Resources for Home on Rent to Cut Brokerage

Relationship between a home owner and a tenant is a delicate one. Both have their own expectations. It is a give and take relationship just like any other. Finding the right people is a hard task for both sides. This is the very fact that gave rise to the real estate agent. There is no doubt that they have a good knowledge of the area, and they can easily understand what both sides need. However, the problem arises when their mind is set to make a profit out of you.

Their mind is completely focused on making a profit by any means necessary. They know exactly what negatives to hide, and make people unaware to many problems which they never may realize. They have dealt with all kinds of people, and there is always a new inexperienced home seeker who will fall into their trap. Most people have learnt their lesson the hard way. The time has come that you have the right knowledge to stay out of their woven trap.

What are the tools available to you for promoting or seeking property?

Resource no. 1 – Social Media

There are a number of groups where people come together to deal directly with each other. This way they become aware of exactly what’s going on in the area of their choice. You can easily ask questions, and get various opinions of the people within that specific group. You can also find many platforms that can help you reach out further to home owners or seekers when you are short of time.

Resource no. 2 – News paper ads

This is one of the oldest and the most effective ways for reaching out to home owners or seekers in a specific area. You have to be careful because there are a number of brokers masquerading as a tenant or home owner to get your attention first. You have to be very careful of such shady characters. They are the kind of people who are desperate enough to land you into a deal which may be bad choice for you in the long run.

Resource no. 3 – Forums

There are a number of forums dedicated to the cause of promoting homes before eager prospects directly without paying any kind of commission to mediators in between the deal. These forms are freely available online as well as offline to help people have an authentic deal.

Resource no. 4 – Craigslist

One of the most popular free classified portals where you can promote your property for free. However, since it is a free platform there is no authenticity of the people who are going to call you right through it. there have been many cases where people have found the right deal for themselves. Hence, this is worth giving a shot. You have to take the right precautions when you are dealing with someone unknown.

Resource no. 5 – Broker Free Home Search platforms

There are a number of broker free platforms that have popped up in the last few years. They guarantee the listed properties are authentic and they make sure that brokers never get their hands on their personal information.

These are just some of the tools available to you to cut brokerage out of the equation and live a better life!

How to Rent a Home Safely

Renting a home can be tricky, and finding ways to make it a safe transaction take some time and diligence. There are different considerations that must be taken into account depending on whether you are a renter or a landlord. Let’s take a few moments to look at both sides.

Renting – the landlord side

There are a wide variety of reasons that you might have to rent out your house. Perhaps you are in the military and you are being temporarily assigned to a new duty station. Or you need to get a little extra income and you have space in your house for a college student to live in. Each of those reasons is perfectly valid, and has a different set of factors that have to be considered before the tenant moves in.

For everyone you rent to, a background check is always a good idea. It will cost you between $25 and $100, depending on how deep the check goes. The last thing you want is to be stationed in Germany, helpless to deal with a tenant who has damaged the house.

Second, you will need to find out if there are any additional costs involved in renting, like fees or taxes you will owe to the city for being a landlord. There may also be HOA considerations to be met or additional dues that have to be paid. You will also need to be financially able to handle the times when your house is not being rented, because that mortgage won’t go away.

To help oversee the tenants and to make sure your rent is collected properly each month, particularly if you will not be living on-site, consider hiring a property manager who can be your representative.

Make sure you also have enough of the right kinds of insurance beyond homeowner’s insurance. Your agent can help guide you so you have all of the right coverage.

The easiest way to determine what you should charge for rent is to do some research using sites like Zillow, Trulia, or Home Finder. This will give you an idea of what comparable homes are renting for. If you are only renting a single room, look at the apartment sections to get an estimate of a fair rent amount.

Renting – the tenant side

As a tenant, make sure you take out renter’s insurance to cover your own property and belongings inside the house or room. Your landlord should also have a rental agreement or contract for you to sign that will protect both of you legally.

Check other rental units in your area to see if the room you are considering is fairly priced. Do a quick Google maps search to confirm what you are looking at is the same as what you see when you drive past the place. And, when you contact the owner, make sure he or she is ready to meet with you or have his or her property manager meet with you if the owner lives out of state. Mailing you keys, rents below market value, and a Google search that turns up empty are all red flags of places to avoid. Also, if the landlord wants you to wire money to him or her before anything is signed, walk away and be glad you didn’t fall into a scam artist’s trap.

Whether you are the renter or the landlord, a little prep work ahead of time can save you a ton of grief later.

