Best Way to Rent Out Your Home
Renting out the property such as home or an apartment comes with a lot of responsibility. It is like you’re giving away some liability of yours to some other person. That is why it becomes imperative for you to go through a rigorous process to ensure that you are lending out your property to the right person. There are a lot of things that are mandatory for you to keep in mind during the process. We have compiled a list of things that will ease your struggle and prove to be the best way to rent out your home.
Use The Classified Ads Sites:
There are a lot of online sites that let you post your advertisements for free. You can reap the most benefit out of them. Tenants in your locality and around the world keep an eye on these online classified sites to find the right apartment or home on rent. They link the tenants and landlords with each other. These sites are completely easy to use. Once you have finalized the rent price and have done your research, simply jump on to these sites. Choose a website that is authentic, reliable and secure.
· Fill in The Relevant Details
On the website, you will find a form demanding your personal and contact information as well as the details of your property. Be very precise about the size, area, location, number of rooms, washrooms, kitchen, lawn, garden, attic and parking area you are planning to offer. Let the potential tenants know the kind of property you are renting out; is it an apartment or a house. How many bedrooms are there; what is the size of the rooms? Is the property well-furnished or simple? Is there an attic or just a plain roof? Will the tenants be able to utilize the parking space for their cars? What type of meter does the property have? All these aspects should be clearly mentioned in the form for the tenants’ perusal.
· Post the Images of the Property
If you want, you can even post the pictures of the property. Just take clear pictures of the overall exterior as well as the interior and any other important places inside it and upload it along with the advertisement. You can choose to post multiple images of the property at once. If you want to draw the potential tenants’ attention towards a specific element in the house, such as the fountain, lawn, expensive roofing, woodwork or marble aesthetics in the house, you can click a picture and post that as well. It will not only attract the potential tenant but will also help in describing your property's value.
In just a few steps, your advertisement will be live for thousands of people to see. The right ones will contact you and set up a meeting.
Be Ready for Property Inspection:
After advertising the property and receiving inspection requests, the next big step is to get the property ready for inspection. The property inspection is one of the key ways to determine the overall appropriateness, character and personality of your potential tenants. Start off by deciding a time for the inspection meeting. At this point, be very clear and let the potential tenants know about any terms, rules or regulations that you might want them to follow. After all, you are getting together into an agreement; things should be crystal clear between both parties. If you don't want to allow them to bring along their pets, tell them straight away. If you are not a fan of loud music, make it clear to them. Convey all the rules and conditions to them before you move further.
Before they actually arrive for the inspection, make sure that the property is in the best condition. Ensure that it is squeaky clean, renovated and all the repairing are done beforehand. You don’t want to give off a bad first impression, do you? Be prepared to answer their questions regarding the property. Make sure that you are ready to answer all their questions pertaining to the rental property. Ensure that no aspect is left undiscussed, and everything is clear between both parties.
Carefully Follow the Legalities
If you are looking for the best way to rent out your home, then you must follow all the legal matters pertaining to it. Ensure that everything is done in accordance with the law. Make sure to carefully follow the guidelines and complete the paperwork in time. Sign the tenancy agreement as per the rule of your country. Get a suitable insurance policy such as a “landlord insurance.” Take all the precautionary measures to ensure that your property is going in the right hands. There are certain types of rental bonds that vary from state to state. Be sure to know about all the nitty-gritty of those.
Finally, do a detailed background check of your potential tenant to ensure that he is not convicted in any court. Further, also make sure that he is not involved in any illegal activity. It is advised to request references from authentic figures. Ask the potential tenant to produce any prior landlord's reference or an employers' contact to ensure that you are making the right decision. Be clear cut in the communication that follows between you two. Make sure that no fact or information is concealed in any way. Before signing the deal, exchange authentic contact numbers, devise a seamless rent transfer method to avoid any issue.
A Final Word:
The best way to rent out your home is to make sure that you are prepared for it. Take help from the available sources such as online classified ads sites etc. Do your research and carefully take the decision. Follow the legal procedures such as signing the tenancy agreement, background check, insurance and rental bonds etc. Clearly explain all the rules, expectations and regulations you want the tenant to follow and respect. Exchange contact and rent transfer details to eliminate any chance of miscommunication or fraud.