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. This step is crucial, as it allows you to get an objective view of what needs updating or fixing. You may want to consider doing the following:
Touch up the paint to give your home a fresh appearance.
Ensure all appliances are in working order.
Check that your HVAC system is functional.
Remove any storage items from the site to present a clean space.
In addition to the initial preparations, consider enhancing the curb appeal of your property. First impressions matter, and the exterior of your home is the first thing potential tenants will see. Simple tasks such as mowing the lawn, trimming hedges, and planting colorful flowers can make a significant difference. If your front door is looking worn, a fresh coat of paint or a stylish new handle can also create a welcoming atmosphere. You might even want to add outdoor lighting to highlight the entryway, making it more inviting during evening viewings.
Lastly, staging the home can be an effective strategy to attract renters. While you may have already removed your personal belongings, consider adding a few tasteful decorative items to create a warm and inviting environment. A well-placed rug, some neutral artwork, or a few potted plants can breathe life into the space. This not only makes the home feel more lived-in but also allows prospective tenants to imagine how their own furniture and decor would fit into the space, making it easier for them to picture themselves living there.
Research Rental Rates in Your Market
Before you list your property, it's essential to understand how much you can charge for rent. To get a sense of the going rates in your area, start by researching the rental properties available. You can use online platforms like Facebook, Craigslist, and Zillow to gather information.
As you assess rental pricing, look specifically at properties that are comparable to yours. Pay attention to:
Number of bedrooms and bathrooms
Similar amenities like parking, outdoor space, and appliances
Location relative to schools, work, and entertainment
This research will help you set a competitive and attractive rental price that aligns with the market while fostering a successful rental experience.
List Your Property & Interview Potential Residents
Now that you're prepared, it’s time to showcase your property. Begin by capturing high-quality photos that highlight the best features of your home. Once you have great visuals, you can list your property for rent online.
Be sure to craft an accurate and flattering description of your property. It’s crucial to ensure that your listing complies with the Fair Housing Act, avoiding any language that could be seen as discriminatory. When you interview potential residents, remember:
Stay compliant with Fair Housing laws.
Avoid making selections based on demographic profiling.
Focus on financial qualifications and employment history.
This objective approach will help you identify the most suitable tenants for your property.
Create a Rock-Solid Lease Agreement
A crucial step in becoming a landlord is creating a comprehensive lease agreement. This document will protect you and your property while defining the expectations for your tenants. Important factors to include are:
Whether residents will be required to have rental insurance
The terms and conditions regarding the security deposit
Your pet policy
Leverage available residential lease agreement templates online to get started. Customizing this document to fit your needs can help minimize disputes and clearly outline responsibilities for both parties.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, the journey is only beginning. You’ll have a new variety of day-to-day responsibilities, including:
Responding to maintenance requests from tenants.
Conducting annual inspections and maintenance for appliances and the HVAC system.
Collecting rent on a timely basis and managing late payments as they arise.
If these tasks appear overwhelming, consider the benefits of hiring a professional property management company, like Evernest. An experienced management team can oversee all aspects of your rental property, ensuring a smooth operation and alleviating the stress of being a landlord.
Conclusion
Renting out your home in Memphis can be a fulfilling process with the right preparation and understanding. By following these steps, you can ensure that you are ready for the responsibilities and challenges of being a landlord. Whether you choose to manage the property yourself or partner with a property management company like Evernest, you'll be setting up a path for success as a rental property owner.
Ready to get started? Contact our local team today!
