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. A clean slate allows you to assess how inviting your house is for potential tenants. This process not only helps you visualize the space better but also gives you the opportunity to deep clean every corner of the home, ensuring that it is spotless and ready for new occupants. Consider hiring a professional cleaning service to tackle areas that may have been neglected, such as carpets, windows, and behind appliances.
Touch up paint: Make sure the walls are in good condition; a fresh coat of paint can go a long way in making a residence appealing. Opt for neutral colors that can easily blend with various decor styles, allowing potential tenants to envision their own personal touches.
Check appliances: Ensure that all appliances are in working order, from the refrigerator to the washer and dryer. If any appliances are outdated or malfunctioning, consider replacing them with energy-efficient models that not only attract tenants but also save them money on utility bills.
Maintain HVAC: A functional heating and cooling system is essential for tenant satisfaction. Schedule a professional inspection to ensure that everything is running smoothly, and replace filters to improve air quality and efficiency.
Remove clutter: Clear out any storage to highlight the available space and maximize its visual appeal. This not only makes the home feel larger but also allows potential tenants to see the full potential of each room.
By making these updates, you’ll make your home more attractive to potential investors, increasing your rental odds. Additionally, consider enhancing the curb appeal of your property. Simple landscaping improvements, like trimming hedges, planting flowers, or even a fresh mailbox, can create a welcoming first impression. Remember, the exterior is just as important as the interior; it sets the tone for what tenants can expect inside. Investing a little time and effort into these details can significantly impact your rental success.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, start by researching market rates of similar rental properties in your area. Proper pricing can mean the difference between finding tenants quickly or letting your house sit empty.
You can do this by exploring various platforms such as Facebook Marketplace, Craigslist, and Zillow to see competing listings. Pay attention to:
The number of bedrooms and bathrooms
The age and condition of the property
Additional amenities, like parking, outdoor space, or laundry facilities
Understanding the local rental landscape will give you a solid foundation for pricing your home accurately.
List Your Property & Interview Potential Residents
Now it’s time to get high-quality photographs of your property and list it for rent online. Invest in professional photography to really showcase your home and make it stand out.
After you have a listing, write an accurate and flattering description of your property. Ensure you adhere to the stipulations of the Fair Housing Act and keep your language inclusive.
During the interview process, remain Fair Housing-law compliant. Avoid making selections based on profiling or demographic information. Instead, focus on:
Financial qualifications
Employment history
Referrals from previous landlords
By sticking to these guidelines, you set yourself up for a positive and legal tenant selection process.
Create a Rock-Solid Lease Agreement
Finally, make sure that your property is protected with a rock-solid lease agreement. This is your opportunity to outline clear expectations for your tenants.
Consider including policies such as:
Requirements for tenant rental insurance
Terms and conditions regarding security deposits
Pet policies, including potential additional fees or restrictions
Using residential lease agreement templates available online can simplify this step. Making your expectations clear upfront will foster a smoother landlord-tenant relationship.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve successfully placed a resident in your home, this is just the beginning of your responsibilities as a landlord. You are now accountable for a range of day-to-day operations that can become overwhelming.
Responsibilities include:
Responding to maintenance requests
Conducting annual property inspections and upkeep of HVAC systems
Collecting rent in a timely manner
If this sounds overwhelming, consider hiring a professional property manager, like Evernest, to oversee your new rental property. This can give you peace of mind and allow you to focus on other important aspects of your life.
Conclusion
Becoming a landlord can be a complex process filled with challenges. However, by following these steps, you can rent your house in Fort Collins with confidence and success.
Ready to get started? Contact our local team today!
