MoveIn.Space: Helping Landlords in the For Rent by Owner Industry

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Thinking of getting into the For Rent by Owner market? Renting out your house or apartment privately can provide you with sizable extra income. And thanks to the digital age we live in, managing rental properties privately is easier today than ever before.

Social media and certain websites help homeowners who want to rent a property privately find the perfect tenant. And there’s MoveIn.Space (www.Movein.Space), a site that provides a revolutionary way for landlords and tenants to avoid future conflict. With a mission to “create peace between landlords and tenants by adding visibility to a crucial, but often overlooked and unorganized process”, MoveIn.Space comes with a walkthrough feature that turns their goal in reality.

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Question: What’s the Walkthrough feature and how will it help me in my For Rent by Owner venture?

After you get past the crucial step of finding the right tenant (if you haven’t found yours yet, you might want to check out our blog post How to Select Tenants to Rent my Property), the next step is making sure you document the property’s condition.

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MoveIn.Space’s founder Josh Rosenthal and his team have observed that the majority of disputes between landlords and tenants revolves around the condition of the property before the tenant moved in.

The hole in the wall was there before I moved in.” – Lying tenant #1

Missing stove knob? It had always been missing in action.” – Lying tenant #2

You created the bullet holes, not me.” – Psychopath tenant

Thanks to Movein.Space/walkthrough, both tenants and landlords can conduct property inspections smoothly.  The walkthrough organizes the steps to putting together a property report, this way both parties can agree on the property’s condition before the move-in date.

A property report is generated automatically based on data you provide, and this can be accessed online by both landlord and tenant.

According to Josh, “Using MoveIn.Space/walkthrough for move-in and -out creates usage report that the tenant can show to subsequent landlords.”

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Question: I want to be a private landlord but technology isn’t my field. Do I have to be tech-savvy (i.e. a nerd) to use Movein.Space/walkthrough?

Not at all. Anyone who knows how to do simple online tasks like upload a photo and browse news websites can use Movein.space/walkthough with ease.

The steps to creating the property report are simple:

  1. Head over to MoveIn.Space/walkthrough using your tablet or smartphone.
  2. Enter details about the house, housemates (if any), and contact information.
  3. Snap pictures of the property, as well as items included (typically appliances and furniture).
  4. Add descriptions of the items, such as model numbers and condition (new? missing objects? existing damages?)
  5. Submit the report. You and your tenant will be able to access this anytime online. You’ll both also receive a reminder when it’s time to conduct a move-out inspection.

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With Movein.Space/walkthrough, you don’t have to rely on paper documents that can get lost and are one-sided. Your report (hastily written on a notebook) might claim one thing, while your tenant will insist on another thing, using their own report scribbled on God-knows-where. With Movein.Space, you can both agree on the same property report right from the very beginning, making your For Rent by Owner venture a breeze.

And the pictures you upload in the report will be very difficult to dispute. No, there wasn’t a hole in the wall prior to the move-in date. And, no, the couch didn’t come charred like overcooked chicken when you put up your home for rent privately.

And how much will this cost? Zero! There will be a premium subscription at a later date but as of today, MoveIn.Space/walkthrough is free to use.

Ready to create a property report with your tenant? Go visit MoveIn.Space.

Like this post? Check out our other blog posts that are sure to help anyone who wants to sell or let their home privately:

5 Mistakes Private Landlords Should Avoid

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Tell me and I forget. Teach me and I remember. Involve me and I learn.

  • Benjamin Franklin

As someone who wants to lease a property privately, you have nothing to worry about. ZeroCommisison.com.au is here to guide you and constantly provide relevant information to help DIY landlords like yourself. There’s no better way to learn about the for rent by owner industry than by experiencing it yourself.

But, as another saying goes, it’s always wisest to learn from the mistakes of other people. You don’t want to realize mistakes after the fact.

Many DIY landlords leave plenty of room for mistakes early on. This is understandable, but the decisions you make from the start determine how profitable your enterprise ends up.

We listed 5 mistakes private landlords, especially those new to the job, should avoid. You might gasp at some of these, with palms clasped over your gaping mouth. “I didn’t know leasing my apartment to drifters would hurt so much!”

