The days of simply listing your rental in the newspaper and hoping the perfect person calls are long gone. Now, it's easier than ever to find quality renters when you take your tenant search online.
Consider posting your rental in local papers, online, and even on community bulletin boards. Write a detailed description of the unit including any extra options, costs, or restrictions and include multiple photos of the space. Free listing sites and your social networks provide high-traffic places to announce your rental. You can also offer your home through a rental agency or real estate agent, but be aware that these arrangements usually come with fees and/or commissions.
Once you've found a suitable renter, it's time to get to know them and their payment history. Be sure to follow the laws in your state as you ask the tenant for proof of income and references. Not sure about yours? The U.S. Department of Housing and Urban Development (HUD) has information on fair housing, security deposits, and tenants' rights.
Looking to perform a credit and/or background check? Several websites can give you an in-depth look at your applicant using criminal background and credit checks.
These days, tenants have an advantage - with all the information available online, they may know more about your neighborhood than you do. There's no substitute for your experience, but our Common & Costly Claims tool is a valuable overview of insurance claims activity in your area.
These days, tenants have an advantage - with all the information available online, they may know more about your neighborhood than you do. There's no substitute for your experience, but our Common & Costly Claims tool is a valuable overview of insurance claims activity in your area.
When dealing online, be suspicious of any person who contacts you from out of the country and offers to rent your property sight unseen. If that's not enough of a warning sign, they'll wire you a rental deposit that is significantly more than you asked for. They'll ask you to wire the excess funds right back to them, but the original wire doesn't clear so you just handed them your own money.
Scammers are great at coming up with new bad ideas - the Better Business Bureau has a good list and also includes ways to protect yourself. If something in the rental process seems overly suspicious, don't hesitate to contact your local law enforcement, the Federal Trade Commission, or the BBB for advice.
You've got a renter now, but are you protected? In addition to property and liability coverage, a landlord insurance policy provides for special risks a landlord may face like damage to your property, lost rental income, and legal fees. Find an Allstate agent near you to discuss landlord insurance today.