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 allows you to prepare the space for potential tenants without distractions. Consider the following steps:
Touch up paint and neutralize odd colors to appeal to a wider audience.
Ensure that all appliances are in good working order; this includes checking refrigerators, stoves, and washers/dryers.
Test the HVAC system to confirm that it is functioning efficiently.
Remove all storage items and clutter from the home to create a clean and inviting space.
These changes not only enhance the aesthetic appeal of your home but also create a welcoming atmosphere for potential renters. Additionally, consider enhancing the curb appeal of your property. A well-maintained exterior can significantly influence a prospective tenant's first impression. Simple tasks like mowing the lawn, trimming hedges, and adding some colorful flowers or plants can make a world of difference. If your front door is looking a bit worn, a fresh coat of paint or a new doorknob can provide a welcoming touch that invites people in.
Furthermore, ensure that all safety measures are in place. Check smoke detectors, carbon monoxide detectors, and fire extinguishers to ensure they are functioning properly. Potential renters will appreciate knowing that their safety is a priority. Consider providing a small welcome packet that includes important information about the home, local amenities, and emergency contacts. This thoughtful gesture not only makes the transition smoother for new tenants but also reflects your commitment to being a responsible landlord.
Research Rental Rates in Your Market
Understanding how much to charge for rent is critical. To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. You can do this by:
Checking rental listings on websites like Facebook Marketplace, Craigslist, and Zillow.
Identifying comparable properties in terms of square footage, number of bedrooms and bathrooms, and amenities offered.
Taking note of how quickly properties in your area are renting to help gauge demand.
This research will allow you to set a competitive price that reflects the market while appealing to prospective tenants.
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. A visually appealing listing is crucial, as it will catch the attention of potential renters. Here are some tips:
Write an accurate and flattering description that highlights the best features of your home.
Ensure your listing complies with the Fair Housing Act by avoiding language or criteria that may discriminate against certain demographics.
During resident interviews, remain Fair Housing-law compliant—objectively select candidates based on their financial qualifications and employment history.
Conducting interviews and screenings thoroughly protects you as a landlord and creates a better environment for everyone involved.
Create a Rock-Solid Lease Agreement
Lastly, make sure that your property is protected with a rock-solid lease agreement. This document serves as a legally binding contract between you and your tenant. Consider including:
Requirements for rental insurance, which can mitigate your liability.
The terms and conditions regarding the security deposit, including refundable versus non-refundable fees.
Your pet policy: will you allow pets, and if so, what are the stipulations?
Great residential lease agreement templates can be found online, and it might be worth consulting a lawyer to ensure your lease adheres to local laws.
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. You will now need to manage:
Maintenance requests and potential emergency repairs.
Conducting annual inspections and ensuring upkeep of HVAC and appliances.
Collecting rent on time and addressing any overdue payments.
If this sounds like a lot to handle, consider hiring a professional property manager, like Evernest, to oversee your rental property. This can take a significant burden off your shoulders, allowing you to enjoy the benefits of being a landlord without the associated stress.
Conclusion
Becoming a landlord can be a complex process. However, by following these steps, you can successfully navigate the rental process in Toledo, ensuring not only a profitable venture but also a positive experience for both you and your tenants.
Ready to get started? Contact our local team today!