Well, there’s a difference between a drifter and a transient, but let’s not mince words here. On with the list…

Rookie Mistake #1: Leasing to Friends and Family

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We just have to let this out the gate first. It might seem to make perfect sense that the ideal tenant is someone you’ve known all your life. After all, didn’t your cousin Tony save you from financial problems once?

But this is one mistake you should never, ever, even dare to commit. Blood can boil green when money is involved.

If you intend to screen friends and family as you would a stranger tenant, please, just don’t. Never lease a property privately with strings attached, especially as a favour! You’re setting yourself up for landlord woes later on.

Go for the average Joe or Jane you meet, someone you’re not related to. And definitely not someone you work with!

Rookie Mistake #2: Falling for a Sob Story

How many excuses can you concoct to skip rent? Let us count the ways!

Seasoned landlords have the privilege of hearing the usual sob stories. Would you believe your tenant if he claims the money hasn’t arrived yet? Sure you can, and you should. But that doesn’t mean you have to accept it. Alibi or not, a deadline is a deadline, and you have to be firm from the very beginning.

There’s a reason why patsies are compared to a doormat, and you do not want to be considered lenient and understanding. It’s possible your tenant is having a hard time making ends meet, but remember you’re running a business.

Give them three days and they’ll ask for a week. Be immovable when due date comes.

Rookie Mistake #3: Failure to Screen Tenants Thoroughly

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This is understandable for rookies, their spider-sense for crap tenants needs fine tuning. When you lease a property privately, expect plenty of riffraff coming your way.

Conducting full background checks with today’s technology—hello, Internet–is no longer as expensive or difficult as it once was. With a few tap of the keyboard, you can gather plenty of data online about anybody. This will help you immensely in narrowing your pick.

Don’t take applicants at their word. Always confirm what your gut instinct tells you. An applicant may look the part of the perfect citizen and tenant on paper, and even in person, but so did Hannibal Lecter. You don’t want Hannibal Lecter hosting dinners in your apartment.

Google is your friend. Hang out with him often.

Rookie Mistake #4: Failing to Treat Leasing a Property Privately as a Business

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You’re running a business when you’re leasing a privately. Some signs your head is not in the game: misplaced receipts, poor organization, and co-mingling of personal and business funds.

If you spent a trifle in the business (the apartment is your own, and you barely invested in renovations), manage the regular payouts so you’ll quickly recover capital.

Sure, you can coast by and treat your for rent by owner set-up as a hobby, but not for long. Tenants can be as unpredictable as rabbits in heat. Prepare for a rainy day in case you face the need for sudden eviction or serious renovation.

Rookie Mistake #5 – Not Putting Everything in Writing

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It’s like trusting someone’s word on a spit-ball handshake. If you lease a property privately, verbal agreements also don’t amount to squat. If it’s important enough for a note and signature, don’t hesitate.

Applicants might think you’re obsessing the details, but you’ll have something to show for when your tenant tries to throw a curve ball your way.

“We agreed the security deposit would cover for the shirt I flushed down the toilet!”

Did you? With terms detailed in black and white, you’ll never grip the short end of the stick.

Being a DIY landlord is easy if you set your priorities straight. When you lease a property privately, you’re staking your claim on the rentals market. This means you’re in business for the profit, so mind the rookie mistakes and learn as much as you can. Each mistake is money lost (or unearned), so make each dollar count!

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You might also be interested in these other articles to help you lease or sell a property privately:

 

5 Advantages of Leasing Unfurnished For Rent by Owner Property

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Are you on the fence in deciding to lease your property furnished or unfurnished? This is a common dilemma in For Rent by Owner properties, especially new landlords letting their own apartments for great passive income.

From the tenant’s perspective, renting furnished space typically seems like an appealing option. But that’s only if cost isn’t an issue. And, as most of us know, money can be hard to come by. For certain types of tenants, unfurnished space is the flexible and affordable alternative.

It’s safe to say you’ll have fewer worries leasing unfurnished property. Your only main concern is determining where to store your belongings during the lease. If you plan to rent out long-term, selling most of your stuff makes sense. You can then rent storage space for what’s left.

Unfurnished space is the preference of many DIY landlords, especially those who’ve been in the game long enough to know better.

