Here are some ways to rent your home by yourself:
Take photographs of your rental property. Make sure the property is uncluttered and clean and it is best to photograph the place during the day, as natural light is more pleasing to the eye. Take pictures of all the rooms and at least post pictures of the kitchen, bathroom, living room, and master bedroom in your ad. Potential renters will gain their first impressions from these pictures so make them good.
Put an ad for your rental unit in the classified section of the newspaper or post it on internet classified sites. There are numerous property sites or general classified websites available. Some cost a fee to post and others are free. Make sure to post your advertisement in a place where the type of renter you are looking for will see it.
Find a basic renter’s application and standard lease agreement form on the internet. Certain states have legislation controlling which type of form must be used; make sure you are using an eligible form. Many of these forms can be found on the internet for a free or a small fee. If you have specific stipulations such as no smoking or pets in the unit, you must type up an addendum to these forms. It would also be wise to print out forms to give to applicants so that if they apply you may be able to check their credit score.
Obtain a rental license from your city or township. They are generally inexpensive and require an inspection from a city official.
Determine what you will require for a deposit. Most landlords ask for a deposit of one months’ rent plus the first month’s rent at the time of signing. You must then set up an escrow account at the bank to hold the deposit.
Prep the house for showing. Make sure that all appliances are in good working order and that the house is clean. It is always wise to repaint the place after one renter and before the next to keep the house in presentable condition.
When you receive applications, call all the references, previous landlords, and verify their employment. You may also want to run a credit check. There are companies that will run someone’s credit for about thirty dollars with the right information. You may choose to require an application fee to cover that charge. You must inform the applicant if you are planning to run a credit check. It is very important to check references and credit to insure that you find a good tenant. It can be a nightmare to get rid of a awful tenant, so do your homework beforehand.
You may want to provide some incentive to purchase renter’s insurance. It is usually inexpensive and it would cover the cost of all their belongings if a disaster happens. If a renter has insurance it helps to decrease your cost and liability in those situations. When you sign the lease agreement, give the occupant a copy and keep your copy organized and close at hand.
Finally, be a good and responsible landlord. Keep up with repairs, and be quick to respond to any requests made by your tenants. Be honest and fair and if you picked the right tenants, you shouldn’t run into many problems.
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