First time renting out my place

C

creeper

Executive Member
Joined
Nov 18, 2010
Messages
5,463
I'm moving to another house and not selling my existing property. By chance, I already have a person that wants to rent my old place. However, I've never done the rental process before. Contract isn't a problem as I have a legal person that can help with it, but the other things, e.g. credit check of potential renter, etc. is still a bit of an unknown.

For those that are renting out places, a few questions?
  • Do you use a rental company? (I don't need one at present, as I already have a person in mind)
  • Who do you use to do credit checks? (website / company). How do you detect chronic defaulters?
  • Do you get references for potential renters?
  • Any gotchas that I need to look out for?

Thanks
 
S

saturnz

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Joined
May 3, 2005
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19,666
if its a house, sell it, and buy a proper buy to rent unit, preferably in Cape Town
 
S

saturnz

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May 3, 2005
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I used a rental insurance as opposed to an agent, there is not much an agent needs to do with a sectional title unit.

All risk is effectively carried by the insurance, so things like deposit, credit checks, damage to the property etc were a non issue from the start.

Its a business, treat it as such as and you will have little problems.
 
fabrulana

fabrulana

Well-Known Member
Joined
Feb 14, 2006
Messages
102
You can get most of the stuff from TPN.
If you already have someone you trust you can go ahead an do a standard contract with them.
We prefer to use rental agents to lighten the load - but then we have quite a few places though.
We do get references of potential renters including their ID and bank statements.
No gotchas we experienced so far. Most people will pay and look after the place, but every 1 out of 5 won't look after the place, but will still pay. But usually you make enough to cover damages - put some money aside for this. People may start of well and then end up in dire straits, unfortunately one then needs to get them off the property - as the other person said, it's a business. However I am too soft and have let people go without two month's rent, that is why I prefer agents as well.
 
C

creeper

Executive Member
Joined
Nov 18, 2010
Messages
5,463
fabrulana said:
You can get most of the stuff from TPN.
If you already have someone you trust you can go ahead an do a standard contract with them.
We prefer to use rental agents to lighten the load - but then we have quite a few places though.
We do get references of potential renters including their ID and bank statements.
No gotchas we experienced so far. Most people will pay and look after the place, but every 1 out of 5 won't look after the place, but will still pay. But usually you make enough to cover damages - put some money aside for this. People may start of well and then end up in dire straits, unfortunately one then needs to get them off the property - as the other person said, it's a business. However I am too soft and have let people go without two month's rent, that is why I prefer agents as well.
Click to expand...

Thanks. This helps quite a bit.
 
FatBoySlim

FatBoySlim

Expert Member
Joined
May 6, 2010
Messages
1,363
Rental agents are useless and don't provide much value add, except when you are in a hurry to rent it out. In my case I used a rental agent to find someone and do background checks. I paid a finders fee and that was it. If you live nearby to the house you are renting out then it's easy, as you can pop by and do your own checks on the house.
 
N

neoprema

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Jan 12, 2016
Messages
10,820
Start crying now... it will save you from all the crying youll be doing later..
 
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