Here are 5 advantages of leasing unfurnished space. For Rent by Owner property is easier to manage when it’s leased empty!

Advantage #1: Less wear and tear in For Rent by Owner unfurnished homes

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Unfurnished space frees landlords from the responsibility of furniture upkeep. You’ll find tenants willing to rent furnished or unfurnished properties, sure, keep in mind that an unfurnished property is perfect for tenants who want to haul their stuff in and stay long-term.

Tip: Set terms and restrictions on items tenants are allowed to bring in. Filter the stranger stock from the applications you receive.

Are you okay with a tenant who brings in heads of hunted game to mount on your walls? How about a grand piano, or a suspiciously flea-infested couch?

If everything clears your scrutiny, then you simply need to ensure your property stays intact throughout the lease.

Advantage #2: Tenants who prefer unfurnished property are usually for keeps.

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Think of the trouble it took for your tenant to resettle to a new location. If you’re committed enough to take out furnishings from your own apartment, then the same can be assumed of tenants who decide to stake their claim on new soil.

Quick tip: You’ll know your home for rent will be rented for the long haul when the tenant lays out wide carpet.

For Rent by Owner properties are leased with security deposits paid for by the tenants. With a furnished apartment, though, it’s possible your new tenant will jump on your bed and do back flips on your couch, just for kicks. If you have high-quality furniture, this odd behaviour would be enough to keep you awake at night.

Advantage #3: Tenants are generally happier with their own furniture

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It’s like preferring your old, worn couch over a new one. There’s something about worn furniture that makes it seem more ergonomic. Everything yields to gravity (and your bulk) sooner or later.

The ideal tenant is one who is rarely at home, often at work, or on vacation. They basically use your property as a place where they can bathe and sleep. Furnished or unfurnished, you’ll invest less on maintenance when the property for rent is barely used.

If allowing your tenants to bring cherished heirlooms seals the deal, then, by all means, accommodate their request.

Advantage #4: You don’t have to insure a tenant’s furniture.

It’s an option, but you’re well justified not to commit. On the flip side, you can set the security deposit to the bare minimum, enough to cover for your home for rent’s basic facilities.

When interviewing prospective tenants, ask leading:

  • How long did they stay in their last address?
  • Is everyone at home most of the time?
  • If pets are allowed, how many will live at the property for rent?

It’s not unheard of for some tenants to bring in a pack of five large breeds. The more specific you are about what’s allowed and what’s not (definitely not 10 Rottweilers), the less conflicts you’ll experience with your tenant.

Pointed questions also provide insight regarding what the tenant plans to bring in. When renting out unfurnished property, you’ll have the joy of knowing a rowdy cat isn’t using your grandmother’s antique table as a fancy scratching post.

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Advantage #5: You save money

By renting out an unfurnished property privately, you won’t have to buy new furniture. Wouldn’t you hesitate to buy a new couch you’ll never use?

The impression most people have of For Rent by Owner properties is that these are lived-in, homely and cosy. New furniture is not a guaranteed treat for all tenants. The perfect tenant you find who has a stable job and likes to go on frequent vacations, just might turn his back on your apartment upon seeing your less-than-impressive taste in interior design. By renting out an unfurnished property, you spare yourself the risk of losing a prospect.

Also, keep in mind that furnished For Rent by Owner properties have a market of their own. There are enough takers for unfurnished space regardless of location. It’s not a matter of competition.

Think about it: even if you hold on to a security deposit, the thought of entrusting your possessions to a stranger can be unsettling. Do you use hotel beds as trampolines upon check-in? Your tenants might do the same to your couch. Every day.

At the end of the day, unfurnished For Rent by Owner properties are very easy to maintain for you the landlord. You’ll also have an easier time managing the property, especially if you’re leasing a large space. If you want to play it safe as a DIY landlord, the unfurnished property option is very reasonable.

Have a home for rent in Australia? For only $50, ZeroCommission.com.au will list your rental property UNTIL LEASED!

Learn more on our site: ZeroCommission.com.au and lease a For Rent by Owner property today!

You might also want to check out these other blog posts we wrote especially for Australians who want to sell or lease a home privately:

 

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