How to Rent Out Your Home?
Here Are the Six Tips
The real estate market has slumped and you can't find a buyer who will buy your house. Now your best choice is to rent out your house that at least will help cover the mortgage. You are about to become a "reluctant landlord" Which actually you don’t want to be.
I have been working as a real estate developer. As a real estate company, Rightdeed Media can experience your feelings that how horrible the vacant houses look to you. It doesn’t matter whether you have one rental house or many. The vacant property is always stressful. No one wants to carry a burden of the mortgage on one’s shoulder. Luckily, we have five ways to rent out your house, so you never have to deal with the stress.
Before you rent out your home, use these five tips to help protect your property.
1. Right Deed Media
For fast and quick response, add or list your house on www.rightdeed.com
Right Deed Real Estate is leading property Site and Portal in Pakistan. Offering the best Properties in Lahore, Islamabad, Karachi and all over in Pakistan.
2. Newspapers are best friends to Find a Good Tenant.
Newspapers are easy to reach for everyone. First, think to send advertisement on newspapers. You can advertise in local newspapers, both in print and online. Also ask your close friends, relatives and coworkers. They are most near to help you out.
There must be something to ask your tenants to do:
- First, ask him to fill out an application form
- List their basic information: name, employer, salary, previous landlords and references.
- You'll also need their Social Security number
- Check credit reports and criminal history.
3. What About Hiring real estate agents to Rent Out Your House
If you find advertising a news agency for renting your house is time-consuming or too difficult to obtain and verify, you can contract with a real estate agency or dealers. Real estate agents typically charge 8% to 10% from clients, but they will do all the work on behalf of you and will work faster.
Here are things most real estate agents do for a homeowner:
- Advertise the house for rent
- Collect rent and security advance payments
- Negotiate rental agreements
- Conduct property checks
- Handle repairing issues if any
- File dislodgments, if necessary
- Deal with companion pets and the government laws
4. Don’t take chances.
No matter how eager to rent your house, it is almost always better for no tenant than a bad tenant because it can cause you more headaches and costs than the real worth.
Make the property more attractive to good tenants thorough reduce your rent or do improvements, instead of losing your tenant.
5. Check Necessary Repairs and Maintenance
There is generally a question prevail through the surroundings whether the owner or tenant to take care of maintenance.
This issue should be addressed before renting a house. There are many cases when an owner has to fix the issue. But who is responsible for treating the house? If it is the landlord, how many times will he treat it if the tenant is not following the rules?
There should be proper note that if a landlord needs to do maintenance and repairs, he or she will provide written notice to the tenant at least days before entering the premises.
6. Lower down your price for quick tenant
You need to reduce your rent quickly before you suffer financial loss if your house is not going on rent. You won't suffer much loss by quickly cutting prices until you reach this save place. You will know in a week or so if the house will be renting or not. Here I will explain my experience. There was no tenant for the first week and I started losing my hope. In the second week, there went the same problem. For six weeks I had a house listed and I didn't get any improvement or phone calls. I lowered its price by 50%. In two hours, I had two stakeholders, two applications and shortly thereafter, a signed lease. The price is the most important thing.
Don't give up at the end of the day because you're under stress and things don't go well. The truth is that property is a long - term game. You must walk down the street in order to reach the point. I hope you will be helped on these crazy trips!