Are you thinking about becoming a landlord?

At Jersey Cape Realty, we often get questions from prospective buyers about what is involved in being a landlord.  With so many homes in Cape May being investment/rental homes, this is a huge consideration when thinking about purchasing.  Renting a home to vacationers can provide a solid income to offset mortgage, tax, utility, insurance and maintenance bills.  The key, however, is to make sure you are prepared to handle the rental business.

First and foremost, you need to ask yourself if you can bear to have someone using your house.  You must be able to walk away and allow your guests to enjoy their time at your home without interruption.  Think of what made you feel most welcome the last time you vacationed and try to recreate that good feeling for your tenants.

In considering furnishings and amenities, a good rule of thumb is to equip the home with all the necessary comforts but do not leave anything in the home that you absolutely couldn’t live without or that has extreme sentimental value.  Accidents happen and you wouldn’t want that favorite item to get damaged.  Landlords will often set aside a closet where they can lock away special items.

It is always good to know what the local ordinances and requirements are for vacation rentals.  As the owner, you want to make sure you are in compliance with all requirements for legal and safety issues.

Another consideration is how close your primary residence is to the rental property.  Are you within a short drive in case of emergency?  What about regular maintenance?  If you are planning to handle that yourself, you will want to consider the distance and time spent traveling back and forth.

It is good to think about how vacation rentals are transacted.  How will you attract tenants to your home?  How will you best position the property for the highest visibility in the rental market?  Once tenants are interested, how will you screen them? How will you finalize the rental, collect rent and security deposits?  How will you take care of check-in, check-out and any tenant emergencies?  You may want to be involved in the process or totally hands off.

If this sounds like a lot of work, the perfect solution would be to call Jersey Cape Realty! The Rental Team as Jersey Cape Realty has worked with many landlords over the years.  Everyone has to start somewhere and the professional rental agents at Jersey Cape Realty are happy to take the time to review the entire rental business with new landlords.  The Jersey Cape Realty Rental Team consists of full time Realtors dedicated solely to the rental business.  They work day in and day out to maximize your rentals and be the welcoming voice for your tenants, answering questions ranging from availability and rent amounts to where to get a good burger or the cost of beach tags.

In addition, the Jersey Cape Realty Rental Team will market your property, both online and in print, to attract tenants.  They will prepare leases and circulate them for signature to formalize rentals.  Jersey Cape Realty will handle all rental accounting for you, including security deposit collection and disbursement.  Your tenants will check-in and check-out at the Jersey Cape Realty office (curbside service in summer) which frees you from that responsibility.  The Jersey Cape Realty Rental Team will provide your tenants with an emergency contact number for 24/7 coverage.  Jersey Cape Realty will be happy to help coordinate any maintenance or repair issues, and can provide suggestions for local workmen to save you from traveling.  This is just a sampling of what the Jersey Cape Realty Rental Team can do for you.If you have any questions about becoming a landlord, please contact the qualified, experienced agents at Jersey Cape Realty, 609-884-5800. The Jersey Cape Realty Rental Team looks forward to helping you and your guests.