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Own a house on Guam? Eager to capitalize on your property by leasing it out? We’re here to empower you in your journey to successfully rent your home in the thriving Guam rental market.
Renting your property could be a viable avenue for supplementary income, but it necessitates strategic planning and preparation. With our expert advice, you’ll adeptly understand the rental market, prepare your property, and manage all crucial aspects. Let’s explore the steps to lucratively rent out your house on Guam.
Understand the Guam Rental Market
Before plunging into property rental, it’s essential to comprehend the rental market on Guam. Guam holds the fifth position among the 56 US states and territories in rent cost. Fair Market Rent for a 2-bedroom Guam apartment is around $1,578 monthly. The Overseas Housing Allowance (OHA) for military personnel on Guam stands at $2,205.
To get your house approved for military personnel under the OHA – a use-it-or-lose-it program, specific criteria must be met. Speaking with a realtor can help you determine your home’s fair market price as it may fluctuate based on location, property condition, etc.
Also, remember that approximately 15% of Americans qualify for some level of housing aid, translating to around 23,904 beneficiaries in Guam. In Guam GHURA has a rental assistance program that can be a reliable source of rental income.
By thoroughly analyzing the rental market and considering these factors, you can make informed decisions to set a competitive rental price and amplify your property’s allure to potential tenants.
Prepare Your Property
To draw in quality tenants, proper preparation of your property is pivotal. Begin by thoroughly cleaning your house and carrying out any essential repairs. Confirm that appliances, plumbing, and electrical systems are in optimal working condition. Refresh your property with a new paint job to enhance its appeal. Moreover, declutter and stage the house to craft an inviting atmosphere for potential renters. This must be done in between all rentals, a property management company like Ellen’s Realty can help you take care of this
Define Rental Terms & List Your Property
After prepping your property, it’s time to set rental terms and conditions. This encompasses lease duration, security deposit amount, and any imposed restrictions (such as a no pets or smoking policy).
Clear terms and conditions safeguard both parties and foster a positive landlord-tenant relationship. You will need a licensed Realtor to help you list your property, they would also be best to advise you on the rental terms and can draft up the lease agreement for you! Get in touch with a realtor today
Advertise Your Property
To effectively market your rental property and captivate potential tenants, exploit popular rental websites and local classifieds. Provide comprehensive descriptions and high-resolution photos showcasing the property’s features, amenities, and location. Additionally, consider setting up “For Rent” signs and tapping into your social network to boost your property’s exposure.
Screen Potential Tenants
Once inquiries start rolling in, it’s critical to screen potential tenants meticulously. Request references from former landlords to evaluate their rental history and reliability. Conduct a background and credit check to affirm their financial stability. An in-person meeting or interview can provide insights into their character and suitability as tenants. This screening process aids in selecting reliable and responsible individuals. Generally, a Realtor can take care of this process.
Maintain the Property
Landlord duties include consistent property maintenance throughout the tenancy. To ensure quick response to maintenance requests and prevent issue accumulation, consider employing a property management company like Ellen’s Realty. A trusted name in Guam real estate, they offer comprehensive property management services with a dedicated maintenance team, ensuring swift and efficient repairs. Their expertise ensures your property remains in top shape and your tenants content.
Understand Tax Obligations
Renting your house on Guam has tax implications. Acquaint yourself with local tax laws regarding rental income. Seek advice from a tax professional to comprehend your tax obligations, including reporting rental income and claiming eligible expenses. Maintaining accurate records eases tax filing.
Secure Insurance Coverage
Consider landlord insurance for protection against potential damages or liability issues. Keep in mind, Guam is susceptible to Typhoons, both insurance and protection against typhoons are highly recommended. A standard homeowner’s insurance policy might not suffice when renting out your house. Landlord insurance typically covers property damage, loss of rental income, and liability claims. Discuss your options with Guam insurance providers to secure the best coverage for your rental property.
Stay Informed and Communicate
Stay updated with changes in local rental laws and regulations on Guam. Maintain open, clear communication with your tenant throughout the tenancy. Promptly address any concerns or issues to uphold a healthy landlord-tenant relationship.
Partner with Ellen’s Realty
At Ellen’s Realty we both offer Rental Listing services and Property Management services. With our Property Management we can help you get your business license, utilize our in house maintenance team to quickly perform maintenance, collect rent, deal with finding renters and screening tenants, as well as dealing with any tenant problems and conflicts. We make it easy so you don’t have to worry about your property, and give you the confidence that your investment is being protected. Learn more about Ellen’s Realty Property Management
If you need help simply getting your property rented, one of our experienced Realtors would be happy to get your property on the market. Get in touch now
Visit https://ellensrealtyguam.com/ today and explore how Ellen’s Realty can help you unlock your Guam property’s full potential.