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
Before listing your home, you have to prepare it for potential tenants. First, consider moving all of your furniture and personal belongings out of the home. By doing this, you’ll gain an objective view of what needs to be updated.
Here are some key areas to focus on while getting your home rent-ready:
Touch up any paint that may look worn or dated.
Ensure all appliances are in working order.
Check that the HVAC system is functional.
Remove any items stored on-site to create a clean space.
These improvements can greatly enhance the appeal of your property and attract potential tenants. Additionally, consider enhancing curb appeal by tending to the landscaping and ensuring the exterior of the home is clean and inviting. A well-maintained garden, trimmed hedges, and a freshly mowed lawn can make a significant difference in the first impression your home makes on prospective renters.
Furthermore, it’s beneficial to conduct a thorough deep clean of the entire property. This includes not only vacuuming and dusting but also scrubbing floors, cleaning windows, and ensuring that bathrooms are spotless. A clean, fresh-smelling home can create a welcoming atmosphere that helps tenants envision themselves living in the space. Don’t forget to check for any minor repairs that may be needed, such as fixing leaky faucets or squeaky doors, as these small details can significantly impact a tenant's decision to rent your home.
Research Rental Rates in Your Market
Understanding the rental rates in your area is crucial to setting a competitive price. Start by researching various rental properties in your neighborhood. This will help you gauge the appropriate rate for your home. You can explore pricing on platforms like Facebook Marketplace, Craigslist, and Zillow.
As you conduct your research, ensure you’re examining properties with similar features, such as the number of bedrooms and bathrooms, as well as comparable amenities. This approach will give you a clearer picture of where your property fits in the local market.
Additionally, consider the seasonal trends that may affect rental prices. For instance, summer months often see a surge in demand due to families relocating for the school year, which can drive prices up. Conversely, winter months may experience a lull in activity, leading to lower rental rates. By being aware of these fluctuations, you can strategically time your listing to maximize your rental income.
Don’t forget to factor in the unique characteristics of your property that may justify a higher rate. Features such as a recently renovated kitchen, energy-efficient appliances, or outdoor spaces like a garden or patio can significantly enhance your property’s appeal. Highlighting these attributes in your listing can attract more potential tenants and allow you to command a premium price.
List Your Property & Interview Potential Residents
Once you have your home rent-ready and have set an appropriate rental rate, it’s time to list your property. High-quality photos can significantly impact the interest your listing receives, so invest the time to showcase your property well.
When crafting your property description, aim to be both accurate and appealing. Remember to adhere to the Fair Housing Act by not including discriminatory language. After you’ve received applications, the next step is interviewing potential residents.
During the interview process, focus on the tenant’s financial qualifications and employment history to make an informed decision. Avoid profiling based on demographic information to ensure compliance with Fair Housing laws.
Create a Rock-Solid Lease Agreement
A well-crafted lease agreement plays a vital role in protecting you and your property. This document outlines the terms and conditions that both you and your tenants must adhere to during the lease period. Consider the following aspects when creating your agreement:
Will you require tenants to have rental insurance?
What are the terms regarding the security deposit?
Will pets be allowed, and if so, what rules will apply?
Templates for residential lease agreements are widely available online, making it easier to tailor a document that meets your specific needs.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you have secured a resident, your responsibilities as a landlord only begin. You’ll need to address maintenance requests, conduct annual property inspections, and handle rent collection. This can be a lot, especially if you have other obligations.
If managing these day-to-day operations sounds daunting, consider hiring a professional property management company like Evernest. They can take the burden off your shoulders, ensuring everything runs smoothly while you can focus on other priorities.
Conclusion
By taking the steps outlined in this article, you can navigate the process of renting your house in Tulsa with confidence and ease. With proper preparation and understanding, you can successfully transition into the role of a landlord.
Ready to get started? Contact our local team today!
