A Guide to Renting Out a Property

It used to be a firm handshake, a solid look in the eye and a person's word were the benchmarks and seals for a deal done right. One's word was usually as good as a signature, though having ink put to paper only furthered the good will. Today, those hallmarks of negotiating and deal making have gone the way of the dinosaur in most instances. In the turbulent waters of the real estate market, this is painfully true. The toughest arena in the real estate market is the rental. And, for the most part, the roughest position in the game is the owner.

Rental properties can be huge boons for supplemental income. A common strategy for many home owners in the market to move is to keep the original house and rent it. And while many renters are sterling examples of forthright and earnest tenants, looking to keep the relationship one of trust and mutual benefits, the long road to finding, interviewing and vetting prospective tenants is something akin to an in depth FBI interrogation. In a small, unfurnished room with a single bright light bulb dangling from the ceiling, well muscled men vaguely resembling WWF wrestlers on each side of the prospective tenant's chair, the owner engages in a search for subtle eye movements, simple off handed gestures and deep forensic personal history queries that are all used in a quest to avoid "Renters Burn", a condition where the owner is stuck with a tenant that seems custom made to perpetually irritate and ultimately degrade their sanity to a point of utter remorse just for simply owning a rental property. It is a vicious condition, but one that can be mitigated to a good degree by following some simple rules that, in the end, forge a relationship between renter and tenant that wears neither party to their respective wits end.