Rent By Owner

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Renting by Owner

When you choose to rent out your apartment, condo or home, one of the most important choices that you may need to make is whether using a rental company or renting it by owner. Several people may select the convenience of using a rental agency, but some would instead rent their property out on their own to save money. By and large, when you go through a rental agency, they take a portion of your rental revenues. Although renting by owner can be done easily, you should learn about the issues that may come your way and learn how to deal with finding tenants.

Be aware of what responsibilities you have when renting out your property. Choose whether it is more reasonable to hire a manager for property repairs or to manage all of the rental aspects on your own.

As the landlord, one of your responsibilities is to maintain the safety and functionality of the property for your valued tenants. Prepare the property for rental by entirely cleaning, repairing and painting it. Go online to check sites and read newspaper advertisements to determine the rental price for other local apartments. This way, you will be able to establish a reasonable rent. Have the property listed in your local newspaper or on a free online site. All tenants must be screened. Require proof of income, references, and credit report.