 Karen and I run across MANY new first time landlords. Either it is new investors we are working with or home owners that can't get their home sold. Either way, now they are Landlords and they are sure what is needed to rent out their home. I'll try to outline the basics for you. Starting with placing an ad to sealing the deal.
Once your home is in rentable condition, you need to find tenants. We have three methods and they generate great responses:
- Newspaper ads (used in conjunction with our website www.AyersTeam.com)
- Local MLS
- Craigslist
We LOVE newspaper ads. They generate a ton of calls. But, we LOVE the MLS as well. The newspaper ad drives a lot of inquiries, although not all of them are serious. The MLS drives fewer queries, but they are SOLID. The agents that show your home via the the MLS have serious Renters ready to move! Craigslist is effective, but it is spotty. We don't tend to find tenants for $3000/mo Naperville homes on Craislist, but we do find tenants for our townhouses and duplexes. It is also more popular in the large city's downtown areas (Chicago, New York, etc, etc)
Next, you need to take a THOROUGH application from EACH adult and run credit and background checks. We charge the applications a credit check fee and you can feel free to do the same. (You can sign up for credit check services, but it is easier if you work with a Realtor who has the business relationship established. You are not allowed to run credit on individuals as an individual).
CHECK REFERENCES
CALL PRIOR LANDLORDS
CALL CURRENT AND PAST EMPLOYERS
VISIT THEIR HOMES
DO WHATEVER IT TAKES TO QUALIFY THEM!!!
This is your home and you need to be thorough!
Once you have selected the applicant, using set, non-disriminatory criteria, it is time to write the lease and collect the security deposit. There are many leases out there. All I can say is be prudent and talk to an attorney or Realtor or buy a book that has samples - although the book is my least favorite of the three. As for the security deposit, 1 months rent is standard.
Perform a Pre-Move in Review and Checklist. Take pictures, record comments, and have the tenant sign the checklist when you are done. Please ask us for a copy if you need one.
We like to check on our tenants QUARTERLY. This let's them know we are watching and it prevents things from getting out of control - and they will get out of control if you are not on top of it! Pets, painting, smoking, drywall damage, garage door damage - you name it, we've seen it!
Expect calls on weekends, evenings or just about anytime for anything: Broken A/C, furnance doesn't work, garage door opener won't open, door locks break, etc, etc.
When the lease is up, time to raise the rent or move on. This takes some firm managing. We like to let our tenants know ahead of time to expect rent raises. It sets the expectation. It doesn't have to be huge, just consistent.
If they move on, it is time to pull out the Pre-Move In Review and Checkllist and make it the "Post-Move out Review and Checklist". The form we use is a combined form.
If you are witholding any of the security deposit, make sure you itemize the repairs. We have a form we use that provides estimates for damage that we provide the tenant on Day 1. We use that as the basis of minor repairs upon move out. If contractors are needed to make repairs, make sure to keep receipts
If this all just seems like TOO MUCH. Let us handle it!!
We are happy to guide you along the way and provide help and forms as needed, but sometimes it is just too much! Karen and I have the systems and processes in place, the handyman contacts and the time to make it work!
Give us a call for more info or to find out about our Property Management Services.
To Be or Not to Be a Landlord, That is the Question!
Rich and Karen Ayers are licensed Real Estate Brokers in Illinois. We are experienced Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. We also own and manage multiple investment properties and help real estate investors find, buy, fix, rent and sell their investments. Visit our website at www.AyersTeam.com.com or receive our blog via your RSS Feed or in your email. | 
Karen and I have decided to post all of our investment/rental property information to a dedicated blog instead of our main website 
We have prospective landlords and investors ask us, "How quick can I find a tenant?" Nowadays, our phone rings off the hook! We are talking 7-10 potentials tenants per WEEK. We almost can't keep up with the demand. Out of those 7-10 lookers, probably 3 apply. We are very comfortable that you, as the prospective landlord, should be able to fill your vacancy in 30 days. It has never taken us longer, and it usually only takes us 2 weeks max.
What is "The Donald" up to right now? Is he lamenting the current real estate market? Is he waiting for it to turn around? To hit it's bottom? Hell No! Donald is 
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