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 is an important step that can help you assess the property's condition. By clearing the space, you can identify any hidden issues that may have been obscured by your belongings, such as wall scuffs, carpet stains, or minor structural concerns that require attention.
Next, focus on making necessary repairs and updates:
Touch up paint to give the home a fresh look.
Make sure all appliances are in working order.
Ensure that the HVAC system is functional.
Remove all storage items from the site.
The goal is to create a welcoming environment for potential tenants, so attention to detail is key. A well-prepared home not only makes a better impression but also commands a higher rental price. Consider adding small touches that enhance the overall ambiance, such as replacing outdated light fixtures or installing new cabinet hardware. These minor upgrades can significantly elevate the aesthetic appeal of the home and make it more attractive to prospective renters.
Additionally, don’t underestimate the power of curb appeal. The exterior of your home is the first thing potential tenants will see, so ensure that the landscaping is tidy and inviting. Trim overgrown bushes, mow the lawn, and consider adding potted plants or flowers near the entrance. A clean and well-maintained exterior not only sets a positive tone but also signals to potential renters that the property has been cared for, increasing their confidence in choosing your home as their next residence.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, research market rates of rental properties in your area. Familiarize yourself with the local real estate landscape to make informed decisions. You can do so on various platforms, like Facebook Marketplace, Craigslist, and Zillow.
Make sure that you are looking at comparable properties with the same number of bedrooms, bathrooms, and similar amenities. This research will help you set a competitive rental rate and attract quality tenants.
List Your Property & Interview Potential Residents
Now it’s time to capture some high-quality photos of your property and list it for rent online. Presentation is crucial in attracting potential tenants, so invest some time in good lighting and tidy spaces.
Along with your photographs, write an accurate and flattering description of your property while adhering to the Fair Housing Act. This regulation prohibits discrimination based on certain characteristics, so your listing should be inclusive.
Your resident interviews must also be compliant with Fair Housing laws. Avoid making selections based on profiling demographic information; instead, choose candidates based on their financial qualifications and employment history in the area.
Create a Rock-Solid Lease Agreement
Lastly, make sure that your property is protected with a well-crafted lease agreement. This document serves as a vital outline of the terms and conditions under which your tenants will occupy your property.
When drafting your lease, consider the following:
Will you require your residents to have rental insurance?
What are the terms and conditions of the security deposit?
Will you allow pets? If so, what rules will be in place?
You can find great residential lease agreement templates online, providing a solid framework to ensure clarity for both parties involved.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Placing a resident in your home is just the beginning of your day-to-day responsibilities. As a landlord, you are now on the line for responding to maintenance requests from your tenants, conducting annual inspections and upkeep of HVAC and appliances, and collecting rent.
If all this sounds overwhelming, consider hiring a professional property management company. Companies like Evernest specialize in overseeing rental properties and can take care of the daily tasks for you.
Conclusion
By following these steps, you'll be well on your way to effectively renting out your home in Birmingham, ensuring a successful venture into property management.
Ready to get started? Contact our local team today!
