Nowadays, many people rely on renting their properties as an alternative source of earning money. If you’re wondering how to rent my property without an agent, know that many responsibilities come along with it.
Apart from taking care of your rental property, it is crucial to be aware of the terms and conditions between a tenant and property owner to benefit from renting your property privately.
We will provide you with an in-depth review of why hiring an agent to rent a property may seem unnecessary.
Why should I rent my property without an agent?
One of the main reasons property owners are hesitant to hire a property manager for rental property is the high costs associated with them. Generally, real estate agents provide costly services to help you find high-quality clients for rent.
Instead of making regular payments to a property manager, why not rent out your property without them?
In addition, specialist property management offices intend to obtain their commissions as fast as possible. Hence, most real estate offices focus on selling your property or finding clients fast. Moreover, most do not acquire information and find suitable renters.
This may lead to them negotiating your rental prices for the sake of filling up the vacancy. Moreover, some property managers may not be willing to work with you as they prefer selling properties rather than finding tenants for rent.
Therefore, it’s ideal to manage your rental property without an agent to eliminate all the high commission costs.
Just remember, if you want to avoid Capital Gains Tax, you can only rent your house out after being owner occupied for a year.
4 steps to ideal property management
If property management is not a very specialised area for you, don’t worry. Below we’ve covered various factors property owners must consider before finalising a tenant.
Deciding on a property rent
Deciding on the rent plays an essential role in helping you find suitable renters as the rental price should be according to the location of your property and how well it is maintained.
Associating higher costs for your property may lead to the unavailability of willing tenants. Moreover, the ease of access to your property also helps determine its property rent.
In case you’re uncertain of how much your property rent should be since it is not a very specialised area for you, you can quickly do your research to make a rental appraisal and determine a fair value as per your local market.
Promoting your rental property
The next step is to advertise your property to attract high-quality tenants. Promote your property via different listing sites and other media platforms. This is to inform potential clients of property alerts in the area.
There is a higher chance of reaching interested individuals looking to rent properties. It’s preferable to hire photographers to capture the best of your property. Moreover, advertise your property along with an informative description.
Finding high-quality tenants
Once you’ve decided on a rental price and have advertised your rental property, next on this list is to find prospective tenants. This step may appear to be a bit tricky for some, especially if you lack experience in property management.
However, over time you can become quite experienced in finding the right tenants for your property. To do so, you need to carry out either open or private inspections.
Open inspections usually occur over weekends, when various tenants visit to assess the property in a given amount of time. Private inspections, on the other hand, take place when tenants contact the property owners to decide on a time to view the property.
When conducting inspections, you must prepare yourself for answering various questions related to the rental property. For interested tenants, you can ask them to fill out an application form that provides an idea of their rental history and income.
Finalising the lease and rental bond
After securing a good tenant, both parties must sign a lease agreement. Furthermore, the landowner needs to lodge the rental bond with an authority.
You must ensure that any landlord-owned appliances included in the rent will remain intact and functioning after the lease.
This step is crucial as it finalises the rental procedure via a fixed agreement. Keeping in touch with your tenant and discussing special terms in the lease is also necessary for a good relationship between the tenant and the property owner.
Conclusion: how to rent my property without an agent
You need to base the rent on your location. Do you own a Queensland or Redcliffe property? Redcliffe rent is going up and has a high median growth of up to 10%. Moreover, the latest property management trends in Queensland offer the first fully mobile service, so you must consider that in order to compete with them.
