Any tips for renting out a condo?
I bought my first rental property in 2021, and have been asked this question several times by friends looking to do the same. I figured I’d publish my response incase this could be useful for others to hear.
The best piece of advice I was given when I was starting out and asked this question is that the more work you do to select the right tenants, the less work you’ll do managing them. So I’d emphasize this point, and add to it. If you elect to manage your own rental, choosing the right tenant goes beyond selecting someone with good credit and references. There will be times when conflicts arise that require compromise from both parties. The sink might break the day the maintenance guy is out of office. The fridge might stop working, taking days to replace. There will be moments when the tenant is justifiably annoyed, and no matter how bad you’d like to fix it, there is nothing you can do in that moment to make things right. The best tenant is one that is capable of compromise during more complicated situations and willing to work with you instead of against you. Although it’s impossible to know how a tenant will respond to certain events before they occur, typically your intuition about the person will hold some truth. If you’re not sure about someone, always follow your gut.