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How do you lease your home?

My husband and I are thinking of leasing our home and renting somewhere else. Can we lease our home ourself with out going through a real estate company to manage the transaction ?
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January 28 2009 - San Diego
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Answers (11)

A broker can help you determine fair market value for rent, draft the lease and do background on the tenant. If you don't want a management company, you could do it yourself on a single family residence. The small fee's you pay a broker to do the lease may pay off down the road as more sophisticated tenants are likely to be using a broker with access to the MLS listings. 
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February 24 2013
Try craigslist, just make sure you screen everyone! And recently I stated that I demand an application fee, that one change has made a tremendous difference in the scammer ratio.
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September 27 2012
i would recomend a property mangement company
you actually save more money in the long run.for many many reasons.

but you sometimes have to learn the hard way....like i did.

rick garcia
express property management
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September 27 2012
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You do want to use a real estate agent to LIST AND MARKET your property. The real estate agent will also help you with the leasing contract and other steps. However, you probably don't have to hire a MANAGEMENT COMPANY to manage your home. You can easily do it yourself.

One  of the most COSTLY mistakes that new landlords make: not checking the tenants' background. Yes, people may seem nice when you meet them, but you never know what kind of history they had.  
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August 16 2012
Absolutely you can opt to rent your home out yourself!

As a professional leasing agent in Marin, what we do is not rocket science (and that is a direct quote from my broker!) but there is a bit of an art to selling your property and an element of knowledge to selecting a qualified applicant.  

We consider ourselves matchmakers: finding the right property for the right tenant.  There is no reason you can't do this yourself as long as you have the time and the patience to do so, and have the resources to qualify the tenant yourself.

Assuming you are confident in your ability to market, present and sell your property, here are a couple of hints about qualifying the applicant:

We check three things: credit, finances and references.  Call the previous landlord rather than the current one - if this is a terrible tenant, the current landlord might want him or her out!  Try googling your applicant.  If he/she is a business professional, they likely have an online profile or two like linkedin or at least facebook to support their position.  Are they business owners?  Google the business name and check with BBB.  If the business has a poor name and a lot of complaints, you might expect the same from that person as a tenant.  Pull the applicants' credit yourself - do NOT accept a credit report from them.  Credit reports are easy to forge with a printer and copier - trust me, we've seen it all.

At the end of the day it's about calculated risk.  Is this applicant more likely than not going to be a good tenant capable of paying rent consistently on time?

My team and I specialize in Marin rentals - and are happy to help.  Email anytime with questions!  Good luck!
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July 02 2009
You should also set a long-term plan with this. How long do you want to lease and why? What maintenance needs to be done before you leave. Remember, no one will take care of your home the way you would. If you plan to sell in the near future, you also have to remember that your appliances, floors, etc. may get more wear and tear, and updates/fixes will need to be done. Also, make sure the lease clearly states how you will be able to show the house when it's time to re-rent or to sell.
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January 31 2009
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Kevin gets a thumbs up from me. He's right 100%.
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January 30 2009
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I have rented my home out two times. One tenant was great, the other, not so great. Absolutely do a credit check, and this is not debatable.
You need to have cash reserves that covers the amount of time it can take to evict someone (up to 6 months at times) - and don't touch that money. Just let it draw interest.

If you rent to someone and they stop paying, you can end up losing the  house or getting sued by the place you are renting from.
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January 30 2009
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You can do it yourself. I have found rental owner organizations to be very helpful for legal advice, tenant credit screening services and support. Your local agency is here. They also often provide contract forms and procedure sheets to follow that are legal in your state. Call them up, see what services they offer and if they would be a helpful resource for you as a landlord.
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January 29 2009
Make sure you figure your property taxes and insurance.  Make sure you get EVERYTHING in writing as far as the contract goes. If its not it writing it didnt happen. Good luck.... Property managing can be a pain but it has a good side also.
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January 29 2009
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Yes, you can lease it without a real estate company.     Are you thinking "lease" as in renting it for a fixed period or "lease to own"?

What parts are you needing help with?  

If merely renting it out, Assess the fair rental value for your home to see if it will cover what you want it to cover.  

Then, if that is the case: 

Get the appropriate legal documents that work for your state (ca?)
Understand the laws for your state (about deposits, evictions etc).
Advertise (craigslist is a good starting place).


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January 28 2009
 
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