If you are a resident of Boulder, then you have likely contemplated renting out your home or other property for at least part of the year. This has become increasingly popular, particularly when homeowners are on vacation, or when a vacation home is involved. However, if you are going to rent out your downtown Boulder, Colorado real estate, then there are a few things that you should know before you do.
Consider Using a Rental Company
Many people who rent out their properties do it on their own. You might use an online service to list your property, or just advertise in a couple of newspapers. However, this might not be the best way to go about it. There are numerous reasons why you might choose to use a company instead. What are these reasons?
The most common reason is that it can be very difficult to ensure that those to whom you rent your property are on the up and up. How do you know that they will not damage your home, steal furnishings or do something else? A rental company can vet renters on your behalf, giving you the assurance that only those with stable backgrounds will be in your home or other property.
If you choose not to use a rental company, then make sure that you require several references from the person seeking to rent your home. In addition, you should require that those references not be related in any way, as family members will often gloss over things that require your attention. Requiring references is a good way to make certain that those you allow in your home are of good character and are not likely to do anything untoward.
Reduce Your Rates
The entire point of renting out your downtown Boulder, Colorado real estate is to bring in some extra money. However, if you want to stand the best chance of getting renters in this competitive environment, then you need to reduce your rates somewhat. Of course, everyone wants to bring in top dollar for their rental properties, but this might not be possible. By putting your rental rates squarely in the middle of the going market (if it’s worth it), you gain a better chance of finding a renter. Doing otherwise and charging high rates will make prospective renters look elsewhere, particularly when the economy is tight.
These tips will help make sure that your rental experience is as enjoyable and profitable as possible, while minimizing your headaches.