Renting out your luxury condo in the Wilshire Corridor is a wise way of earning additional income. It is a much sought-after area, and you are bound to find a tenant quickly. However, renting out your condo is different than renting one for yourself. There are various things you must consider before you rent it out.
Here are nine crucial things you must do before:
Assess the Building’s Rules & Regulations
First things first – find out if the rules of your building allow the condo owners to rent out. Some condos strictly forbids the owners to rent the unit to someone, while others have specific restrictions or rules regarding rental activity.
Be sure to go through all the rules and regulations of your condo building to make sure you don’t break any and cause inconvenience to others.
Landlords have certain responsibilities and getting rental insurance is the best step for managing risks. The right insurance protects you against rental income loss, personal damages or injury, unexpected maintenance, and destructive tenants.
Determine the Right Rental Price
Setting the right rental price can help you attract plenty of interested parties, giving you more control over who you rent out your apartment to. The best way to determine the rental price is to conduct some research.
Find out the average rental price of the best condos in the Wilshire Corridor, the amenities they offer, location, and other factors. It will help you in setting the right rental price for your condo. It is also recommended that you consult an experienced real estate agent to help you out.
Spruce up the Condo
Your potential tenants will expect the luxury condo to be in topnotch condition. Make sure everything is working, including all the appliances, light fixtures, and faucets. Repair or upgrade as necessary.
If you have been living in the condo, then remove any clutter, thoroughly clean the place, and remove all personal items from the unit. The renter would want to make it their home, and your family pictures lying around won’t make the place homey for them.
Put the Condo on the Market
To maximize the possibility of finding the right tenant, you need to market your available luxury condo to reach as many people as possible. Working with an expert real estate agent is the way to go. The realtor knows how to market a property and to what target market.
They have the skills, experience, and resources to put your rental property on the market. Hiring a real estate agent who has experience in renting and selling condos in the Wilshire Corridor will also make the entire process easier and less stressful for you. They will also give you tips and suggestions for increasing the value of your condo.
Create a Rental Lease Agreement
You will also need a rental lease agreement for your potential tenants to sign. When preparing the document, you have to highlight all important points and conditions to protect yourself from any damage, but should also make sure the tenant is treated fairly.
It is recommended to consult a licensed attorney to prepare the agreement. Your agent can recommend the right expert or get the agreement prepared on your behalf.
Screen All Tenants
Finding the right tenant is not an easy task. You don’t want to end up with an irresponsible tenant or a destructive one. Therefore, don’t neglect to screen all the interested parties. Request all of the applicants to submit their credit reports and references along with their applications.
Contact the reference they have shared with you to verify their employment history and rental payment history. Be sure to personally interview the tenants you shortlist to further weed out unqualified renters.
Monitor Finances for Tax Deductions
Open a business banking account to better manage your finances. Keep all the rent money and your personal finances separately as it will help you when it is time to do your taxes. It will be easier for you to figure out the net income and deduct expenses.
Schedule Maintenance and Repairs
Maintain a proper repair and maintenance schedule to keep your condo in good condition. Putting off these things will result in costlier repairs. Create a schedule for everything and share it with your tenant so that they would know that you will be sending someone for repair and maintenance on specific days and times.
To make the whole process of renting out your luxury condo in Wilshire Corridor stress-free, get in touch with one of the top real estate agents in Los Angeles, Pezzini Luxury Homes. We have experience in helping buyers and renters find the best condos in the Wilshire Corridor and know how to market your luxury condo and find the right tenant for you. Dial 1-310-275-2076, and get in touch with us today!