If you have homes or apartments for rent, you're going to want to list them. For those not that familiar with the real estate market, private rental listings are a way to get information about rentals out into the market. Real estate agents and those looking to rent can gain access to these lists, and this is a way for those looking to rent to connect with motivated individuals or families looking for rentals. But how do you get your property into private rental listings?
Listing Through an Agent
If you're looking to get a property rented through private rental listings, the standard approach is to go to a licensed real estate agent. These agents have access to what is called a multiple listing service, or MLS, which is something that you as a private citizen would have difficulty gaining access to. The multiple listing service is a collection of private lists of available properties shared among agents and brokers to maximize the chances of getting a property rented, or of finding a listed property for their clients looking to rent. Having a property listed in this collection of private rental listings is clearly a great advantage, so it's not surprising that in the past, signing up with a rental agent who can list one on multiple private rental listings was the obvious, default option.
Rentals by Owner
However, today, things are a little different. In the past, trying to rent a property on your own could mean a longer time to make a deal and lower rents once a deal is made. People were limited to hoping that local potential tenants who were willing to pay the rents they were looking for could somehow find them. Then, the internet came along. Suddenly, anyone could have access to thousands of more potential buyers for whatever they wanted to sell, and in this case, thousands of potential renters for your property. In today's digital world, a renter must seriously consider whether or not they are giving away too much value if they go with a real estate company. It's not clear at this time whether an agent can necessarily rent a property faster than a dedicated, determined private renter who makes full use of private rental listings and all the resources the internet has to offer.
Listing Your Property on the Internet
There are a number of ways to get your property listed on the internet, and many of them are free or relatively inexpensive, especially compared to the costs associated with going through a broker. One place to start is a website that offers free classified services, like Craigslist. You can post a comprehensive ad targeted at people in your area, where consumers are most likely to be interested in your property. If you like, you can spend a few extra dollars to enhance your listing, so it will stand out from the many others that appear on the site. You may also want to take a few minutes to look at some of the listings already posted, to give you an idea of what your rental listing should look like and what it should say. You can also arrange for property listing websites to host information about a property. For a small fee, potential tenants who are directed to the website can easily find out all the information they need to decide whether or not they want to rent your property. You can post pictures, contact information, structural details, whatever you think provides the most complete picture and makes your listing most appealing to potential tenants.
Deciding How to List Your Property
This is not to say that a rental agency is never the way to go. The MLS may be more effective at generating serious offers, as opposed to casual potential tenants who may be looking at various properties on a whim. Your rental agent may also be aware of specific strategies for renting fast and at a desirable monthly payment that you may not be privy too. You should simply be aware that if you want to go it alone and save that money, today's real estate tools and the internet makes it much more likely you will be successful in doing so.