When you deploy, owning a home while on active duty can become challenging. You may ask yourself what will happen to your house while you're away, and what the risks of vacancy are. While a dependable neighbor or relative may be able to watch over your home, this isn’t always feasible.
Another option you can take is renting your property to a trustworthy tenant. Taking this opportunity means you can generate passive income while serving your country.
While being a landlord can be particularly difficult for those who are deployed, renting your home to a high-quality tenant can be financially lucrative and will reduce your expenditures while you're away.
Whether you’re selecting a renter before deployment or conducting your search from a distance you can follow the below recommendations to help you figure out how to rent out your home when you deploy.
List Your Property
Every landlord wants to ensure that as many potential renters as possible see their rental listings. This is why we recommend listing your property on as many traditional and online platforms as possible! However, creating and posting listings on multiple sites can be time-consuming.
Fortunately, if you partner with RentEasy your listing will automatically post to a dozen real estate listing websites, saving you both time and money.
You can create one listing with all the necessary details, including pictures of the home, a brief description, and your rent price, and RentEasy will distribute it to the top real estate marketplaces!
Insure Your Property
It's crucial to safeguard your home with the right insurance coverage. Homeowner's insurance and rental home insurance offer different coverage, and it’s important to know the difference between these policies.
A homeowner's policy often covers the building, damages, and your possessions inside the home while the property is your primary residence.
However, You will require rental home insurance, generally known as fire insurance, if you decide to become a landlord. If repairs are required, this policy will pay for your house's structure and any associated legal fees, healthcare expenditures, and lost rental income.
Additionally, you should encourage your tenants to purchase renters' insurance as you are not liable for damage to their possessions.
Part of keeping your renters happy means ensuring they can contact you. In the event of an emergency, make sure tenants can contact you or another responsible party.
Be sure to give tenants your most dependable contact information while you're deployed, along with emergency contact numbers. Typically, email addresses work best for this purpose.
Plan Regular Maintenance
It’s important to schedule appointments for regular appliance checks and other home maintenance. You may need to set up appointments in advance and make arrangements for the resident of your house to let qualified professionals in to maintain your home and yard.
This could be the perfect opportunity to purchase a home warranty if you don't already have one. You can have peace of mind knowing that your major appliances will be serviced or replaced for a low price by subscribing to a home warranty.
Use a Lease Agreement to Protect Your Property
Lease agreements detail all conditions, guidelines, and disclosures related to your rental property and include the obligations you and your tenant have for the duration of the lease. Be sure that your lease agreement doesn't violate any applicable municipal, state, or federal laws.
We recommend having a licensed attorney evaluate or draft your lease, even though doing so can be time-consuming and expensive.
To save time and money, you can also access RentEasy's state-specific lease agreements that have been personally reviewed by our expert team and authorized by qualified attorneys.
These leases can be signed electronically without cost, or you can collect a tenant’s e-signature by uploading your ready-to-sign paperwork. Your rental agreement will be saved after signing in each party's dashboard for future reference.
Consider Hiring a Property Manager
Getting the help of a property manager may be a wise decision if you want to reduce the stress associated with being a landlord. For example, you can trust a quality property management firm to advertise your home, collect rent payments, and handle tenant complaints.
However, before signing any contracts, be sure to thoroughly vet prospective property managers, just as you would when hiring any other professional service. Don't forget to do additional interviews and request local references before you choose a company to hire!
To earn passive income and find quality tenants, landlords need a variety of specialized skills and resources. Fortunately, RentEasy can take care of all your property’s needs when you deploy!
Don't hesitate to get in touch with us to learn more about our comprehensive property management services! You can phone us at 757-347-8952 to speak to a member of our expert team who can give you additional details about how we manage our properties and how we can support you after your deployment!