Follow These Steps to Lease Your Rental Property
It can be difficult to have an empty house. Maximize your investment return by moving quickly to locate a trustworthy tenant who will pay the best price. Or if you are the tenant & have looked at apartments online, scored walkthroughs in and around the city and eventually found the perfect apartment. Now what?
Let us show you some of the most important steps you need to concentrate on both as a Tenant & Landlord!
Guide For Tenants
1. Fill out an application for rental
Let’s start with the basics: the application for the apartment itself. This is to reach out to property management by filling out a rental application if you are interested in a property.
They would also need to do the same if you have a co-signer or plan on getting roommates. Basically, a separate lease application form needs to be filled out for any person planning to move in. Most properties have online request forms, but you can apply in person as well. To get a free rental agreement online, visit CocoSign.
It is a SAAS provider used by millions or real estate agents across the globe to access free lease agreements & customise them according to their need.
Each type is distinct from the other, but expect the following data to be needed by a typical rental application:
- Photo ID
- Name & Address
- Contacts for Emergencies, Telephone(s) number & Email
- Data on jobs and income
- Background details
- References to landlords
Note that All templates available on CocoSign allow you to make changes as per need (i.e., to add or remove certain sections). It also offers you the facility to sign the agreement online using its e-sign feature.
2. Charge the application fee for the apartment
The fee for the application funds the credit and background checks carried out on prospective tenants. It effectively covers the applicant’s screening fee. Depending on different factors, such as the location, the house, or even the landlord, the rent application fee itself differs.
3. Credit & background Check
A credit check for a rental application accounts for how financially responsible a prospective tenant is. Are they trustworthy people who pay rent on time? Checking credit scores is the best way of doing this.
If you have low credit or if you are still recovering from previous medical expenses, make sure to note it. This is where a co-signer will step in.
4. Show them you’re a good renter
Usually, landlords want to learn what kind of tenant you are from previous landlords. Are you on the noisy side for a bit? Did you comply with the pet policy? Usually, much of this comes in the form of a letter from the former landlord.
5. Move In
You will have the chance to walk with the occupant around the unit when the move-in date arrives. Take photographs and video, and check with the occupant the state of the unit. Make sure that all appliances work and teach the tenant how to operate all the systems in the house.
Guide for Landlords
In the early stages of your real estate career, our guide collects some of the best data so that you can make more educated decisions. Why make mistakes when, instead, you can make progress? In the coming months, heeding lessons learned by experience in our easy guide will make your life easier.
1. Preparing Properties
When working through the phases of renting a home, the first thing that you need to do is to do a thorough review of the home you want to rent out. This appraisal will help you plan what the property needs to do before it can be rented.
2. Staging & Advertising
It’s time to move on to one of the most neglected measures of how to rent out a property once the house is ready.
3. Looking for the tenants
One of the most important, if not the most important, considerations is paying attention to what tenant you want when renting a property for the first time. This tenant will build either a dream or a nightmare for your first rental period, and your decisions will help determine the fate at this point.
4. Lease Agreement according to local laws
Both parties will need to review and sign a contract for the rental term until you find the right tenant. There are several examples of online sample leases, but before putting them to use, you may want to make some significant considerations.
5. Checklist for Pre Move-In
You’ll want to complete a move-in checklist until the lease is signed and the first occupant is planning to move in.
A move-in checklist is a document that tracks the property’s condition and any furniture and appliances that are included. In combination with a move-out checklist, this form is used, and both must be signed by both you and the tenant.
Having a rental walkthrough together in the days before the tenant moves in. This offers you both the ability to discover problems at the last minute and to ensure that the property is in good shape.