Most people in the US buy larger houses even though they don’t need it! Unlike other cultures, an American family is small and self-sufficient. With no relatives to lodge and children moving out as soon as they reach college, there is always an extra room or an entire portion of the house which can be used to rake money.
At times, finding a tenant is as simple as hammering a “Vacant” or “For Rent” board in your driveway or posting a few fliers in the city center. That is the way America has been doing it all these years. However, of late, this has not been so effective and there seem to be fewer visits by potential tenants. This is because the bulk of the renters are looking for places to rent using technology and more often than not they land up with the right place in a matter of days, if not hours!
Finding Potential Tenants
This is an absolute no-brainer in the era of the Internet. List your room/accommodation on any popular rental site like Zillow or Sulekha and you will be bombarded by responses within a few minutes. Make sure you post photos of the living space. Most potential tenants love to have an idea of the place before visiting it in person.
Also, list the proximity of your offering to places of interest and public transport spots. If your accommodation is targeted to students, chances are this will invoke more interest. You can also try posting an Ad in the local newspaper.
Screening Applicants
Landlords have the right to screen those who wish to apply for the accommodation. Screening can involve checking for the following information.
- Credit history
- Employment history
- Income status
- References from landlords and roommates
- Past evictions
Most states also have the provision which allows the landlord to charge applicants a screening fee for checking all these.
Rental Agreement
Make sure you have a rental agreement drawn out by an experienced real estate attorney. You can find such legal personnel online or there are also formats of such agreements available online.
Need more insight into rental agreements and the issues related to it? Check this out!
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