A guide to leasing out your property
Finally considering leasing out your Arizona property?
There is several benefits that come with leasing out property. Given that the property is ideally located and other economic conditions are right, you are bound to receive regular flow of rental income. Other benefits accruable to you as the landlord include tax benefits, appreciation in price and a hedge against inflation.
However, even with substantial benefits, a considerable amount of effort needs to be put in to reap these benefits.
Obligations and responsibilities of a landlord
Ask yourself, do you have what it takes to be a landlord? You might have your eye on the benefits mentioned above and forget that there are a number of obligations that come attached. Most of these obligations are provided for in either county, State or federal laws. Fail to follow one and you can find yourself paying a hefty fine, in a court of law or both.
In addition to compliance to the law, there is also the issue of tenant demands. From our experience, many new landlords always consider self-management. Self-managers must always be ready to meet the demands of their tenants, at any time of day or night.
Market assessment and evaluation
Research into the local demographics and comparable properties in the area needs to be done. The ideal property is one that meets the needs of the market, especially in terms of amenities, spaces and fittings and fixtures.
A market assessment and evaluation will also inform you on the rental price to charge for your property. Charge too high and you will chase away potential tenants or experience high turnover of tenants. On the flipside, if you charge too little, your ROI will be less than normal.
Making your property renter-ready
Even in a competitive market such as ours, a landlord cannot simply rent out their property as-is. Tenants are very picky clients and have their eyes sharpened to assess every detail of your property. You must ensure that all fittings, fixtures and appliances are in order. Having a well-maintained property will also reduce the vacancy period.
Secondly there is the issue of State law. In particular, we are talking about the implied warranty of habitability. Landlords are obligated to provide ‘habitable and safe’ housing. Arizona law provides certain minimum requirements that you property must meet before it is rented out.
A marketing and advertising solution
Marketing is useful for both products and services in the market. It is only through marketing that prospective clients get to learn about your commodity. This also applies to your vacant rental space in Arizona.
While there are quality smartphones, you might have to invest in a good camera. High-resolution photos are the standard in the market. With quality photos, your property advertisement is able to stand out and attract the attention of potential tenants.
In coming up with a marketing solution, you must consider the platform you are going to use. There are different options available, from print media to social media platforms to good, old-fashioned yard signs. Consider which option/ combination will reach a large number of your potential tenants.
An experienced property management company
Management of your property will determine the viability of leasing property in Arizona. Briefly mentioned above, property involves legal, financial and civil issues that need to be handled in a timely and professional manner. Other matters include: payment of property taxes, preparation of the lease agreement and defusing of disputes among others.
To take this burden off your shoulders, you should consider the services of an experienced and reputable property management company in your neighborhood.
Conclusion: A guide to leasing out your property
From the tips provided above, you must appreciate the intricacies involved with leasing property in the State of Arizona. Without the experience, industry knowledge and expertise, you might find yourself frustrated by the property leasing process.
