How To Rent Your House and 4 Reasons Why You Should Rent with the RJ Soens Group of Long & Foster Real Estate
Trying to figure out how to rent your home on Seven Mile Island? If you own a beautiful vacation home in Avalon and Stone Harbor areas, or in the state of New Jersey, you may have considered renting a room or two during peak seasons, or even during the offseason. However, you want to choose trustworthy tenants to ensure that your home is in good hands, especially when you are offsite.
The rental process can be costly and time-consuming. Many homeowners today list their properties on third-party websites such as VRBO, HomeAway, and Airbnb believing that the process is quick, easy, and cheap. However, these sites not only come with significant listing costs and fees but also risks.
Sure, you can offset some of your rental income to cover the costs and fees associated with these third-party websites. However, by renting your property with the RJ Soens Group, you can save money on listing fees and keep more of your rental income.
How? Read on to learn about the top four tips for renting a house with the RJ Soens Group.
1. Lower Commission Rates and Fees
There are many fees and costs associated with renting out your home property, such as the listing fees, security deposits, insurance, rental agreements, taxes and so on.
At the RJ Soens Group, we only charge a percentage per lease for the commission. Our commission rates are only 10% – 14%. The RJ Soens Group also offers homeowners a choice between paying a security deposit or a $52 insurance waiver—not both. We also don’t charge taxes for any bookings.
For example, third-party websites charge commissions fees per lease rather than a percentage, which can range between $399 – $599. Homeowners are also required to pay an annual subscription fee on top of commission as well as an 8% – 15% booking fee per lease.
So, what do those costs look like when you break them down? Consider an example.
Let’s say you want to rent your vacation home for $2,000 per week for up to 10 weeks for a grand total of $20,000.
Here is a break down of the costs with RJ Soens Group compared with those of a third-party site:
The RJ Soens Group of Long & Foster
Subscription fee $0
State Occupancy Fee $100 ($2000 x 5%)
Tenant fee $0
Booking fee/lease $0
Commission fee $2400 (up to 12%)
Total = $2,500
Now let’s use the same scenario mentioned above and compare it with listing the 10-week rental on a third-party website:
Subscription fee $399 and up
State Occupancy Fee $100 ($2000 x 5%)
Taxes $2,330 (11.65%)
Tenant fee $1200 (6% and up)
Booking fee $1,600 (8% and up)
Commission fee $0
Total = $5,549
Additionally, as of October 1st, 2018, the State of New Jersey now requires an additional tax for homeowners who choose to list their homes and properties, also referred to as “transient accommodations” for rent on third-party websites. “Transient accommodations” refer to furnished or unfurnished private residential property, such as single-family homes, condominiums, and other living units.
2. Full-Time Customer Services Available
The team at the RJ Soens Group understands the need and importance for high-quality customer service today. Therefore, the RJ Soens team is available full time to help you with your rental listing, answer questions, and provide resources and support.
3. Process Paperwork
The RJ Soens Group also helps manage and handle all paperwork associated with renting your property. This paperwork includes leases, security, insurance, and even mailing 1099s at the end of each year for tax purposes.
4. Marketing Services
As an experienced real estate agent, the RJ Soens team can efficiently assist you with marketing your rental property. Not only do we take high-quality photos of your property, but we also market your property listing extensively across various platforms, maximizing exposure.
How To Rent Your House With An Agent: Why The RJ Soens Group is the Best Choice
Many are under the false impression that listing a property through a real estate agent is costly and time-consuming, and using third-party websites are faster, cheaper, and quicker. Not only do third-party sites undoubtedly cost more, but you are also on your own regarding dealing with paperwork, marketing, and customer service issues.
Once you break down the costs versus the services you receive, working with a licensed real estate agent who is already experienced in researching market conditions and listing properties is clearly the more cost-effective and efficient choice.
Not sure what to charge for rent for your property? The RJ Soens Group can help with that as well. Contact the team at the RJ Soens Group today at 877-746-7355 to learn more about how we can help you navigate the rental process, save on fees, and earn you more rental income.