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 to get an objective view of what needs to be updated. A vacant home allows prospective tenants to envision their lives there without distractions.
Pay attention to several key areas:
Walls: Touch up paint to refresh the appearance. Neutral colors appeal to a wide range of tenants.
Appliances: All appliances should be in working order. If anything is malfunctioning, consider repairing or replacing it.
HVAC systems: Ensure that the heating and cooling systems are functional and adequately maintained. Regular servicing can prevent issues down the line.
Declutter: There should be no storage items on-site. A clean slate is more inviting and creates a sense of space.
In addition, consider enhancing the curb appeal of your property. First impressions matter, and the exterior of your home is the first thing potential renters will see. Simple landscaping improvements, such as mowing the lawn, trimming hedges, and adding colorful flowers, can make a significant difference. A fresh coat of paint on the front door or new house numbers can also add a welcoming touch that invites prospective tenants to explore further.
Furthermore, don’t underestimate the importance of lighting. Ensure that all light fixtures are functional and consider replacing outdated or dim bulbs with brighter, energy-efficient options. Natural light can also play a crucial role in how a space feels, so open curtains or blinds to let in as much sunlight as possible. A well-lit home not only appears larger but also creates a warm and inviting atmosphere that can help potential renters feel at home right away.
Research Rental Rates in Your Market
To determine how much your home will rent for, start by researching market rates of rental properties in your area. You can explore this on several platforms, including Facebook, Craigslist, and Zillow. When you're looking at listings, consider comparable properties with the same number of bedrooms, bathrooms, and similar amenities. This information will help you set a competitive and realistic rate.
Additionally, take note of the location and neighborhood characteristics that can influence rental prices. For instance, properties located near public transportation, schools, parks, or shopping centers often command higher rents due to their convenience and desirability. You may also want to investigate seasonal trends in your area, as rental demand can fluctuate throughout the year. For example, in college towns, rental rates may peak just before the start of the academic year when students are seeking housing.
Another useful strategy is to attend open houses or rental viewings for similar properties. This not only gives you a firsthand look at what other landlords are offering but also allows you to gauge the condition and presentation of their homes. Pay attention to how quickly these properties are rented out, as this can provide insight into the current demand in your market. Engaging with local real estate agents can also be beneficial; they often have a wealth of knowledge about market trends and can provide you with valuable insights that may not be available online.
List Your Property & Interview Potential Residents
Now that your home is in good condition and you’ve researched rental prices, it’s time to take some high-quality photos of your property. A well-crafted online listing can attract high-quality tenants.
When writing your property description, ensure it is both accurate and flattering, while also compliant with the Fair Housing Act. Avoid any language that could be seen as discriminatory.
During the resident interviews, it’s crucial that you follow Fair Housing laws. Make your selection based on objective criteria, such as:
Financial qualifications
Employment history
References from previous landlords
Steer clear of using demographic profiling that could lead to unintentional biases.
Create a Rock-Solid Lease Agreement
Once you have selected a tenant, it's vital to protect your property with a comprehensive lease agreement. This document serves as the foundation of your landlord-tenant relationship and outlines the expectations for both parties.
Consider including the following in your lease:
Requirements for tenant rental insurance
Payment terms, including security deposit conditions
Pet policies and any associated rules
Using online templates can help streamline this process, ensuring you cover necessary legal aspects while maintaining clarity for your tenant.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
After placing a tenant in your home, your responsibilities are just beginning. You'll need to be available to respond to maintenance requests, conduct annual inspections, and collect rent on time.
This may seem overwhelming, especially if you have other commitments or do not want to manage the day-to-day operations. If this sounds like a lot, consider hiring a professional property management company like Evernest to oversee your rental property.
In this arrangement, you can enjoy the benefits of being a landlord without the stress of managing every aspect yourself. A reputable property management firm can handle everything from tenant screening to maintenance, allowing you to focus on your next adventure.
Conclusion
Renting out your house in Columbus can be a rewarding experience if you follow these steps and make informed decisions. With careful preparation and the right resources, you can transition smoothly into your new role as a landlord.
Ready to get started? Contact our local team today!
