Renting Out a Property Myself (without a realtor)?

[James Smith]

Hi everyone,

Any negatives to renting out a property myself without hiring a realtor or someone to do all the dirty work? Our neighbor's friends are interested in renting out our place. My property management company said they can take care of the lease, collect move in funds, give supporting docs (like certificate of rental suitability), lead paint disclosure, move in inspection, etc for $600 but I'm wondering if I should just do it myself?

Thanks!

[Cassi Justiz]

If you are not familiar with the process, I would pay someone to do it for the first time or two. You want to make sure your lease checks all of the boxes so that you don't miss anything that could cause an issue in the future. I would also make sure you screen these tenants as you would any other potential renter. Friend and family tenants and referrals can be some of the worst, so make sure you are not overlooking any red flags.

For $600, I would say it's worth paying for a degree of separation. Have them apply through the PM company and let the PM company screen them and collect info.  I would want everything to go through the PM company so you don't have to be involved if they don't meet screening criteria and you can avoid direct interaction if things get messy.