Easy Steps to Finding the Perfect Houses for Rent

Whether you are new to renting or have been leasing properties for years, the process of finding great houses for rent can be incredibly time consuming. One third of all Americans rent their homes, including college students, families, and seniors. Fortunately, you can find houses for rent that fit all budgets and types of households. The key to finding a great piece of property without stressing yourself out too much is to make your search smarter and more efficient. Read on for some tips on how to do just that.

Determine Your Budget

Before you even begin your search, create a budget and take a hard look at what you can really afford to spend. The general rule is that you should never spend more than 30 percent of your take-home income on housing costs. You’ll also need to factor in any debt you may have, as well as commuting costs, groceries, savings, and other expenses. Many landlords have income limits, so make sure to ask about that. Keep in mind that you will also need to budget for utilities, so it’s crucial to ask your landlord about what will be included in your rent.

Create a Wish List of Features

You probably have a count in mind for bedrooms and bathrooms, but it’s great to also draw up a “nice to have” list. Is it important to you that you have a patio, deck, or great outdoor space for entertaining? Do you want a fireplace or fancy bathroom, or can you make do with just a shower?

If you are into cooking, you will want to consider what kind of stove and kitchen amenities you will need. It is also a good idea to start thinking of compromises that you’re willing to make. For example, would you be willing to give up some square footage for a great location? Is a roommate a good compromise for a high-end apartment?

Choose a Rental Type

Consider exactly the type of property that will work best for your family and lifestyle. Houses for rent aren’t the only option – you can also consider townhomes, apartment units in high-rise buildings, and accessory units in single-family homes. A lot of this will depend on how long of a lease term you’re after and how much space you’ll need. Use these factors to decide whether a sublet or renting directly from an owner or corporate housing company would be better for you.

Go Through the Application and Approval Process

There are some things you should expect in the application process. Landlords will typically ask you to fill out an application that allows them to run a background check on you and request that you supply information in the form of references, pay stubs, and more. You’ll then have to negotiate the terms of your lease. With careful negotiation, you may be able to work out perks like a month of free rent or reduced parking. Now all that’s left is to put in your deposit!

Going through the rental process doesn’t have to be difficult. Follow some of the tips above and it will be a breeze!

Best Tips For Renting Out Your House

It’s a great time to rent out your home.

  • Rents are (in many areas) at an all time high, and keep moving higher.
  • Find the right tenant – so you make money while you sleep.
  • Have a new house payment? Then why not let someone else help pay for it?

There are times when you are looking for a new home, yet need to rent out your existing home.

Perhaps you have already purchased your new home and haven’t yet sold your old one? Rental income would definitely help in this situation.

Who doesn’t need extra monthly cash flow? Right?

Just like anything in life, there is a right way and a wrong way to do things. Be careful not to fall into common traps like rushing the process or leasing your home to the wrong tenant.

Here are a few tips to have the process go smoothly:

1. Presentation is Everything.

Your home is your castle – no doubt about it. Daily life is so demanding that you don’t always notice that you’ve been jamming paper grocery bags in that space between the refrigerator and cabinets… for two years.

Here is what has been happening: You have secretly been forgiving yourself for all these little unsightly things around your home because of work, kids, travel, etc. Unfortunately, potential tenants are not so forgiving.

Just like anyone who is wants to buy something, the tenant will immediately look for everything which is “wrong” with your property.

Many homeowners take this personally, but it’s important to remember to put yourself in the tenant’s situation – how would you react?

You need to make your home presentable for the widest array of personal tastes, otherwise you are limiting the amount of potential tenants – and rental income.

Remove All Clutter – Stuff it in the drawers or bury it in the backyard, just don’t have it in your home.

Clean Everything Until it Shines – Think about those home magazines; are the bathrooms and kitchens clean or dirty.

Buy Plants and Flowers – TIP: You really can’t go wrong with orchids; they seem to breathe new life into an old room.

Create a Sense of Openness – Arrange your furniture and outdoor areas with a sense of open space, especially in entry ways. Retail stores do this in all their entry ways to allow customers to “take it all in” first, before they buy.

Natural Light Works Wonders – I mean really… if you have a tenant who thrives in a really dark space – unless they’re developing old camera film – it’s probably not someone you want in your home.

Make All Repairs Now (while you still have the chance) – Yes, it’s time. That loose door knob, leaking toilet, crack in the tile, etc. is costing you money. Fix it now and if it’s broken again when the tenant moves out, then remove it from their security deposit.

