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 as it allows you to see the space as a potential tenant would. By clearing out the clutter, you can also better assess the layout and flow of the rooms, making it easier to identify any areas that may need improvement or reconfiguration to maximize space.
Your home should be in top condition before listing it for rent. Here are some specifics to consider:
Touch up paint where necessary for a fresh look.
Ensure all appliances are in working order.
Check that the HVAC system is functional.
Remove any unnecessary storage items from the property.
Taking the time to make your home appealing can significantly influence potential tenants' decisions. Additionally, consider enhancing curb appeal by tidying up the exterior of your home. This could include mowing the lawn, trimming hedges, and planting seasonal flowers to create a welcoming atmosphere. A well-maintained exterior not only attracts more interest but also sets a positive tone for what potential renters can expect inside.
Furthermore, don’t underestimate the power of good lighting. Ensure that all light fixtures are functional and replace any burnt-out bulbs. Consider adding brighter bulbs or some stylish lamps to create a warm and inviting ambiance. A well-lit home can make spaces feel larger and more inviting, which is essential in making a lasting impression on prospective tenants.
Research Rental Rates in Your Market
Knowledge is power in the rental market. To get a sense of how much your home will rent for, research market rental rates in your area. You can do this by visiting various online platforms where rentals are listed, including Facebook Marketplace, Craigslist, and Zillow.
When researching, focus on comparable properties that have the same number of bedrooms, bathrooms, and similar amenities. This will give you a realistic range to set your rental price and attract quality tenants.
Additionally, consider exploring local real estate websites and forums where landlords and tenants discuss their experiences. These platforms often provide insights into neighborhood trends, tenant preferences, and seasonal fluctuations in rental prices. Engaging with local real estate agents can also be beneficial, as they have in-depth knowledge of the market and can offer guidance on setting competitive rates based on their expertise.
Don’t forget to take into account the unique features of your property that may justify a higher rental rate. For instance, if your home includes a newly renovated kitchen, energy-efficient appliances, or a spacious backyard, these elements can significantly enhance its appeal. Highlighting these advantages in your listings can help you stand out from the competition and attract potential renters who are willing to pay a premium for added comfort and convenience.
List Your Property & Interview Potential Residents
Now that you have a competitive rental rate, it’s time to prepare your listing. Get high-quality photos of your property that highlight its best features.
When crafting your property description, be sure it is accurate and flattering while adhering to the Fair Housing Act. This act ensures that all potential residents are treated fairly, regardless of demographics.
When it comes to interviewing potential tenants, it’s vital to remain compliant with Fair Housing laws. Focus on objective qualifications such as finances and employment history. This approach will help you select the most qualified candidate for your property.
Create a Rock-Solid Lease Agreement
Once you've selected a tenant, protecting your property with a well-structured lease agreement is crucial. This document serves as your contract with the tenant and outlines the terms of their stay.
Consider what terms you want to include, such as:
Requirements for rental insurance
Security deposit conditions
Pet policies
Being clear on these terms up front can prevent misunderstandings down the line. You can find reliable lease agreement templates online to guide you in this process.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
After placing a resident in your home, your responsibilities will multiply. You need to be ready to address maintenance requests from tenants, conduct annual inspections, and ensure the upkeep of HVAC systems and appliances.
If this sounds overwhelming, consider hiring a professional property management company like Evernest. They can relieve you of the day-to-day responsibilities, allowing you to focus on your personal life while still benefiting from rental income.
Conclusion
By following these steps, you'll be well on your way to successfully renting out your home in Huntsville. Take your time, do your research, and build your path to becoming a knowledgeable landlord.
Ready to get started? Contact our local team today!
