Leasing your residential property can be an ideal option for a secondary source of income. But finding a solid tenant for your rental home can overwhelming. This is where having the right property management company by your side is vital to your success. At Choice Property Management, ensuring a hassle-free property management experience is doable because of the great property manager we have on staff. There are a multitude of factors that come into play when finding the right property manager. Because so, we have curated a list of five tips to make the decision making process as smooth as possible.

Step #1: Create a Budget

The most important first step is to figure out what your price range is. How much you can, or should, spend on a rental property can ultimately be the deciding factor. Take time to establish a budget that works for you and your lifestyle before looking at properties. Many property managers and experts agree that the general rule is to spend no more than 30% of your monthly income on rent, but look at your personal finances and decide what serves your situation best. Remember to factor in utilities and other extra fees to your calculations.

Step #2: Construct a Location Parameter

Finding the right location can make the difference between a good residential property and great one. Important factors to consider are the commute to work/school, the proximity to shopping, grocery stores, public transportation or family. Education can also be a major element to consider when choosing a location. Mapping out the places that you most frequent can be helpful to create a boundary of where to start looking.

Step #3: Necessities and Deal Breakers

Think critically about what you truly need in a rental property. Do you need a spare bedroom? Extra office space? Outdoor access? Decide what works for you and go from there. It can be helpful to write up a list of needs vs. wants to rate the homes you are viewing on a system curated by you. Think about features that would be deal breakers versus ones you would be willing to compromise for something else.

Step #4: What Rental Works Best for You

Based on the budget you worked out, the location picked, and the features that you decided are most important, you can then cross reference these components with the type of property manager that will work best for you. For example, if you are partial to apartment complex with a communal common area, the property manager should know real estate facts about the rental market in that complex. The same goes for townhomes, single family homes and even commercial properties that need property management.

Step #5: Visit the Property

It is important to not acquire a rental property based only on what you have viewed online. Going in person to visit the space is crucial to not only understanding the property, but to also get a feel of the community you could be a part of. There is no substitute for viewing a rental property in person, but if you are truly unable to do so try a virtual walk-through.

Have any questions about renting a home? Contact Choice Property for available and accessible professionals who specialize in ensuring a positive rental experience. Also, make sure to browse our “Listings” page, full of available properties to rent. The page is updated in real time.