How to Rent Your House Without an Agent
At some point in time, you may need to rent your house out. Maybe you need to move and change locations for a job offer. Perhaps you have to visit another state for a while to take care of a family member. Maybe you want to downsize and rent your house to someone until you can sell it to a buyer. All those reasons are fine reasons to rent your home. If you're wondering if you need to hire an agent, the answer is no. An agent can help you with some aspects of the renting process, but you can do it independently if you have the will and the resources. We're going to tell you how to rent your house without an agent in this text.
You should consider learning how to rent your house without an agent because it will save you money. It will also give you the freedom to use as many resources and avenues as you like. You won't be confined to one agency, and you won't have to wait for anyone to do the work for you. You can choose each move carefully and give yourself the greatest potential at finding a respectable renter right away.
Now, let's get into the various ways you can rent your home without an agent. The following is a list of ideas, methods, and tips that you can use to ensure that your renting experience goes smoothly from the beginning to the end:
Figure out the Right Price for Rent
The first step before you advertise your property should be to figure out a good price for the rent. You'll want to keep your rental price competitive without cutting yourself short. You can do that by researching current trends. Look at various sites where you see ads for rental housing so that you can gauge how much other people are asking for. You also need to consider your mortgage and how much money you need to collect to cover it and provide you with a little extra money for your needs. Consider any amenities or bundles you're offering and price the rent accordingly. Once you come up with a set price for rent, stick to it.
Clean Your Home Thoroughly
If you want to rent your house without an agent, the next thing you should do is clean your home thoroughly. Remove all dust, mold, and broken items from the home. Consider making some minor repairs and renovations before you move forward to listing your home. For example, now might be a great time to update the landscaping or add an outdoor fountain or sculpture to make your home more appealing to prospective renters.
Create Professional Pictures and Ad
The next thing you'll need to do is create a captivating ad and pictures to market your home successfully. Prospective renters will want to know everything about your home before they commit to seeing it in person. They'll need to know the details about how many bedrooms and bathrooms it has. They'll be interested in any historical information about the property and any unique details about it. For example, you might have a bedroom that has a door to the outside. That's a neat feature that might draw people to the home. Be sure to include such details in the ad you write for your listing.
Create a Lease Agreement
The lease agreement is one of the most important documents you'll need if you're going to rent your home without an agent. You need to ensure that you include all the crucial details your future tenant will need. Making sure that you create a thorough lease agreement will reduce the likelihood that you or the other party will break the agreement.
Lease agreements are usually several pages long, and they contain information such as:
Lease Effective Date
You must establish the dates your agreement with the new renter will be valid. This information must be clear on the form so that the renter can sign it. They'll know when their term ends so that they can choose to find another place to live or request that you extend or renew their lease. You might even choose to do a month-to-month lease with them at the end of their term. Some people accept those types of agreements so that they'll have the freedom to move when they choose.
Monthly Rent Amount
Your lease agreement has to have the rent amount on for the tenants to know exactly how much they'll need to pay each month. You should also include information about late payments and late charges you may assess if they don't pay the rent by that time. Additionally, you should include information about the eviction process and at what point you might choose to start it if payment isn't made in a timely fashion.
Rules and Regulations
The rules and regulations section of the lease might be the longest section because it has to include all the information you can think of. It should include information about parking, subleasing, visitors, and the like.
Get Insurance for Your Property
It will be a good idea for you to invest in renter's insurance or landlord's insurance for your property if you're going to rent it to someone. Such insurance will cover you if some of your property gets stolen while those tenants live in your home. It can also cover you in cases where property damage occurs in the home. The insurance won't be too costly, and it will help you recover your assets if anything occurs. Alternatively, you can request that your tenants purchase the insurance so that you don't have to absorb the costs. Many apartment complexes do that.
Establish a Clear-Cut Deposit Amount
You must establish a clear-cut security deposit amount before you start placing your home for rent. The amount you request depends on your needs and your qualification criteria. For example, you might only ask for one month's rent in advance for a person who has excellent credit. You could choose to offer rental access to people with bad credit if they're willing to offer it two months in advance. Your security deposit will protect you if the tenant bails on the agreement or fails to make rental payments in a timely fashion. You can use the money while you try to find more reliable tenants.
