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

The first step to renting out your property is to prepare it for tenants. We recommend moving all of your furniture and personal belongings out of the home to achieve an objective viewpoint on what needs updating. This allows you to see any potential issues that may deter potential renters. By stripping the space down to its bare essentials, you can better assess the layout and functionality of each room, making it easier to identify areas that might benefit from a fresh coat of paint or minor repairs.

Start with the basics: touch up paint where needed and ensure all appliances are in working order. Check that the HVAC system functions properly. Consider upgrading fixtures like faucets and light switches, as these small changes can significantly enhance the overall aesthetic and appeal of your home. A well-maintained property not only attracts more potential renters but can also justify a higher rental price, making it a worthwhile investment.

Lastly, eliminate any unnecessary storage on site. Prospective residents want to visualize how they can personalize the space, so open and uncluttered rooms will make a better impression. To further enhance this, consider staging the home with neutral decor that highlights its best features without overwhelming visitors. This can include strategically placed plants, tasteful artwork, or a few well-chosen accessories.

Moreover, don’t forget to pay attention to the exterior of your property. First impressions matter, and a well-kept yard can make a big difference. Mow the lawn, trim hedges, and add some colorful flowers or plants to create curb appeal. If your property has outdoor spaces like a patio or balcony, make sure they are clean and presentable, as these areas can be a major selling point for renters looking for a place to unwind and enjoy the outdoors.

Research Rental Rates in Your Market

To effectively price your rental, begin by researching market rates for similar properties in your area. Utilize platforms such as Facebook Marketplace, Craigslist, and Zillow to gather data on comparable homes. Pay attention to properties that have the same number of bedrooms and bathrooms, as well as similar amenities. Setting a rental price that reflects market trends while providing a return on your investment is essential for ensuring tenant interest.

List Your Property & Interview Potential Residents

Now it's time to show your property to the world. Take high-quality photos that highlight the best features of your home and create a compelling online listing. Include an accurate, enticing description that adheres to Fair Housing laws.

Complying with these laws is critical; do not discriminate based on race, gender, religion, or other demographic factors. When interviewing potential residents, focus on financial qualifications and relevant employment history to determine their capability to rent your home.

Create a Rock-Solid Lease Agreement

Finalizing your rental arrangement involves crafting a solid lease agreement. This document is essential for protecting both you and your tenants. It should outline all the rules and expectations associated with renting your property.

Consider including requirements for rental insurance, as well as the terms regarding the security deposit. Outline your pet policy clearly: will pets be allowed, and what conditions will apply?

Great templates for residential lease agreements are available online, so ensure that your lease is legally compliant and covers all necessary ground to prevent potential disputes.

Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company

Once you have secured a resident, remember that your responsibilities as a landlord are just beginning. You’ll need to respond to maintenance requests, conduct annual inspections, and ensure all appliances and the HVAC system remain in good working order.

If managing these responsibilities seems overwhelming, consider hiring a professional property management company like Evernest. A property manager can take on the day-to-day operations, allowing you to enjoy the benefits of being a landlord without the stress.

Conclusion

Becoming a landlord can be a complex process. However, by preparing adequately and understanding the intricacies of renting your home, you can have a successful rental experience that benefits both you and your tenants.

Ready to get started? Contact our local team today!