Listing a Rental

[Tony Castronovo]

Any tips for how to save money listing my next rental?  I'd prefer not to list with an agent and have to pay 1-month's rent equivalent.  But I do understand the value they bring regarding fielding calls, applications, background checks, etc.  Just looking to save a few bucks if I can.

[Jennifer L.]

@Tony Castronovo You can absolutely do this yourself but it is a little time-consuming.  Do your market research for your rental price.  Once you figure this out, you can list your property on any number of websites.  I use Craigslist, Zillow, and Cozy. The last two syndicate to a few other sites.   I also reached out to a friend who works at a large, local company and had them post it on their internal ad site.  Make sure you have good pictures and watermark them so that Craigslist scammers don't steal your pictures and post your rental for 1/4 to 1/2 the market rent. 

Once you get some interest, show your place. (If you get inundated with offers, consider pulling your ad and increasing your price.  If you get no interest, you are priced too high and should consider lowering it.) I prefer open houses, but some people like to do it by appointment. If you do it by appointment, pre-screen your applicants to make sure they meet your minimum standards.  

For those who apply, check ids, two past pay stubs, bank statements, call former landlords - go back two landlords if possible. It doesn't hurt to do a social media/google search as well.  I like to check our local civil court database to see if they have judgments.  If the tenant meets that level of screening, then do a background/credit check.  I use Cozy, but there are other vendors who provide this service such as SmartMove and Zumper.  

Before you begin this, familiarize yourself with fair housing so that you don't accidentally say something that can be construed as discrimination against a protected class. Good luck!