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
The first step in renting your property is to get it rent-ready. This means moving all of your furniture and personal belongings out of the home. By doing this, you gain an objective view of what needs updating or repair.
Start by performing a thorough inspection of your home. Here are some key areas to focus on:
Paint: Touch up walls and make sure they are in good condition.
Appliances: Ensure all appliances are in working order.
HVAC: Check that the heating and cooling systems are functional.
Storage: Remove any personal items or clutter from the property.
This thorough preparation will significantly affect how prospective tenants perceive your property and can lead to higher rental rates.
Additionally, consider enhancing the curb appeal of your home. First impressions matter, and a well-maintained exterior can attract more potential tenants. Simple tasks such as mowing the lawn, trimming hedges, and adding some colorful flowers can make a significant difference. If your front door is looking worn, a fresh coat of paint or a new doorknob can create a welcoming atmosphere. Remember, the goal is to make your property feel inviting and well-cared for.
Another important aspect to consider is the safety and security of your home. Ensure that all locks on doors and windows are functioning properly and consider installing a security system if you don’t already have one. This not only protects your property but also provides peace of mind for potential tenants. A safe environment is a top priority for renters, and showcasing these features can make your property even more appealing in a competitive rental market.
Research Rental Rates in Your Market
Understanding the local market is crucial when determining how much to charge for rent. Begin by researching rental rates of properties comparable to yours in the area. Websites such as Facebook, Craigslist, and Zillow offer valuable insights into current market trends.
When researching, look for properties that match yours in:
Number of bedrooms
Number of bathrooms
Amenities, such as parking or laundry facilities
This information will help you set a competitive yet fair rental price for your home.
List Your Property & Interview Potential Residents
With your home ready for renters, the next step is to create an appealing online listing. High-quality photos that highlight your property’s best features are essential. Write an accurate and appealing description, making sure to comply with the Fair Housing Act.
During the resident interview process, it's vital to remain compliant with Fair Housing laws. Avoid making decisions based on demographic profiling; instead, focus on potential tenants’ financial qualifications and employment history in the area.
Create a Rock-Solid Lease Agreement
A solid lease agreement is your first line of defense in protecting your property and setting clear expectations. Within this agreement, you'll outline crucial aspects such as:
Whether you require residents to have rental insurance.
The terms and conditions related to the security deposit.
Pet policies and any relevant house rules.
Consider using professionally drafted residential lease agreement templates available online to ensure you cover all necessary legal bases.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once a resident is in your home, your responsibilities don’t end there; in fact, they’re just beginning! You need to be prepared to:
Respond to maintenance requests from tenants.
Conduct annual inspections.
Handle ongoing upkeep of HVAC systems and appliances.
Collect rent from your tenants and manage late payments.
If all these tasks seem overwhelming, consider hiring a professional property management company like Evernest. This decision can save you time and stress, allowing you to focus on other priorities while ensuring your property is well-maintained and profitable.
Conclusion
Renting your house in San Antonio can be a rewarding venture if you approach it thoughtfully. Following these steps, from preparing your home to managing tenants, will help you succeed in your new role as a landlord.
Ready to get started? Contact our local team today!
