There are many reasons that you might suddenly think, I need to rent my house. Maybe you’re moving for a new job opportunity or you want to be closer to family. For many people in this situation, it’s their first time becoming a landlord.
There are legal implications, financial liabilities, and emotional concerns when you choose to rent your house. Navigating these challenges can be overwhelming, but there’s no need to worry. Evernest has helped thousands of landlords work through this process.
In this article, we will walk you through the steps necessary to rent your house successfully. From preparing your home to understanding your responsibilities as a landlord, we will cover all essential areas you need to know.
Get Your Home Rent-Ready
First, we recommend moving all of your furniture and personal belongings out of the home so you can get an objective view of what needs to be updated. This step is crucial for potential tenants, as an empty space allows them to envision their own life within your home. Additionally, it helps you identify any hidden issues that may not be apparent when the space is cluttered. For instance, you might discover scratches on the floor or marks on the walls that need attention, which can easily be overlooked when furniture is in place.
Next, focus on the essential updates that will make your home appealing. Here are a few key areas to address:
Paint: Touch up any scuffed walls or outdated colors. A fresh coat of neutral paint can significantly enhance the overall feel of the space, making it seem clean and inviting.
Appliances: Ensure all appliances are functional, clean, and in good condition. Consider upgrading outdated appliances to energy-efficient models, as this can be a major selling point for environmentally-conscious renters.
HVAC: The heating and cooling systems should be thoroughly checked and serviced if necessary. A well-functioning HVAC system ensures comfort and reflects your commitment to maintaining the property.
Storage: Remove any personal storage to create a welcoming and open environment. Potential tenants often prioritize ample storage space, so consider organizing closets and cabinets to showcase their capacity.
By addressing these areas, your home will be in excellent shape for potential renters. Moreover, consider enhancing curb appeal by tidying up the exterior, landscaping the garden, or adding a fresh welcome mat. First impressions matter, and a well-maintained exterior can draw in prospective tenants before they even step inside. Lastly, think about staging the home with minimal, stylish furnishings or decor to give a sense of scale and functionality to each room. This approach not only highlights the potential of the space but also helps tenants imagine how their own belongings will fit in it.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. Accurate pricing is crucial for attracting tenants. You can do so on platforms like Facebook, Craigslist, and Zillow.
When researching, make sure that you are looking at comparable properties with the same number of bedrooms, bathrooms, and similar amenities. This will provide you with a realistic price range for your rental. Don’t forget to consider seasonal changes; rental markets can fluctuate based on demand.
List Your Property & Interview Potential Residents
Now it’s time to get some high-quality photos of your property and list it for rent online. Photographs play a vital role in drawing attention to your listing, so invest some time in staging your home well for the photoshoot.
Then, write an accurate and flattering description of your property that respects the Fair Housing Act. It’s essential to be transparent about your home's strengths while avoiding any biases.
When it comes to interviewing potential tenants, ensure that your process complies with Fair Housing laws. Avoid making selections based on demographic profiling. Instead, focus on their financial qualifications and employment history to identify the best candidate for your property.
Create a Rock-Solid Lease Agreement
Lastly, make sure that your property is protected with a rock-solid lease agreement. This document serves as both a guideline for your tenants and a safeguard for you as a landlord. Clearly outline the terms of the lease, including:
Rental Insurance: Will you require your residents to have rental insurance?
Security Deposit: What terms and conditions will apply to this?
Pets: Are pets allowed? If so, what rules will apply?
Utilizing great residential lease agreement templates can simplify this process, ensuring that you cover all necessary points.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, this is just the beginning of your day-to-day responsibilities as a landlord. You'll need to manage maintenance requests from tenants, conduct annual inspections, and oversee the upkeep of appliances and HVAC systems.
If this sounds overwhelming, consider hiring a professional property management company like Evernest. They can handle the intricacies of property management, allowing you to focus on other priorities while ensuring your investment is in good hands.
Conclusion
Renting your house in Jackson can be a rewarding endeavor, provided you approach it with proper preparation and knowledge. By following these steps, you'll be well on your way to becoming a successful landlord.
Ready to get started? Contact our local team today!