Try the Classifieds
Once you have your lease and rental charges figured out, you'll be ready to rent your house without an agent. The classified ads are one of the first places you can choose to put the word out. You have two choices. You can use the traditional newspaper's classified ads. All you have to do is contact the paper and provide payment information for a number of days. The alternative is to visit a classified ad site to list your home rental. Some of the most popular classified ad sites are generally free, but they may charge a small fee for you to list your home rental.
Advertise Using an App or Website
You can also consider using a website that allows you to list your room or home rental. You can use something similar to Rent.com or Airbnb. Those two sites will allow you to rent your house to other people who need them only for a short while. The process is similar to a hotel renter where users book your property for a specified block of time, and then they leave. You might be interested in this if you don't mind not having a lease in place. The third-party websites often conduct thorough background checks before they allow people to become members.
Put Flyers out in Your Community
You could use an old-school method of getting the word out to other people about your property being up for rent. It's not a bad idea to create some flyers and then post them up all over your neighborhood. Laundromats and grocery store entrances are great places to post your flyers, for example. Not many people think about advertising their business that way. Thus, you won't have much competition. You can make your flyer stand out by using bright and vibrant colors and wording that makes people stop to read the information on your flyer.
Use the Word-of-Mouth Technique
The word-of-mouth technique is another old-school method you can use. Every place you go will allow you to rent your house without an agent. You can tell the people at work that you have a house for rent. You can also share the information in churches, clubs, and any other establishments you frequent. Try it, and you might be pleasantly surprised by the outcome.
State Your Terms in Any Ads
Ensure that you give prospective renters plenty of details when you place your ads. These people will want to know how much of a security deposit they need to pay and how much the rent will be each month. They'll want to know some additional information, such as the credit score you'd like them to have to qualify. They may also want to know if you will conduct a criminal history check and whether you accept people who have a criminal history. Put all that information in your ads. It will deter people from applying if they know they don't meet your criteria.
Schedule Your Walk-Throughs and Interviews Neatly
You should schedule walk-throughs and interviews with all your potential renters. Ensure that you schedule your walk-throughs at convenient times and leave yourself enough time in between interviews to talk to each applicant about all necessary topics and show them the home. You'll get to gauge their personalities and see if your home is a good place for them to move.
Check Your Applicants Thoroughly
You must conduct a complete background check on all your qualified applicants, no matter where you post your advertisements. You'll need to conduct a background check to see if they are on any lists for illegal behaviors, such as sexual offenses and predatory actions. You'll also want to see what kind of criminal history they may have and decide whether you want to rent based on the information you receive. "A credit check might be a good idea as well. You can evaluate each person on a case-by-case basis. Some people go through hard times temporarily, and you might want to give them a pass.
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Choose a Renter After Careful Consideration
Choose the renter that best meets your requirements and makes you feel safe about the contractual agreement. Notify the person you have chosen to rent your home to and give them a set amount of time to submit their security deposit. Set a move-in date and then prepare the home for their arrival. You can then monitor their progress in your home and check in with them from time to time to see how they're doing. You can choose to collect your rent in any way that seems plausible to you.
Exchange Contact Details With Your Client
Ensure that you exchange contact details with your tenants so that they can get in touch with you. You'll need to be available if they have an issue that needs to be fixed, such as a maintenance problem. They may need to contact you if the home suffers any damage from various incidents as well. You can also leave your number in case they have a problem paying the rent and need to work something out with you. If you're going to live in another state, you should have maintenance people available for your tenants while you're away. You can also assign a friend or loved one the duty of checking in with your tenants when they need it.
Put the Security Deposit in a Safe Place
Lastly, ensure that you place the security deposit in a safe place and notify the tenant of where you place it. It's a legal requirement that the tenant knows where his or her money is being held. You will return the money to the tenant at the end of the lease term unless you have to deduct some of it for damages to the property or cleanup.
The Downside of Renting Your House With an Agent
Using an agent can be helpful if you don't have the time or energy to seek renters for your home yourself. However, there are a few downsides to it. The fees and commissions are probably the largest negative factors. You can find other ways to let the world know about the home you have to rent, aside from contacting a real estate agency. These other methods might help you rent your home faster than you would through an agent.
Contact us for Additional Information
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Final Thoughts
We hope we've provided you with a plenitude of information on how to rent your house without an agent. You should now be able to find a quality renter and start earning money on your home right away. However, we are here to help you if you have any additional questions or concerns. Our company is in business to assist homeowners and other people with meeting their personal finance goals. We aren't lenders, but we have connections with some of the top lenders and can help you reach out to them as well. You can contact us by telephone or online inquiry to get assistance from us.