If you’ve inherited a property and you’re thinking about renting it out, we think that’s a great decision. You can earn some consistent rental income as well as long-term ROI as your property increases in value.
Working with a Las Vegas property management company is an important first step. We can help you prepare the home for the rental market, manage the marketing and advertising, and find you a well-qualified tenant.
When you’re ready to rent out your home, we’re ready to help.
Prepare the Property for the Rental Market
Before you can find a tenant and start collecting rent, you have to make sure the property you’ve inherited is in good condition and ready to be occupied by a tenant. Your family members who were living in it previously might have enjoyed bright purple walls or Victorian wallpaper. You’ll want to keep the walls and the floors neutral and in good condition.
Remove all personal property and inspect the home thoroughly. All repairs and replacements must be made prior to renting the property to tenants. Make sure everything works and functions the way it should. You have to keep the home habitable and safe. So, check that every window and door opens, closes, and locks. Test each outlet and run all the faucets. Check the air conditioning and the heat.
Once everything has been inspected and, if necessary, repaired, give the home a good cleaning. Hire professionals to make it shine. Pay attention to the outdoor space too. It should be well-landscaped and low-maintenance. Tenants will look for curb appeal.
Price your Las Vegas Rental Property
Once it’s ready for the market, your next step is to establish the rental value of the home you’ve inherited. The help of a professional property manager is really critical at this stage. It’s easy to choose a price that you think the home is worth. However, the Las Vegas rental market is the main indicator of how much you can earn. You’ll need data that points to what similar homes have rented for in your neighborhood.
You want to earn as much as possible on your rental home. However, you don’t want to risk overpricing the property. This may lead to longer vacancy times, and that’s going to delay the rental income you’re expecting to earn. Don’t overprice it. Listen to the recommendations of your property manager.
Marketing and Tenant Screening
Most tenants are looking for their next rental home online, so you’ll need to create an ad that can be listed on all the main rental platforms. This should start with good pictures. Prospective tenants are going to scroll through photos before they read your description and your terms. Make sure you have good photos that will grab their attention.
Once you begin to generate interest in the property, be prepared to answer questions from prospective tenants. Schedule showings so they can see the property. When someone is interested in applying to rent the home, make sure you’re ready to screen that tenant in accordance with all state, local, and federal fair housing laws. Discriminating, even unintentionally, can cost you thousands of dollars in penalties and claims.
Finding a tenant is only the beginning. You’ll have to execute a lease agreement, collect the move-in funds, and come up with a plan for collecting rent, conducting inspections, enforcing the lease, and maintaining the property.
This is a lot to take on, especially if you’ve never rented out a property before. We can help, allowing you to enjoy the rental income without the hassle of tenant and property management.
When you’re renting out a Las Vegas home you’ve inherited, contact our team at Strawberry Realty – Property Management.