Is Craigs list a good way to advertise for a condo rental?
I have never done it and have a 55+ 2 br, 2 ba condo available for rent. Should I go through a real estate agent? OR should I just sell the condo straight out? I know the real estate market is not all that great, but we got the condo at a steal, have done upgrades throughout, so we don't have a ton of bucks in it.
One pitfall for you, having never rented a place out before, is the process of finding a good tenant. In order to check a person's credit report, you have to create an account with at least one of the credit reporting bureaus and pay a fee to use the service. You can charge applicants to apply, since you have to pay to run their credit check. But, then you must know how to decipher the credit reports to understand what they're telling you.
I would recommend you contact a property management company (most major real estate offices also do property management - you have to have a real estate license to operate a property management company). A consultation would be free. But, you can get their opinion of what the property could probably rent for. If you do retain a property management company, they may charge an upfront fee to market the property and screen the tenants. They then charge a percentage of the rent each month to manage the property (usually about 8%).
A property management company will also collect the rents each month and send you a check (minus their fee), along with a monthly invoice of any additional costs they incurred (like for maintenance and repairs). They also provide a detailed report at the end of the year for tax purposes. They usually have contacts with very affordable maintenance and repair people, too. And, they take the annoying calls in the middle of the night and on weekends about any problems with the unit.
Also, keep in mind that the property management fees are tax deductible, as well as the mortgage interest paid on the property, property taxes, and anything you spend on maintenance and repairs.
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