August is our busiest month for new landlords. We typically see an increase of 76% increase in listings by new users compared to February and this is 21% higher then the increase for July of 55%.
What does this mean for our landlords? It means that you need to make your listing competitive if you’re looking for tenants in the month of August. To make sure your listing is generating as much interest as possible, it’s smart to research comparables and see what other amenities landlords are offering in your area. Finding comparables is easy to do by searching our site as a tenant would. Try applying refined search parameters such as: price, property type and location, so you can get an accurate look at the comparables in your market.
To help make your listing more competitive, we offer our Priority Feature Positions. We have noticed that listing in our Priority Feature Positions receive 4-10 x times the exposure which means more clicks and interest being generated for your property.
With such a large increase in new landlords, here are some important things to keep in mind:
You are now a business owner, even if you are only renting out a room in your house. Once you start excepting money, you are in business and your rentals should be treated as such.
Know your rights as a landlord. Every state or province has different policy regarding matters such as maximums for security deposits and this is most commonly known as the tenancy act. These acts outline both the landlord and tenants right and is important to know so you protect yourself and your property from any legal actions.
You are responsible for screening your tenants. Your rental property is an investment and you should treat the property as such, making sure you are comfortable with the person you have chosen to reside in your space. How exactly you go about the screening process is up to you. However, previous landlord references, credit check and criminal records check are commonly asked for and most experience renters will expect to provide such information.
Leases are meant to protect both the landlord and the tenant. The lease ensures that the landlord receives the rent on time, sufficient notice is given before vacancy and that the property is returned in a satisfactory The lease also ensures that renters are ensured privacy, the rent price is set and that the property is properly maintained during the extent of their residency.
Becoming a landlord is an excellent way to make some extra income. However, this not something to be done lightly as this is a business and there are legal responsibilities for both landlords and tenants. A smart business person would not buy a company without doing research, just as you should research what it means to be a landlord before you sign that first lease.