5 Survival Tips When Renting Your Apartment Out
So, you’re ready to rent out your apartment and you’re pretty nervous about it. You need someone to cover your bills while you’re away, but you’re hesitant to trust your digs with strangers. Have no fear. Here are five survival tips on renting out your apartment.
Make An Ad
Post an ad listing your interest in renting out your apartment. Explain your situation and list the amenities and rental fees associated with your place. Be direct and to the point in your ad, and don’t leave any information out. Be sure to include some photos of your place so onlookers can get a feel for your apartment.
You want to captivate potential tenants without giving up your demands for a successful agreement. Everyone needs to save money, but if you live in a nice location and have a multioutlet situation, don’t fork over your price. Post your ad on popular apartment hunting sites like Craigslist, Zillow, and Hot Pads. You never know where the right tenant might be looking, so don’t put all your eggs in one basket.
Carry Out Background Checks
Conduct a credit and background check on all potential tenants. Get an idea of their financial situation so you can feel assured that they will come through with rent. If they look poorly on paper, reach out and inquire about the logistics of their financial situation.
Poor credit is not necessarily indicative of unstable income. You might learn that your tenant is a hard worker trying to resolve credit issues. Be open to new rental arrangements and keep less-ideal options on the back burner. Help struggling renters tell a new story of overcoming housing hardship with your help!
Conduct Weekly Check-ins
Suppose you’re renting out your apartment part-time. Schedule check-ins with your tenant to see that things are running smoothly. You can spin this to seem like a courtesy call rather than for your peace of mind.
Video chat to see your place and to make sure that the tenant is staying there. As you gain trust, these calls can diminish. You will need to feel out the situation and decide when it’s time to end the check-ins. You don’t want to scare anyone away!
Establish Clear Terms
When you find your tenant, make sure all of the rental terms are spelled out clearly. Create a contract that defines all of the expectations of the rental agreement. Have the tenant sign to confirm their agreement to the terms so that both of you can feel that you’re on the same page.
Having legal paperwork at your side is also essential should any issues arise with late or missed payments. You have the right to your property and do not need to tolerate anyone trying to stay there for free. Cover this groundwork for yourself. You can find free contract creation templates online to help you establish your terms in writing, step-by-step.
Verify with Text Messages
Have your tenant send a screenshot of their sent rental payment each month and then send them back a picture of your own, showing that you’ve received their rental payment. Having a digital confirmation like this can protect your reputation as a landlord (and their reputation as a tenant) and safeguard against any false claims that you did not provide adequate housing or develop a formal rental agreement.
Yes, it’s nerve-wracking to rent out your apartment, but if you take care of the essentials ahead of time, you’ll be in a good place to trust the process without fear that everything and your apartment will come crashing down!