In the current real estate market, many home sellers out of necessity have become landlords.  If you are considering renting out your home, getting your property "rent-ready" as quickly as possible is essential to success in maximizing your rental income and finding a quality tenant in the shortest time possible.

When it comes to rental homes, you should consider the following:

• When leasing a property you only get one chance to make a good first impression. It is essential that the home look as good as possible before marketing of the rental begins.
  
• A rental in good physical condition will attract better quality tenants, who will pay higher rent and present fewer problems.
  
• Vacancies are expensive! Some maintenance costs can be recovered, but not vacancy - once it's gone it's gone.  A lost month's rent cannot be recovered.

In preparing your property for rent, inspect the home and note any repairs that may be needed.  This includes appliances, plumbing and A/C systems, which must be up to code and in good working order.  Broken windows, doors, cabinets and fixtures should also be repaired or replaced.  Next you will want a fresh coat of paint followed by a thorough cleaning including floors and rugs. 

Curb appeal is as important in a rental as a sale, so make sure the lawn is cut, shrubs trimmed and outside repairs completed. Patios, sidewalks and driveways should be power washed and the roof inspected by a professional roofer.

If there is a homeowners association, make sure to complete any required forms and obtain an application along with a copy of the rules and regulations for the tenant. You will also want to make sure you have gate clickers, garage remotes, pool and mailbox keys ready to go. If you are working with a Realtor®, he or she will need these items with the signed rental listing agreement.

Getting your rental property "rent-ready" will ensure you procure the best tenant, for the most rent in the least amount of time!

Selecting the right rental home and finding a property that meets your needs and budget can be complicated. Here are some tips to help you determine what’s most important to you and help you work your way through the rental process.

Assessing Your Needs

Carefully assessing your needs and knowing what to look for and what to avoid is the key to success in finding a rental home.  Your Real Estate Agent can provide detailed information on  target areas prior to your home finding trip, helping you maximize your time and efforts.

One of the most important steps in finding your new home is knowing exactly how much rent you can afford. Your rent should be no more than 30 percent of your gross monthly income (although there are exceptions to this rule).  

Advance Deposits And Fees
 
It is also important to remember that renters are typically required to pay a security deposit (usually one month's rent) in addition to the first month's rent prior to move-in.  Additionally, some renters are required to pay their last month's rent in advance.  This is usually the case when renting a home from a private owner.  A rental application fee, which can cost between $35 to $100 to process, is often required as well.  If there is a home owners association you can expect to pay an application fee ranging from $50 to $200.  Pet owners will also have to contend with additional security deposits and/or nonrefundable pet fees in the neighborhood of $250 or more for each dog or cat.

Inspecting The Property

When you have found a property that meets your needs, examine it carefully before you sign a lease.

-Windows should open, lock properly, and have screens.
-Sliding glass doors should open cleanly. Screens should be operable and intact.
-Check the roof for missing or curled shingles and ceilings and walls for water marks and other signs of leaks.
-Check plumbing and water pressure by flushing the toilet and running the faucets.
-Make sure any included kitchen appliances work properly (range, refrigerator, dishwasher, garbage disposal, etc.)

Before Signing The Lease

Once you’ve decided on a property, the landlord will probably ask you to fill out a rental application. This form will request information such as:

-Previous and current employers and landlords
-Salary history
-Banking information
-Credit card information
-Social security number
-Personal (non-work related) references

This information allows the landlord to check your credit history (usually through a credit bureau) and your relationships with former landlords.

The Rental Agreement Or Lease

Before you occupy your new rental property, you will be asked to sign either a rental agreement or a lease. A lease specifies a fixed term and monthly payment, for example, a one-year lease at $1,000 per month. Rental agreements are sometimes known as "month-to-month" arrangements.  Either you or the landlord may end the arrangement at any time with proper notice (specific notice requirements vary by location).  Similarly, the landlord can adjust the rent with proper notice (again, the laws and regulations vary by area.)  A lease is usually the more favorable option, as it guarantees a fixed rent for a longer period. However, if you are uncertain how long you will be renting, a rental agreement offers more flexibility.

Lease Basics

A lease is a binding legal document that states that a tenant can occupy property owned by the landlord under specified conditions.  Although leases vary, they usually specify the following:

-A full description of the rental property
-The amount of each rent payment and the due date, including late charge and grace period information
-The amount of the security deposit, and the conditions under which it might be retained by the landlord
-Services to be provided by the landlord (landscaping, repairs, etc.) and tenant responsibilities
-Rules and regulations that the tenant is expected to follow while renting the property
-Available amenities or services (trash removal, swimming pool, laundry facilities)

Clauses Requiring Your Attention

One of the most important parts of a lease is the Termination Clause, which describes what will happen at the end of your lease. Some leases renew automatically unless you notify the landlord that you plan to leave. Other leases simply transform into a month-to-month rental agreement.  If you anticipate being relocated by your company sometime in the near future, we recommend having the following language built into your lease:

"In the event the lessee is relocated by his or her corporation, the lessee may terminate this lease upon thirty (30) days prior written notice to lessor with no lease termination penalty."

Other clauses to watch for include those that address automatic rent escalation and transfer of repair duty from the landlord to the tenant.  No smoking clauses are also common and strictly enforced.

Strenuous obstacles to short sales compound headaches for homeowners - the Palm Beach Post got this one right.  It should be required reading for agents and short sellers.  Read the Palm Beach Post Article

PSL - Floresta Area Rental

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Floresta Area, Port Saint Lucie  -  This CBS home is situated on a quiet street near Airoso Boulevard in eastern Port St. Lucie. 3/2/2 with large fenced yard and screened porch. Washer / dryer included. Close to Florida's turnpike, I95 and US1 shopping.

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CENTURY 21 HORIZON PROPERTIES RECOGNIZES ERIC SLIFKIN AS ONE OF
CENTURY 21® SYSTEM’S TOP PRODUCING AGENTS IN THE SOUTH FLORIDA REGION

Eric Slifkin, a sales associate with CENTURY 21 Horizon Properties, was recently named one of the CENTURY 21 System’s top producing sales associates in CENTURY 21 System’s South Florida region at a sales rally. Slifkin was ranked in the top 10 for sales production/closed transaction sides among the region’s top producers for 2008.

 “It is with great dedication, knowledge and commitment to quality service that Eric has so duly earned this recognition.  Eric is a leader and innovator in the real estate industry and an asset to homebuyers and sellers in the Martin, Saint Lucie, and Palm Beach communities,” said broker/owner Joanne Weidman.

 Slifkin has 5 years in the real estate industry and has been with the CENTURY 21 System for 5 years. 
 “To be recognized among such talented and motivated sales professionals is truly an honor,” said Eric Slifkin.
 Century 21 Real Estate LLC (www.century21.com) is the franchisor of the world’s largest residential real estate sales organization, providing comprehensive training, management, administrative and marketing support for the CENTURY 21 System.  The System is comprised of more than 8,300 independently owned and operated franchised broker offices in 58 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.

(C)2008 Century 21 Real Estate LLC, A Realogy Company.  CENTURY 21 â Is A Registered Trademark Licensed To Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity.  Each
CENTURY 21 Office Is Independently Owned and Operated.

Palm City Farms, Palm City  -  Announcing a price reduction on 4500 SW Cherokee Street, a 3,500 sq. ft., 4 bath, 3 bdrm 2 story. Now MLS® $589,000 - Private 5 Acre Parcel.

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