Key Takeaways
Renting out your Portsmouth home can be a smart way to earn extra income and build long-term value.
A little prep work, like cleaning, repairs, and pricing it right, can go a long way in making your home stand out.
A strong rental listing and thoughtful tenant screening can help you find the right renter faster.
Partnering with a local property manager like Cardinal Point Property Management can make the entire process feel more organized and efficient.
Are you mulling over the idea of renting out your Portsmouth home? Renting out your Portsmouth home can provide you with multiple benefits.
For one, you can benefit from a potential passive income, which you can use to pay down debt or shore up your retirement savings.
You may also get the opportunity to wait out until the housing market becomes more seller-friendly. While there may be many motives, renting out your property may only be worthwhile if you do certain things right.
Luckily for you, in this blog, the experts at Cardinal Point Property Management will walk you through their expert tips on how best to go about the process.
Know Your Responsibilities
Before you dive into renting out property, take a moment to consider if being a landlord is the right fit for you. There are some great perks, but it's also a role that calls for certain skills and a bit of planning.
Asking yourself a few key questions upfront can help you figure out if you're ready for it. For example:
Am I familiar with the local landlord-tenant laws?
Do I have a plan for attracting and selecting tenants?
How would I respond if something unexpected came up at the property?
How will I decide on the right rent to charge?
Even if you're not sure about all the answers, that’s okay. You don’t have to do everything yourself.
A property manager can step in to take care of the details, from promoting your rental and finding the right tenants to coordinating repairs and keeping things running smoothly.
Prepare the Home for Rent
Another key part of preparing your home for rent is making sure it stands out in the eyes of potential tenants.
Once your property is on the market, it becomes one of many options, so you’ll want it to leave a great first impression, especially if you’re hoping to attract reliable, long-term renters.
Here are a few simple ways to make your property more appealing:
Handle any repairs. Take care of things like leaky faucets, creaky hinges, loose tiles, or windows that don’t close properly. These updates go a long way in showing tenants the home is well cared for.
Give it a deep clean. A sparkling kitchen and fresh bathroom can make a difference when someone walks through the door.
Clear out clutter. A clean, open space makes it easier for people to picture themselves living there.
Refresh the walls. A new coat of paint can instantly lift the look of a room. Stick with neutral shades like white, beige, or soft grey to keep things fresh and versatile.
Add a few finishing touches. Consider updating worn floors, tidying up the yard, and double-checking that appliances are in good shape.
With just a bit of preparation, your home can shine and stand out to potential tenants.
Determine the Right Rent Price
Setting the right rent is one of the most important steps you can take as a landlord. A well-priced property helps attract reliable tenants and encourages them to stay longer, which supports steady income and long-term success.
One way to get started is by connecting with other landlords who rent out similar homes in your area.
Their insight can give you a better idea of what renters are willing to pay for a property like yours. You can also work with local property managers.
They bring hands-on experience and have access to up-to-date market data, making it easier to land on a rent price that reflects both the value of your investment property and the demand in your neighborhood.
Getting this number right can lead to consistent monthly income and help you build a strong foundation for your rental business.
Market the Vacant Home
Now that your property is ready, it's time to spread the word and start listing it for rent. This is your opportunity to show prospective tenants what makes your place a great choice.
Start by highlighting the features that make your property stand out. Think about what renters might value, things like being close to parks, having easy access to shops or transit, extra storage space, updated finishes, or designated parking.
Once you've made a list of those highlights, craft a listing that puts them front and center. A strong headline, a clear and engaging description, and quality photos can go a long way in making a great first impression.
When writing the listing, aim for clarity. You don’t need to include every detail, just enough to give a good overview and spark interest.
Then, get the listing in front of as many eyes as possible. Share it through both online and local channels.
Options include yard signs, social media, community boards, flyers, and rental websites. The more visibility your listing gets, the better your chances are of finding the right tenant.
Screen Prospective Tenants
Once your rental listing is live and generating interest, you'll start hearing from prospective tenants who want to learn more. This is the perfect time to begin your tenant selection process.
Start by doing a quick pre-screen over the phone or through email. This helps you get a better idea of who might be a good fit before moving forward.
Here are a few questions you can ask:
Have you rented in the area before?
Do you have any pets? If so, what kind and how many?
Do you or any of the other adult occupants smoke?
How many adults would be living in the home?
When are you hoping to move in?
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These questions can help you get a feel for each applicant and whether your rental is the right match for their needs. Once you’ve narrowed things down, you can invite your top prospects to complete a rental application.
From there, follow up by confirming the details they’ve provided. This might include contacting previous landlords, speaking with their employer, and reviewing their financial history.
Taking these steps helps you make a well-informed decision and sets the stage for a successful rental experience.
Conclusion
Being a landlord can come with some great rewards, but making the most of it means having the right systems in place, especially if you're new to the process or live outside the area.
The good news is, you don’t have to do it all on your own. With the right support, it’s possible to rent out your Portsmouth home with confidence.
That’s where Cardinal Point Property Management comes in. We’re here to help you every step of the way. Reach out today to learn how we can make the process easier and more efficient for you.