2. Price Your Rental Right

Pricing is everything,

It is easy to look at comparable rentals in your area to get an idea of how to price your home. Just be sure not to fall into the trap of thinking “nothing compares to our home… it’s better than anything else in the neighborhood”.

Unfortunately, potential tenants have no emotional attachment to your home, so be prepared for some brutally honest opinions.

Remember that you have to see things from their perspective. What would you look for? What type of things would you point out about your home if it did not belong to you?

A huge value-add to add to a lease is for the landlord to offer to split the utilities with the tenant. Sometimes this can make a lease more desirable if you are having trouble getting a qualified tenant.

Remember, I said split the utilities – never offer to pay them in full, as this will open you up to a lot of problems of over-usage.

Splitting the utilities will require some extra paperwork at the end of the month (the tenant will need to email you the utility bills each month, however it’s a very attractive offering to most tenants and will allow you to keep your lease at a competitive price.

3. Build a Short List of Leads

The amount of resources available to landlords today is vast. Social media, online profiles, online background checks, etc. make it much easier to get a clearer picture of who you are thinking of having in your home.

As long as the information on your potential tenant is available to the public, don’t be afraid to use it. Facebook, LinkedIn, Instagram and Google Images can reveal a lot about someone and their lifestyle.

Remember: It’s not fair to judge someone based on their online profiles alone. However, if they allude to participating in illegal activity, or post a lot of photos about having house parties, etc. – well, this makes your decision a little bit easier.

4. Verify and Qualify Your Tenants

Some of the biggest mistakes I see with landlords qualifying tenants is that the landlord is way too busy to individually look up references and simply call the numbers provided on the rental application.

Don’t just call the numbers provided on the application!!

It’s not a common practice, but sometimes a potential tenant will give numbers on their application to “references” which are actually friends or family doing them a favor.

If a tenant lists a reference which is a previous employer or previous landlord/management company, ALWAYS look up the number on your own. This is just a safeguard which will get you more accurate information.

Honestly, I’m not a big fan of using third-party services to qualify your tenants. Call me old-fashioned, but I like to do my own research and actually pick up the phone

Here are some helpful resources to make your life easier:

1. Get Application – Try and search Rental Applications

2. Get Docs Signed – If you are managing multiple rentals and screening a lot of tenants, yet are still faxing or hand-signing documents. STOP. Look into using Docusign.

3. Manage Your Business – Search for management software which runs your entire rental business. Everything from screening, background checks to even collecting rents.

4. Advertise Your Rental – Always favor paid services (where the tenant has to pay to search listings) to advertise. In general, paid services provide more qualified tenants (in my experience).

4 Tips to Choose the Right Rented House

Renting a house to live in is an option when you are residing in a city far from your own or do not have a house of your own to live in. Renting out properties is a lucrative business where several homeowners are giving out living spaces to people in return for valuable benefits. The scale is balanced as the number of houses given out on rent is simultaneous to the people looking out for rented houses to live in.

While you look out for a house on rent for your desired location, it is essential for you to keep in mind several aspects that would allow you to make a choice on the right rented house. These points would allow you to analyse well and take care of all that would make your stay comfortable.

• Research well – It is essential for you to conduct proper research and then look out for a house to live in. Research normally involves the area where the house is located. The primary aspect is the accessibility. You should have the right amenities around the house to commute to other parts of the city. There should be appropriate provisions of schools, markets, etc. that would make your stay easy and not spend a lot on travelling to reach these places.

• Look for the right agent – While you look for rented houses to live in, you may want to get hold of real estate agents or have friends and acquaintances helping you find the right house. Agents are the ones who have the right and the updated information on the houses that are for rent in the specified location. It is important to find a trustworthy agent who wouldn’t dupe you of your money and charge the price of what is the price prevailing in the market.

• Convey necessary details to the agent – After you have found a suitable agent to help you find the right house to live in, it is essential to communicate your requirements to him. Details such as your budget, the number of people living with you, the amenities required around you, other details like physical disabilities with any of your family member, etc. would help him find the right house for you.

• Check for the deposits that you have to pay initially – After you have decided upon the rented house, it is essential for you to know about the deposits that you pay as security. A few landlords keep it as a deposit and return it to you when you are done with the rent contract. The rest deduct it from the monthly rentals or do not return it ever. Therefore, it is essential for you to be clear about these issues beforehand and then come to a conclusion.