How to Rent Out a Home That You're Trying to Sell

Attract potential buyers to your front door by renting out your home while you're trying to sell it.

Difficulty:

Moderate

Instructions

Things You'll Need

• Newspaper Ads
• Real Estate Agents
• Real Estate Attorneys
• Rental Agreements
• Rental Applications

1. Determine a monthly rental rate for your home by checking classified rental ads in your local newspaper.

2. If your home is listed with a real estate agent, ask the real estate company for referrals of individuals who may be interested in a short-term rental until your house is sold.

3. Advertise that you will accept tenants on a month-to-month lease.

4. Hold an open house to attract potential tenants/buyers.

5. Consider offering a lease-purchase or lease-option on your home to entice potential tenants/buyers.

6. Screen prospective tenants by checking credit, personal, and rental references, then select tenants in a non-discriminatory manner.

7. Ask a real estate company or attorney to review any lease, lease-purchase, or lease-option contract on your home.

Tips & Warnings

• Be sure you understand the terms of any lease-purchase or lease-option contract on your home.

• Since real estate contracts are binding legal agreements, it's wise to consult a real estate attorney before signing any real estate documents.