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
Preparing your home for rental is a crucial step that can significantly affect your ability to attract quality tenants. 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. This process not only allows you to assess the space more accurately but also helps potential tenants envision their own furniture and decor in the home, making it feel more inviting and personal. Consider the following tasks:
Touch up any scuff marks on the walls with fresh paint.
Ensure that all appliances are in working order.
Verify that the HVAC system is functional.
Ensure there is no personal storage left on site.
By taking the time to make these improvements, you can enhance the appeal of your property and make it more competitive in the rental market. Additionally, consider enhancing the curb appeal of your home. Simple tasks like mowing the lawn, trimming hedges, and planting colorful flowers can create a welcoming first impression. A well-maintained exterior not only attracts potential tenants but also reflects your commitment to maintaining the property, which can lead to longer lease agreements and more responsible tenants.
Moreover, think about the little details that can make a big difference. Installing modern light fixtures, updating cabinet hardware, or adding a fresh welcome mat can create a sense of warmth and care. These small upgrades can set your rental apart from others on the market, making it more appealing to prospective renters who are looking for a place that feels like home. Remember, the goal is to create an environment that tenants can see themselves living in comfortably for years to come.
Research Rental Rates in Your Market
To set an appropriate rental rate for your home, it’s essential to research rental rates of similar properties in your area. Start by using online platforms such as Facebook Marketplace, Craigslist, and Zillow to gather information.
As you analyze the rental market, consider the following:
Look for rental properties with the same number of bedrooms and bathrooms.
Compare amenities, such as a garage, outdoor space, or modern appliances.
Assess the condition of comparable properties.
Understanding these factors will help you determine a competitive yet fair rental price for your home.
List Your Property & Interview Potential Residents
Once you’re ready to rent, it’s time to take professional-quality photos of your property and list it for rent online. A compelling online presence can attract more potential residents. Be sure to write an accurate and flattering description of your property.
Always ensure that your listing does not violate the Fair Housing Act. Furthermore, your resident interviews must also comply with Fair Housing laws. It’s important to:
Avoid selection based on profiling demographic information.
Objectively choose the best candidate based on financial qualifications and employment history.
This approach ensures a fair selection process and helps you find a responsible tenant.
Create a Rock-Solid Lease Agreement
A comprehensive lease agreement is vital to protect your property and define the parameters of the landlord-tenant relationship. This is your opportunity to outline crucial aspects like rental insurance requirements and the terms and conditions for the security deposit.
Consider the following when drafting your lease agreement:
Will you allow pets in your home? If so, what rules will apply?
What are your policies regarding maintenance and repairs?
Specify the duration of the lease and the process for renewal.
Residential lease agreement templates online can provide a helpful starting point for ensuring all necessary terms are included.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve successfully placed a tenant in your home, be prepared for a new set of responsibilities. You are now on the line for handling maintenance requests, conducting annual inspections, and collecting rent.
If managing these tasks sounds overwhelming, consider hiring a professional property management company like Evernest. A property manager can oversee daily operations, ensuring that the property is maintained and tenant concerns are promptly addressed.
Conclusion
Renting out your home in Charlotte involves careful preparation, research, and management. By following these steps, you can turn your property into a profitable rental while ensuring a smooth experience for both you and your tenants.
Ready to get started? Contact our local team today!
