a few things you need to include in your ad:
- location – address of the apartment in Memphis you’re renting out; include the neighborhood/district as well, especially if it’s near popular places such as Beale Street!
- perks of the apartment – mention the size of the place (area), the number of rooms (and bathrooms if it has more than one); also mention if it’s furnished and has air conditioning!
- availability – if you’re putting out an ad pre-emptively before the current tenants have moved out, you need to specify the date when your apartment becomes vacant
- price – it doesn’t help to give people a general idea of how much the rent is going to cost (or the exact price if it’s non-negotiable)
- photos – when renting out an apartment in Memphis, it’s a good idea to take a few snaps of your place, especially if it’s furnished
After you have placed your ad, you’re all set. Just wait a few days. You should start getting calls from potential tenants interested in viewing your apartment.
It’s important that you find a good tenant
It’s not enough to just find a tenant. You need some peace of mind, knowing that you’ve found a good tenant. Before handing the keys over to someone, ensure that they won’t be late with the rent. You need to build trust with your tenant. You should also emphasize how important it is that they take good care of your property. One thing you can and should do is take their information so that you can run a credit check on them. There are several credit reporting agencies at your disposal which you can use to screen your prospective tenants. They will provide insight into your tenant’s spending history so you can more easily decide if renting your Memphis apartment to them would be a sound decision on your part.
Leasing your apartment in Memphis is all a matter of good preparation
As you can see, being a successful landlord in Memphis comes down to making good choices and preparing in advance. We’ve covered the basics, outlining how important it is to make improvements to your rental apartment. But we’ve also pointed out that you can go a step further by screening your potential tenants properly. Better safe than sorry!Home improvementhome remodelreal estateResidential moving