Should we put up signs and start taking applications to rent my home if we're not moving out until March?

Question

We are buying a new home out of state and it won't be ready until March but I want to get the ball rolling and start getting the word out there that my house will be for rent. Should we start advertising now and just let people know it won't be ready until some time in March or the 1st of April?

What should I do though if we don't have a definative move date set yet?

Answer 1

Absolutely!!
This will give you time to credit check and background check them before you move. Out of state rentals are the hardest and you want to make sure that your trips back to take care of business will be a minimum.
If you don't do this for prospective renters, you're setting yourself up for a horrible experience. And DON'T think that renting to someone you know will make it any easier to collect rent or keep your house from being destroyed.
When you take the applications, make sure to tell them that it's not being rented until then, and get them to pay for the c & b checks (usually $25). That way you'll know that they are truly interested and you won't waste time on "window shoppers".
If you wait until then to try and find someone, you'll end up costing yourself money because you'll have to stay past your planned departure date.
Good Luck!!!

Answer 2

The new tenants are often in a month-to-month lease at their old place after their lease runs out, so often it's not that big a deal if their move-in is delayed because you're not out yet.

You could use the conservative April 1 date and just plan to eat a mortgage payment. Might be worth it to reduce your stress level.

I've had a ton of success listing rentals on www.craigslist.org
so I recommend trying there.

There are online credit/criminal background check places. The one I use is http://www.rentalresearch.com/

Check if your city or region has a Multihousing Association--- that can be a source of legal forms and valuable general information. The website for Minnesota's is here, for example: http://www.mmha.com/

Lastly you could read Property Management for Dummies to learn a lot of the basics of leasing. (You may even decide it'd be better to hire property management than do it yourself.)

Particularly with single family homes, it takes longer to rent because you're probably dealing with families. So since Craigslist costs nothing, and neither does a yard sign, might as well start advertising now!

Answer 3

Yes by all means start now. First of all the housing market stinks and there are a lot of people looking for rental. Take the extra time you have to do the basic credit checks and background checks of those interested in renting from you also make sure they are willing to carry their own insurance policy to protect your home (the rental) If they combine coverage with renters insurance they can get the policy cheaper. Don't settle on the first person who meets your requirements take you time and do some checking it will save you BIG headaches later. Good Luck.

Answer 4

That's a vague move in date....you may find the ideal renter, but if you have to extende the move-in date, they'll just find another place that is ready....., or worse, you sign a lease w/ them, and can't let them move in........you'll be paying for their hotel, and expenses........

While a sign in your yard is free......running an ad can be pricey......you're hoping to find an ideal tenant who is flexible with their move-in date??? That is unreasonable this far out.....

Financially speaking, two 1/2 months out w/ no definitive move in date, is a waste of everyone's time......I would wait until you can provide an EXACT move in date.....

Answer 5

Sure. Make sure your signs and advertising make that clear so that you don't waste people's time.