November 15, 2016

How To Easily Rent Out Your Property Without An Agent

Property Without An AgentWe totally understand if you don’t wish to involve an agent in your rental dealings. Why would you anyway, when you can do everything on your own and keep the returns (in full) to yourself. Agents eat up a chunk of the monthly rental incomes your property earns and even though they do provide you with legitimate convenience and ease, they aren’t really doing anything you can’t manage on your own.

Need to know how to rent your property all by yourself? Read on! 

Prep Your House

Just like you have to make sure your house is in or at least appears to be in excellent condition when putting it up for sale; you have to similarly prepare your house for renting it out. Here are a few quick fixes that can help:

  • A fresh coat of paint on the inside and outside of the premises. Don’t forget to give the entrance door a touch up.
  • Fix the leaks and replace the damage.
  • Get your HVAC systems cleaned.
  • Style your home well and make sure it’s clean, free from bad odour, and well maintained. 

Decide on the Rent Amount

Get into your research mode. Look for similar houses on rent around the neighbourhood. Get an idea of the current market rental value of your house. If there aren’t any properties on rent in your vicinity, check online for similar properties, get an idea of the price differences between that locality and your area and come up with an estimated rental amount. 

Find the Tenants

Finding tenants is all about promoting your business right. Hit your social media channels or spread the word through colleagues, friends, and family. You can also list your property at the local listing websites that provide wider coverage to your rental property. Also, you can access one of the various lease by owner websites that strictly promote non agent-assisted properties up for rent and are frequently accessed by potential tenants who do not want agent involvement in their transactions. Whichever mode you select, make sure you have pictures that are appealing enough to compel tenants into considering your property. 

The Legal Formalities

Make sure you abide by all the laws and requirements of renting out property in your state. These may differ from one state to another. Local real estate agents in most cases are aware of these legalities and make it a point to take care of them on the client’s behalf. Since you’re on your own, do check in on any certifications or permissions that you may require for renting your property.

We wouldn’t say that letting your property on your own without an agent is an easy job – but it’s not impossible either. You just need to make sure you have all your bases covered before hitting it home. The legal aspect may be a slight hassle in the process but you can always hire the services of a solicitor to manage that on your behalf. 

Also, this might be a good time to learn as much as you can about efficiently managing your rental property without an agent.