How to rent your home in the Triangle

Posted December 5, 2016 12:01 a.m. EST

This story was written for our sponsor, Coldwell Banker Howard Perry and Walston.

The Triangle has seen tremendous growth over the past decade, and Raleigh continues to be ranked as one of the best places to live in the United States.

Not only does population growth mean more and more people will be looking for housing, but the value of renting homes increases as well. This makes for a great opportunity for homebuyers and homeowners to rent their properties out to the Triangle's newest citizens.

But renting a property isn't as easy as just collecting checks, there is much more to the process. Luckily, there are numerous services and professionals in the industry that can help you prepare your home for rent, market your property to tenants and help manage the details throughout the lifetime of the lease.

The rental real estate market can be tricky, and you'll want professional guidance throughout the process.

Hiring a Property Manager

Property managers are an invaluable asset for any landlord, saving you time and money with the experience and resources necessary to secure as much value as possible for your rental.

"Managing a rental property is an ongoing process that can be time-consuming for homeowners," said Greg Beck, vice president of HPW Rental and Management Services. "From seeking out qualified tenants to addressing maintenance needs and overseeing payments, a property manager can alleviate a lot of unwanted stress."

Moreover, working with a management company that has a good reputation in the community will increase your property's marketability, as potential tenants prefer managed properties 3-to-1 to self-rented units according to The Romans Group.

As full-time professionals, property managers can provide a significantly wider range of services as well as more focus and time spent working with the tenants, simultaneously saving the owner time and improving the tenant's experience.

Pricing Your Rental

Most real estate follows the age-old rule of "location, location, location," but rental property prices tend to follow a seasonal pattern.

Rental prices often spike during the summer months as tenants nationwide are wrapping up previous leases, starting new jobs, ending school semesters or, in the case of the Triangle, moving into the area.

While anyone can attempt to survey the rental market on their own, a professional agent with experience in your area will help guarantee you're getting as much value as possible based on the location, condition and seasonal timing of your rental.

Finding Tenants

Perhaps the most daunting task for any property owner is finding and properly vetting potential tenants.

While owners in the Triangle don't have a shortage of potential tenants, they will need to make sure their rental is properly marketed, and tenants are properly screened for quality and background.

A property manager or property management company can assist owners with a comprehensive screening of rental applicants so you can rest easy knowing you've found the perfect fit for your rental, and know you have a surrogate with legal experience on your side.

"Of course you want to get your rental home leased as quickly as possible, but it is very important to rent to the right person or family," added Beck. "A property management firm can help narrow down the list to find the ideal candidate to rent your home or investment property."

This story was written for our sponsor, Coldwell Banker Howard Perry and Walston.