When I had to rent my own house, I was contemplating whether I should actually do it or hire a real estate agent for this. Hiring an agent seemed like a simple solution but it was an expensive option. So, I decided to study the pros and cons of renting my own house.
Although agent commissions vary, the general trend is that the agents charge one month’s rent as the commission. By renting my house on my own, I will be saving on the agent’s commission.
Direct Interaction with Tenants
Since there is no agent involved, I will be dealing directly with the tenants. I can use my own methods for screening the tenants as per my criteria. I can choose a tenant who will fulfill all my requirements. Since I know my property best, I will be the best person to answer any queries that the tenant may have about the property. I can strike a rapport with the tenant.
When I list my property on a property listing site, I can upload a description in my own words about the house highlighting its special features. I can also list on multiple property portals to increase the exposure of my listing.
My property is special to me so I am the best person to show it to the tenants. An agent could miss out explaining certain important highlights of my home to tenants.
Requires dedicated time and efforts
Renting my own house definitely means a lot of work. I will need to give my focused attention and time for it.
As the owner of the house, you will have access to limited resources when compared to an agent.
I found the pros outweighed the cons and hence it was definitely a better option to rent my own house.