Renting properties is a flourishing business. If you live in busy tourist area, there is probably a good chance for you to start your own rental agency. It is quite common for people to buy property and rent it out for a part or an entire year to tourists. Unfortunately, the owners are not able to materialize on the income due to the various expenses that they have to incur.
Many property owners are not aware on amount of time and work involved in marketing their properties. Then there are different aspects involved like booking, cleaning, repairing, legal issues etc.
by 401(K) 2013
Important Steps involved in setting up your business:
1. Learn more about the area you are planning to invest in.
2. Subscribe to magazines related to properties.
3. Do some research on all available properties for sale in your area.
4. Design a business plan (how much are you willing to spend for buying a property, how much will you charge for rent, what is the minimum time period for renting your property, etc.)
5. Decide the number of properties you are comfortable in managing.
6. Check for necessary repairs before renting it out.
7. Furnish your property with basic requirements.
8. Hire an attorney who can guide you through the legal process.
9. Perform some changes on your existing website or develop a new website and give it a more professional look.
10. Have a proper office in your house or at a commercial business location.
11. Advertise your property in local news papers, distribute visiting cards and print pamphlets.
12. Hire a maintenance repair company near the property for emergencies.
13. Hire a cleaning company to clean up the place before the next renters move in.