When you think of renting your house, the first thought that comes to mind is hiring a real estate agent to find a tenant. But the fact remains that real estate agents charge an exorbitant commission. So is it really worth hiring one? The other option is to rent own house without an agent.
Due to the availability of numerous property listing websites, renting own house is not so difficult. These portals serve as a platform to connect landlords with prospective tenants.
However, to make renting your home privately a simple process, certain factors need to be borne in mind:
Finding a tenant
Before you find a tenant for your property, ascertain its rental according to the market price. Ensure that the house is in a ready to move in condition. Advertise your home on property listing portals. Have a look at some listings to determine how to word your description. Highlight any special features such as amenities, nearby schools, etc. Upload high-quality photographs and a virtual tour. Tenants will view your listing and connect with you. You could even consider listing on multiple sites and share your listing on social media channels.
Prepare an inventory
Once you have decided on the tenant, prepare an inventory of items in your house. This will be useful when you inspect the house and if there are any damages you can hold the tenant liable. The amount for the damages can be claimed from the deposit amount.
It is advisable to take the help of an attorney to prepare the documentation such as the lease. It is beneficial to take a rental home insurance for your home.
It is important for a landlord to be available as and when the tenant requires. Therefore, the landlord should ensure that either he or someone reliable is always available to resolve the problems of the tenants.
If you rent your own house you stand to gain from it as you save on the agent’s commission. You also save the fees you would be paying a property manager by taking care of the property yourself.