Just like a buyer needs to be cautious while looking out for a property, a seller has to be cautious too. In the same way, people looking for houses to rent, take a while till they finalize on something. In the same way, a landlord has to do so too. There are a number of steps and guidelines that you could follow to rent out your house, problem free. Here is a brief guide.
- Decide if it’s the right time – This itself involves a set of steps that you’ll need to follow. It’s a decision making process. First be sure if you are going to sell it, and then evaluate the market. This will, in turn, give you an idea of the kind of value your property has in the market versus how much you priced your property at.
- Find the right agent – You can either find an agent if you are in a hurry or just sign up on a website online that could also help. A good real estate agent to help you with the entire process and who knows the business well. He would also help you set the perfect price.
- Clean it up – You need to tidy your property up. Whether it’s a house or a flat you need to make it look aesthetically appealing. Fix all the little defects, and make sure the tenant wouldn’t find any fault with it.
- Market – Even renting out needs a bit of marketing. In the sense that you would have to advertise. Maybe in local newspapers or give around flyers.
- Choose the kind of tenants you want – Once you start getting calls, you’ll also get any idea of the kind of tenants you’d like. You can then probably choose the people you’d like to advertise to. A few of them prefer college students or bachelor’s, or just families. You could suitably figure out an advertising strategy.
- Enlist for an open house – Be a part of at least one open house. You would be able to see potential tenants and might even be able to make a deal.
- Rental lease agreement – You will obviously need a rental lease agreement that your tenants will be required to sign on.
- Check your tenants – Even if you have finally found the right kind of tenant. Make sure you run a background check on them. Check for ID proof, check for their office/college ID.
- Verify income with rental rate – Make sure that your tenant is financially stable to pay the rent. Most people lie just to get a house; this might prove to be troublesome later.