How to rent your house
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- Renting your home faster
- How to screen tenants
- How much rent you should charge
- Should You Allow Pets?
- List Your Home for Rent FREE
Renting your home faster
The prospective tenants' first impression of your home is very important. Stage your rental home nicely before taking the pictures. Make sure all appliances are in good working condition. If you still live there, clean your closets of extra clothing and other stuff. Store or dispose of extra furniture to make the place look more spacious. When showing the property, turn on all lights. Create a checklist of things you like about the house and its location which you can use to "sell" potential tenants while creating rental property description.
How to screen tenants
Good tenants that will pay rent on time and take a good care of your property is what all landlords dream about. The first step is checking applicant’s credit history. Websites like Tenantverification.com offer credit reports that can tell you a lot about your prospective tenants. If an applicant has bad credit or accounts outstanding in collections, you are likely to experience difficulty in getting the rent paid on time. However lack of good credit is not necessarily a bad indicator. Younger applicants may have not had time to establish a credit history. When in doubt ask them if they have someone that could co-sign the lease agreement e.g. a parent or a friend.
How much rent you should charge
In today's market with millions of vacant rental properties (former foreclosed on properties or investment properties) renting your home for a premium can be tough. According to a recent housing report by Harvard University (May 2008) the nation's average vacancy rate hovers around 9.5-9.7% of all rental units. Choosing the correct price means you get the most rent for your home without scaring away potential tenants by overpricing. You have to take into account competition (how much are other houses or apartments in your neighborhood are renting for), condition of your rental place, and its location.
New Jersey Renters has a cool Compare rent tool that you can use to find out what other landlords are charging for similar properties nearby.
Should You Allow Pets?
Many tenants have pets, so allowing pets opens your property to a larger pool of prospective renters. However, there is a chance of damage to your home when pets are present. A good practice is allowing pets, but taking a separate pet deposit fee refundable at the end of lease term if property is in good condition. Another common tactic for renting your home is allowing small pets (small dogs and cats) and not allowing large animals.
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