When you decide to rent out your home, condo or apartment, one of the biggest decisions that you may have to make is whether to rent it by owner or to use a rental agency. Though some people may prefer the ease of going through a rental company, many people would rather rent their property themselves because it saves money. Typically, when you use a rental agency, the company takes a percentage of your rental profits. Renting by owner is not difficult, but you need to be aware of the issues that you may face and know how to go about actually finding tenants for your property.
Determine what responsibilities are involved when renting your property. Decide if it makes more sense to manage every aspect of the rental yourself, or hire a property manager for repairs. Remember, part of your responsibility as a landlord is to keep the property safe and functioning for the tenants.
Get the property ready to rent. Be sure that everything is clean, painted, repaired, and in working order.
Go online and check websites, such as Realtor, and newspaper ads to see the rent for other apartments in your area. This will help you set a fair rental price.
List your property on a free website or in the local newspaper.
Screen all tenants. Require a credit report, references and proof of income to avoid tenants who will not pay their rent on time.
Check with your homeowner’s insurance policy to be sure that you are covered for damages when renting your property.