Everything You Need to Know About Renting Out Your Home
If you are planning to rent your home and doing it for the first time, then you might have a lot of apprehensions in your mind. You must be confused about a lot of matters pertaining to the renting procedures. We are well aware of the anxiety that comes with such decisions. It takes a lot of pre-work to be able to get your desired and most suitable tenants for your home. The location of your house, the element of convenience, facilities, the size of your property etc. are some of the elements that are discussed before you find the suitable tenants for your property. Let’s have a look at all the imperative factors that you should be aware of before renting out your home.
The Price Factor:
You should never start with having unrealistic expectations about the rent you are going to charge. Be very logical and practical while deciding the financial matters pertaining to renting your home. Your tenants are human and are mostly looking for an affordable abode. Before deciding the final rent price, have a detailed look around at your locality. See the amount of rent people are charging around you. Assess the feasibility of the place where your rental property is located. The locations which are close to places such as train stations, shopping malls, grocery shops, parks and gardens are usually rented out at a much higher price than the ones without those.
Additionally, suppose your rental property is well equipped with facilities such as expensive roofing, in-built heating and cooling, stylish windows and doors, luxury flooring etc. In that case, there is a possibility that your property will be rented out at a much-amplified price. But in case your home is just a simple one without any of these facilities and conveniences, then ensure to charge a low price in accordance with it. The size and accommodation your home provides is also another important factor that determines the overall renting price of your apartment. If your home has multiple well-furnished bedrooms, lawn, garden, kitchen, attic, parking area etc., it is going to be rented at a much aloft price than a property which consists of hardly two rooms and no additional perks.
So, be very careful while finalizing the rental price of your home. Take into consideration all the above-mentioned aspects before putting out the final price in front of your potential tenants.
Reaching Out to The Potential Tenants
We strongly recommend that you seek professional help in finding the right tenants. But, if you want to carry forward the whole process by yourself, then there are multiple websites that you can seek help from. These online advertising websites let you post your rental properties’ advertisement on the website for the potential tenants to stumble on. To pursue this step, simply find a reliable and well-reputed online classified advertisement website and post your ad there, free of cost. They will ask you to fill in the relevant details of your property such as the precise location, type of property, number of bedrooms, additional factors such as parking area, gardens, lawn etc. Just fill in the relevant information, be sure to put in the authentic details of your property. Lastly, they will ask you about your contact information and personal details such as name, email address, contact number and desired rental price etc. After adding in all the relevant information, simply post your advertisement and it will be live, free of charge. The people who are looking for a suitable rental property will find your ad and will contact you for further discussion. It is as simple as that. These online advertisement websites work like magic. They save you from the hassle of personally contacting people and spending hours and hours in finding the potential tenants. They work like a bridge between the tenants and the landlords. They do all the dirty work for you, without any charge or fee. They are free to use for everyone and have massive visibility. All in all, it will help you in getting hold of the right tenants for your rental property, in literally a few days.
Picking Out the Right Tenant
When you have posted your advertisement on the online classified ads website, you will soon start receiving loads of applications. Potential tenants will start contacting you to discuss the matters. At this point, it becomes imperative to be very sure of the person you are going to rent out your apartment or home to. Make sure that you keep a strict check on all of the following aspects:
- Employment Status of the Potential Tenant:
Make sure to check the employment status of the potential tenant. Ensure that he is on the job and is financially stable enough to pay the rent. If your tenant is unemployed, there is a bright chance that he will soon run out of money and either run away without paying the rent or cause you further trouble.
- Perform a Detailed Background Check of the Potential Tenant:
Make sure to go through the personal information of the potential tenant. See his previous credit history. Ensure that he is not convicted or performed any illegal activities etc. Ask him to produce authentic references from either his employer, old landlords or someone who can verify his details.
- Be Transparent with the Rules
Have a detailed discussion with the potential tenants and elaborate all the rules and regulations you want them to follow. If you would like to impose a “no pets”, “no loud music” etc. or any other such type of rules, be very clear about it. Openly let them know all your expectations and only choose the one who is okay with those. This will save you and them, from any kind of disappointment or frustration.
A Final Word:
Renting out a home is a big deal. You need to keep a check on all the imperative aspects such as security, viability, advertising, sifting out the right tenants etc. But in all these processes, the online classified ad websites can be your ultimate saviour.