Homeowners and investors may find the occasion to rent or lease their property. Most seek individual renters or families, but another consideration is renting or leasing the property to a company or corporation. In metropolitan cities, real estate is difficult to find, and companies that have employees on extensive travel are willing to secure a property for long term lease deals.
Items you will need
- Rental or lease agreement
- Rental estimate
- Checking account
Calculate the rental price and deposits. The rental price should be based on the mortgage, insurance, and maintenance of the property. Factoring these costs will yield a good baseline for what the monthly rental should be and is referred to as the “nut”.
Estimate your rent price. Incorporating the “nut” figure, estimate your rental price by comparative leased properties in the same geographic area. Take into account livable square footage, plus the number of bedrooms and bathrooms. Visit the comparable rentals to ensure they are similar, and then set a price. (Prices can fluctuate according to season, so it is important to find out if the comparable rentals fluctuate with the season.)
Market your property to companies that operate in the local area. Large corporations will often have projects that take a long time to complete, making hotel stays unfeasible. Consult the Better Business Bureau or local business trade publications to ascertain what companies are in the area. Put together a marketing kit to send out to their human resources departments. The marketing kit should contain photos and general information about the house’s square footage and number of bedrooms and bathrooms as well as a pricing schedule. Follow-up by phoning after five to seven business days to ensure the kit was received and offer to answer any questions.
Draw up a rental agreement or lease form. These forms can be state specific, as landlord-tenant laws differ from state to state. The general provisions should contain the rental price, length of lease term; conditions of use, right of use, late fees, deposit amounts, and anything necessary to comply with your jurisdiction’s landlord-tenant laws.
Show the property. When contacted by a company to lease the house, schedule a showing time and be prepared to answer any questions. Keep several copies of the lease agreement in the house to distribute to any representatives that visit the house. Once a term and rental sum is agreed to, have the company sign the lease agreement and keep the original and provide the company with a copy of the executed document. Deposit any advance monies and give receipts for each payment.
Open a checking account for accepting deposits and rent as well as paying for maintenance and other expenses that may occur
Companies that rent or lease private property are like to require utilities and property maintenance is included in the monthly or seasonal lease
Contact a property management company to ask for a rental estimate based on location and size of the property
Familiarize yourself with the prevailing landlord-tenant law in your area
Unlike having private tenants, payment of the lease may come from an out-of-state headquarters or even an international address, this means payments may arrive a few days later than the scheduled payment date
In some markets, houses may stay vacant for months, have a checking account with a balance equal to three to six months of expenses
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