Whether you are trying to sell your home and you’re not having any luck or are short on cash, renting out your property can be an ideal option. Furthermore, renting out a house is not only easy compared to selling a house which is a much-complicated process, but also allows you to retain ownership of your home while making a profit out of it. 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. While using an agent might make the entire process easier, it’s a lot more expensive and can be harder for you to actually rent out your home. Besides, by renting out your property without a real estate agent, you can completely eliminate the cost of commission and you can keep more of the profits yourself. However, when it comes to renting out your house without an agent, there are still a number of factors that you need to take into account.
While it’s true that you have a great opportunity to save money by renting out your house yourself, there are a number of pitfalls you need to avoid. Read on to find out five tips to rent out your property without an agent.
1. Inspect the house- One of the major factors that you need to take into account when renting out your home without an agent is making sure you inspect the house. Furthermore, detect the minor flaws and try to get rid of it. You can also do some small improvements if needed so that it would be easy to rent out the house without any hassle.
2. Decide on an appropriate rental price- Get an idea of rent amounts by checking newspapers, online resources or neighborhood rental signs. Furthermore, be realistic about rent levels. The rent may be lower than your mortgage payment, but if you want to find a tenant, the rent must be comparable to what’s in the market.
3. Prepare your home for renters- While most renters aren’t as picky as buyers, there are still several things you need to do to get your property rent-ready. Furthermore, preparing property for rent is an important part in attracting a tenant, and also in ensuring that it is suitable to be lived in.
4. Word of mouth- No marketing activity is as powerful or as influential as word of mouth. Furthermore, telling your friends, colleagues and acquaintances about your desire to rent out your house can attract potential tenants fast.
5. Invest in minor repairs- If there are parts of the house, which require fixing or repairs, these need to be attended to immediately. Besides, probably the last thing you want is to have problems or accidents faced by the tenants within your apartment. Thus, all the small repair works should be completed before letting out the home for rent.
While these were some of the tips and tricks to rent out your property without an agent, there are many others, such as screen tenants carefully, clean up among many others.