5 Pointers To Consider When Renting Out Your Home

The sun is out, the flowers are blooming, and the city is alive. If you are a homeowner looking to rent out your home, or a unit within your home for the long term (in the case of a small multi-family property), then this piece is for you. Rent prices begin to elevate beginning in March, so there is no better time to list your home for rent if you have been thinking about doing so

Working With A Leasing Agent

Searching for a reliable tenant takes time, and it takes energy. One way of avoiding both is by hiring a leasing agent to take care of the process of listing your property, connecting it with a tenant, and getting that tenant under a leasing agreement. Financially it’s not a bad route to go. The move-in rent cost in Philadelphia for a tenant is three times the rent — the first and last month’s rent, and a security deposit equal to one month’s rent. A broker will typically take 1 month’s rent as his or her own brokerage fee from the owner of the property for providing the service

Now if you decide to put in the effort of finding and choosing a tenant yourself, the following steps and tips will make the process faster and more straightforward for you

Using A Tenant Screening Site To Generate Leads

There are a number of websites that exist to help you with marketing your property for rent. You have the choice of either manually listing your property on the different sites that exist, like realtor.com, apartments.com, apartment list and so on, or you can enter them into one site that will distribute the listing across the multiple aforementioned sites and more. Turbotenant is great for streamlining your process so that you can have a smooth enough time finding and showing your home. It’ll distribute your listings, and aggregate your leads, and allow you to archive them as you follow-up. It even allows you to request a credit and background check from the site. Starpoint tenant screening is also a useful tool for vetting applicants, as they offer eviction reports, and credit and criminal record reports. If you decide against turbotenant and instead go with an approach that is less streamlined, starpoint is a great resource to include as part of your process

Stacking Your Appointments

Something that you will learn very quickly is that not everyone will keep the appointments that you make with them. As leads begin to come in and you schedule time for showings, schedule as many back to back appointments as you can on the same day, so that even if you get some no-shows you wouldn’t have wasted your time and potentially gas

Looking At And Approving Applications

Make sure that applicants submit proof of income and that the income is sufficient enough (at least close to 3x the rent in income). Call references and previous landlords. Also, be careful with applicants who have past evictions, and make sure information you learn from the background and credit checks align with what the tenant explained to you in person

Draft up a residential lease with the terms that you decide. Again, this is something that can be streamlined for use with available software like a turbotenant. There is also software that exists for managing rent collection: Cozy is a good example. You can decide to do it electronically this way, or have rent paid by check or in other ways

The Walkthrough Inspection: Dotting The i’s and Crossing The t’s

It’s very useful to do a walkthrough inspection with the new tenant before he or she moves in so that you and the tenant are both clear on the condition of the property. If the tenant moves out after a year, then you will be informed about what state the home was in before it was leased out. The tenant must also remember to switch whatever utilities he or she will be paying into their name

Undergoing the process of renting out your home can take time and effort, and it can be stressful especially if it’s your first time doing it. Thankfully, you have the option of deciding to outsource this work to a leasing agent or tenant locator if you so choose, or you can decide to lease out the home yourself

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s