Should you rent your house out for Super Bowl 50? If so, remember that although it most likely will mean extra income it also comes with risks you need to be aware of. Happily, you can minimize or eliminate those risks with a little due diligence.
The first decision you must make is whether to list your home yourself or use a professional real estate agent. The obvious plus to using a professional agent is he/she knows the pitfalls, can avoid them, and also has a network in place for finding high-end renters who need a rental. The downside of using an agent is you must split the profits with them.
If you decide to rent on your own, here are a few things you can do to minimize risk:
- Run a background check and a credit check on any renter
- Make sure you have renters sign a rental agreement. Simple agreements can be found online.
- Call your insurance agent and make sure your homeowners insurance covers rental damage.
- Require a security deposit of at least 1.5 times the asking rent; also, require renters to obtain damage-protection insurance.
- Empty your home of all valuables like jewelry before renting.
- For an ultra-safe feeling, change all exterior locks before the rental and after the rental has ended.
Are you still sitting on the fence on this decision? Don’t wait too long. The Super Bowl is in a little over two weeks, and the laws of supply and demand dictate now is better than next week.
Need help? Give us a call! We have the network in place, we know of people who are looking for a quality lease and we know how to protect you and your property.
Sports Relocation, Inc assists players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.