Murfreesboro, Smyrna, LaVergne – Have you have decided to rent out your home in the Murfreesboro area? If you are not planning to have a property management company handle all the work for you, there are a few things to consider before making the leap.
Did you know that Tennessee has landlord/tenant laws that can affect what you can and cannot do within the rental relationship? How about Murfreesboro City health codes and/or city or Rutherford county licensing requirements for rental properties? Do you have to have carbon monoxide detectors or how many smoke detectors are required? What is the legal late fee? And then there is the question of security deposits: whose money is it and when does it need to be returned? Do you have a way to run a background and credit check on prospective tenants?
As you can see, there is quite a bit to know about being a Middle Tennessee Landlord. There are many ways to put your investment property and yourself at risk by not following guidelines, rules, ordinances and laws pertaining to rental properties.
Before renting out your home, make sure you familiarize yourself with these items. Talk with your insurance provider to make sure you have an investment property or landlord policy. A homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the home. Plan to spend several hours familiarizing yourself with the various legal and insurance considerations before renting out your home.
You will also need to have a way for prospective renters to apply to rent your property. Leases can usually be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant to your local laws, and expose you as a Landlord to undue risk and liability. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. It is a good idea to have your lease reviewed by legal counsel to ensure the lease protects your rights as well as is compliant with your state’s laws. You will need to plan to spend time preparing your lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with regulations.
On the other hand, a professional property management company like Real Property Management Rental Solutions can take care of all this and more for you. RPM Rental Solutions, based in Murfreesboro and covering all of Middle Tennessee, has the systems and knowledge to make your rental property a profitable and worry-free investment for you. Call RPM Rental Solutions at 615-900-4067 or learn more at www.RPMRentalSolutions.com.