Ali Ata on How to Properly Rent Out Your Apartment

Ali Ata says that the increase in interest in the real estate market has also led to an increase in people planning to rent out their property. However, some first-time landlords may find that they're leaping without looking. In a housing market where demand is at an all-time high, it can get a little messy if you rent out your property without being prepared. Think about the following reminders and tips:

1. Prepare your home for rental.

It's not as simple as putting up a listing on Craigslist; you first need to prepare your house in such a way that it becomes attractive to prospective tenants. Ali Ata explains that expectations can be high, so make sure the photos showcase your home in the best light. The appliances, lights, and water must also be working properly to make it even more appealing to your tenant. If you're going to rent out only one room, you might want to set up security barriers or locks to separate your living space from theirs.

2. Always check your tenant.

With everyone looking for a new place to move into, finding a tenant won't be too hard. But that doesn't mean that this is a "first come, first served" situation. The importance of thoroughly vetting potential tenants cannot be underestimated. Ali Ata warns you to conduct background checks, look up their SSN, check credit reports and criminal history. The last thing you want is to end up with a tenant who is more trouble than it's worth to rent out to.

3. Remember: this is a business.

It's going to be a business and a source of income, so treat it as one. Look up federal, state, and local laws and secure all the necessary permits for your rental property. This protects you from plenty of legal issues that might come down the road later. Remember to remain professional with your tenants and take steps to yourself from accidents and liability claims.

Ali Ata feels that there's plenty of opportunities to grow in the rental market. However, knowing what to do, how to get started, and staying well-informed would make it a successful endeavor.