Renting Out Your Home in Tucson
Are you thinking of renting out your Tucson home? If you are, then you’d be making a great move! The city’s real estate market is strong and remains a haven for savvy real estate investors or first-time property owners.
Tucson’s countless outdoor activities, local culture, booming university, and the near-perfect climate continue to drive demand for rental housing. So, renting out your home can be one of the best decisions you can make. But if passive income is your top priority, “going it alone” may not be the best use of your time and talent.
Nonetheless, investing in the Tucson rental market isn’t a guarantee of quick riches. To succeed, you’ll need to partner with the right management company, understand the rental market, and communicate with your tenants and partners to maximize your portfolio. In other words, there are certain things you’ll have to do to make your investment worthwhile.
The following are proven tips and sound advice from the TR Realty professionals on how you can successfully rent out your Tucson home and see a strong return on your investment:
Hire an Experienced Property Management Company
Turning your Tucson home into a rental property can seem all too easy. But it isn’t, more so if you’re just starting out as a landlord. Hiring an experienced team to professionally manage your can help you minimize risks and maximize the potential of your investment property. A good property manager like the experts at TR Realty will help you fill your vacancies, rent to the best tenant, maintain your units, maximize your profits, and more!
Know What Being a Landlord Entails
Being a landlord entails more than just collecting rent at the end of the month. It requires a certain level of skill and experience to make things work. Among other things, you need to know how to draft a legal lease agreement, market vacant rental units, screen prospective tenants, and maintain rental units.
Before making the decision, you’d want to ask yourself questions like:
- Do I have the time to take care of my responsibilities as a landlord?
- Do I know the market conditions or competitive landscape for Tucson, Arizona?
- Do I know how to determine the rental price?
- Do I know how to fix repairs myself or respond to maintenance issues?
- Do I have a proper understanding of the Arizona landlord-tenant laws?
If you have already addressed these concerns or have solutions for these things, then you’re probably good to go. But if not, then you might need to seek professional property management services from a reputable Tucson, Arizona property management company like TR Realty.
Get Your Home Ready to Rent
Renting out a home as-is, especially in a competitive market, can be difficult. And understandably so, tenants have multiple options to consider and will pick the most suitable rental property for them.
Especially when the rental space is competitive, you’ll need to do everything possible to make your home desirable to prospective tenants. TR Realty will do most of the heavy lifting when it comes to getting your home ready to rent. Depending on its condition, you (or TR Realty) may need to do the following:
- Freshen it up with a new coat of paint
- Clean it thoroughly
- Test everything out to make sure they are working as they should
- Take care of all repairs and replacements
- Invigorate the property’s exterior
- Remember to engage professionals whenever necessary to ensure superior workmanship.
Understand the Arizona Landlord-Tenant Laws
Arizona is a landlord-friendly state. There are no rent restrictions, no restrictions on late fee amounts, and it has a relatively easy eviction process. That being said, understanding the state’s tenancy laws isn’t optional for landlords.
It’s essential for you to understand landlord-tenant laws. This will ensure you are able to run a safe and profitable rental property.
For one, you have to understand the eviction laws. The state has an elaborate eviction process that every landlord must follow to carry out a successful eviction process. Taking matters into your own hands, like shutting off utilities or removing tenant’s belongings, could land you in legal trouble.
You also have to be wary about how you enter the tenant’s rented premises. In Arizona, landlords looking to enter their tenants’ rental unit must provide two days’ advance notice. The reason for the entry, as well as the entry times, must also be within reason.
Another law you’ll want to familiarize yourself with is the Fair Housing Act. It’s illegal for landlords to discriminate against their tenants based on protected characteristics. These characteristics include sex, color, race, disability, national origin, and sexual orientation.
Besides the above, other laws to keep in mind include:
- Warranty of Habitability
- Security Deposit Rules
- Required Landlord Disclosures
Ensure You Have Proper Insurance
A homeowner’s insurance policy simply won’t cut it. You see, renting out a home comes with its own fair of unique challenges. For example, you may become liable should a tenant or their guest injure themselves while on your property and you’re found to be at fault.
A landlord insurance cover will help insure you against such unpredictable events. It’ll also provide cover against common perils like fire, flood, vandalism or Tucson-specific issues.
Market Your Rental Property
Once you understand your landlord responsibilities, start the marketing process ASAP. That’s where the experts at TR Realty can help.
Every day your property is vacant is money down the drain. First and foremost, marketing your home and making it stand out from the competition is paramount. Once you’ve fixed it and staged it, take high-quality photos to include in your rental ad. Also, make the rental description as detailed as possible, but pay attention not to be wordy. That might be a turn-off by itself.
Use both traditional and digital means to get the word out. Magazines, listing services, ads and more – to a variety of digital marketing efforts – emphasize your property’s top selling points, the surrounding area, and you – the landlord – to show tenants that you and your property are the right fit.
Screen All Tenants Meticulously
Don’t take any chances when it comes to tenant selection. The last thing you want is to rent to a difficult tenant who’ll cause you nothing but trouble.
High-quality tenants are desirable for multiple reasons. They are respectful, reliable, and responsible. They will pay rent on time, care for your Tucson property, and notify you of maintenance issues on time.
To land high-quality tenants, you need to have a thorough screening test available. An effective test should be able to examine a prospective tenant on the basis of their income, creditworthiness, as well as criminal, rental, and employment backgrounds.
TR Realty manages investment properties efficiently and effectively, providing exceptional service every step of the way including screening tenants, if you (the owner and landlord) desires.
Understanding the Property Management Process
Renting out your home instead of selling it can be a great option. If you do it right, you may be able to earn a sizeable passive income for many years to come.
The rental marketing process involves a number of steps – everything necessary to generate maximum rental income, including marketing, screening tenants, tenant placement, routine maintenance, emergency maintenance, 24/7 support, accounting, legal compliance and more.
If you are just starting out, kindly consider hiring expert help who manage a wide variety of rental properties throughout Central Tucson, Foothills, Marana, Oro Valley and across Southern Arizona, including a number of student rentals near the University of Arizona.
With over 30 years of experience in Tucson real estate, our company has the market knowledge and professional know-how to help you realize the full potential of your rental investment. We understand how important your property is to you, which is why we work so had to make it successful.
We are passionate about what we do, and dedicated to getting the results you need and expect from your valuable rentals. Contact our team at TR Realty to learn more or get started.
Should your needs change, our real estate team can help with all facets of the buying and selling process. As the Real Estate Experts of Tucson, we are your partner in real estate investing.
