You can rent your property without relying on an estate agent. In fact, there are many benefits to renting your property. In addition, you can save immensely on rental agency fees and build a direct relationship with your tenant as a landlord. This ultimately means your tenant’s lease lasts longer, and you will save on tenant turnover costs. Furthermore, avoid dealing with rental agents interested in financial gain rather than providing a trustworthy service to you. However, if you consider becoming the landlord of your property, you won’t have the same benefits through an agent, so you will need to do a few things independently.
What a Qualifying Tenant Looks Like
Before drawing up a lease agreement, it is essential to know what a qualifying tenant must look like. Any potential tenant must have a consistent income, a rent payment history, a current considerable credit score, and potentially a credit history with the best credit card for good credit. This may determine the pattern of rent payments due to you as the landlord. In addition, you can also request a tenant reference check that will ultimately decide whether the tenant is the right fit for your property. Finally, you should follow a few necessary precautions to ensure the safety of your property and profits. In light of this, RentReporters is a service that provides your tenant’s on-time rent payments are registered to their credit rating. You can suggest that your tenants use this alert service while renting your property to ensure tenants pay on time.
How to Advertise your Rental Space
As a modern landlord, the best way to advertise your property is by posting an ad on a rental listing website. Most listings are free, but some websites charge a fee. Promoting your rental space will attract potential renters within a radius of your rental location. Once your ad has views and attracts interest, they will contact you by phone or email for viewings. Once you are on track with multiple viewings, you should highlight all the positive characteristics of the space.
Managing Rental Repairs
Whether there is a plumbing repair or a broken gas heater, you are responsible for repairing these as a landlord. However, instead of an agent promising to manage these repairs while prolonging a significant outburst of costly repairs, you can appoint your tradespeople to do the work and ensure that your tenants have the best rental experience without worrying whether their landlord will attend to any repairs that are not their responsibility.
The Importance of a Lease Agreement
According to the law, tenancy agreements are a necessity. Not only do lease agreements protect your tenant, but they also protect you from a significant financial loss. You do not have to pay a solicitor to draw up a lease agreement. Instead, you can find a template online and adjust the lease agreement to consider certainty and clarity by setting a few terms such as the following:
- List of occupants – this mentions who all will be staying on the property
- Limits on occupancy – terms and conditions under which the tenants living on the property you are aware of
- Duration of the tenancy period – whether it is a month-to-month or fixed-term lease agreement and specify when this term expires
- Rent – set the amount and when it is due each month as well as the security deposit required in advance before the occupation date
- Assign responsibilities of repairs and maintenance between you and the tenant
- Clarify your legal right of accessing the property and the restrictions of illegal activity
- Specify which pets are allowed on the premises and which pets are not allowed