With the current economic situation, more and more people are looking to rent out their houses as an alternative means to earn their living. Furthermore, when it comes to renting out a house, many people make the mistake of hiring a real estate agent to help them rent out their property. However, what they fail to realize is the fact that hiring a real estate agent can not only cost them a fortune, but they may also not be able to find the best tenant, as the agent will focus on filling the vacancy as soon as possible and earning their commission. By renting out your property without a real estate agent, you can completely eliminate the cost of commission- and that means more money in your pocket. With that said, while renting out your property without a real estate agent is a lot cheaper, there are some things that you need to be aware of.
Furthermore, there are a number of factors that you need to take into account when renting out your home without an agent. Read on to find out five tips to rent out your house without a real estate agent.
1. Use online platforms– With the advent of the Internet, more and more people are searching for houses for rent online. It is therefore vitally important that you advertise your rental home on as many of the major property listing websites as possible. Besides, listing your rental home on a property listing website will help you reach the broadest selection of potential renters and communicate all of the details about your rental in one place.
2. Price your house right– In addition to listing your rental home on property listing websites; make sure you price your house right. Begin by looking for rental prices of properties that are similar to yours. Besides, this will help you get an idea of the type of rent you could demand for your house. Once you determine the average rental prices of the house similar to yours, you can easily compare it with the target income you wish to earn.
3. Stay on top of repair and maintenance– One of the major factors that you need to take into account when renting out your home is making sure you attend to any repairs as soon as they are reported. Besides, maintaining your house will make it a more attractive home to current as well as potential tenants.
4. Clean up– Let’s face it, nothing will turn off a potential tenant more than a dirty place. Consecutively, before renting out your home, make sure the unit is thoroughly cleaned, especially areas such as toilet, tub and refrigerator.
5. Screen tenants carefully– Another major factor that you need to take into account when renting out your house is making sure you screen tenants carefully. Besides, you need to be able to depend on this person not only to pay the rent on time, but also to keep your house in good condition, so make your pick wisely.
While these were some of the tips and tricks for renting out your property, there are many others, such as do your research, prepare your property and give incentives for staying among many others.