What are some things we should know before leasing out our home?

We are thinking about leasing out our home and need some help on what we should ask the leasing agency or things we should consider before leasing it?

It's best to hire a reputable property management company that does full-service management. Interview and check their references. Check out their website to see if it is comprehensive, provides information about the company, shows current rentals with virtual tours, etc. Drive by some homes they manage and by properties they have on the market to see how they are kept. Ask if they have 24-hour hotline for tenants. Have them walk through your home and make recommendations on what you should do to get it ready to rent. And, if they tell you to paint it, ask them to recommend a painter and call the painter directly for a quote. You can determine the quality of service by the people they recommend. Also, make sure you take thorough photos of the home before you turn over the keys so you have a record of the condition. And by photos, I don't mean the front and back. Take enough photos to throughly document the home's condition as if you were doing so for an insurance company.

How much do they charge?
Do they charge you for advertising fees?
How do they screen the tenants?
How do they handle repairs that come up?
Do they contact you before making repairs?
Get a list of other owners they represent as references and call them.

Contact your insurance company. You will need different coverage than your homeowners insurance policy.

Haygirlc is on target there! For your personal advice...don't leave anything in the house that matters to you! Seriously! If your area commonly allows tenants to bring animals consider letting the agent say yes to this too. But, you can get a whole months rent for the security deposit and make sure that the agent does a walk through with photos before anyone moves in and one when anyone moves out. The smell of the carpet should be noted as well. No one wants to live in a doghouse! Good Luck!

The most important thing is that you see the tenants credit. You are legally allowed to see it since you are renting it through the service to the tenant. If you don't see the credit report then you are at high risk.

Make sure there are no recent lates or evictions.