If you have a house that you have rented out, it will need to be maintained. Also, it will keep getting vacated from time to time, so you will need to find tenants for your property and conduct the documentation. Many landlords engage in property management services for this purpose. However, if you follow a systematic process you will find renting a home privately very easy and will also save the amount you need to pay the property managers.
Here is a list of steps to be followed for renting a home privately:
Inspection and Repairs
When your tenant vacates the house, you will need to inspect its condition and carry out the necessary repairs so that it is in a presentable condition. Painting the house is beneficial as it improves the look of the home.
Determining the Rental
Analyse the rentals of similar properties in the neighbourhood and determine the rental of your house. You could also take the help of the internet for fixing the rental.
The best way for a landlord to reach out to numerous tenants is by listing it on an authentic property portal. You can research on the net for a good website and list. You can compose an attractive description and upload high-quality photographs and virtual tour on the site. Make sure to highlight aspects such as amenities, proximity to shopping centers, schools, etc.
Manage the inquiries for your property in a professional manner. Be available when the prospects call and answer all their queries.
It is important that you are not stuck with a hard to deal with the tenant. To select the right tenant, you can prepare a list of relevant questions to ask the potential tenants.
The next step is getting the tenancy application completed by the tenants. After this, you can screen them on the basis of telephonic and personal interviews.
Find out details about your tenant such as why they left their previous home, where they work, how much they earn, etc. You can Google for information about the tenant.
Accepting the application
Once you have selected the tenant, accept the application and finalise the deal.
Carry out regular inspections of your property. Each country has certain rules that govern how many times a property can be inspected in a year. When you are managing your property on your own, you should ensure that you are aware of these rules and carry out the inspections according to them.
You need to determine the % of rent increase annually and see that it appears in the contract.
There should be complete clarity between the owner and the tenant regarding the repairs and maintenance of the house. There are certain repairs that the owner needs to pay for and others that are the responsibility of the tenant.
A rented property gets vacated from time to time and there is a need for renting it out on a regular basis. Hiring an agent each time could work out to be an expensive proposition. Therefore understanding the process and renting a home privately is beneficial to the landlord.