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 step is crucial, as it allows you to see your property through the eyes of a potential tenant. By decluttering the space, you also create an open canvas that can help prospective renters envision their own furniture and decor in the home, making it feel more inviting and personalized.
Next, consider making some key updates:
Touch up any paint that looks worn or outdated.
Ensure all appliances are in working order.
Check the functionality of the HVAC system.
Remove all storage items from the property.
A well-prepared home will not only attract more tenants but also command a higher rental price. Taking the time to make your home inviting and functional is a worthwhile investment. Additionally, consider enhancing curb appeal by tending to the landscaping, cleaning the exterior, and ensuring that the entryway is welcoming. A fresh coat of paint on the front door or new house numbers can make a significant difference in the first impression your property makes.
Moreover, think about the little details that can elevate the overall appeal of your home. Simple additions like new light fixtures, updated cabinet hardware, or even a thorough cleaning of carpets and floors can transform the space dramatically. You might also want to stage the home, even if just virtually, to showcase its potential. This can be particularly effective in online listings, where high-quality photos can draw in prospective tenants and set your property apart from the competition.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. Understanding the local rental market is essential for setting a competitive price.
You can do this by browsing websites like Facebook Marketplace, Craigslist, and Zillow. While searching, be sure to look for comparable properties with similar:
Number of bedrooms
Number of bathrooms
Amenities such as parking, outdoor space, or in-unit laundry
Gathering this information will give you a clearer picture of what potential tenants are willing to pay and help you make informed decisions when pricing your home.
List Your Property & Interview Potential Residents
Now it’s time to get some high-quality photos of your property and list it for rent online. Quality images highlight the best features of your home, making it more appealing to prospective tenants.
In addition to professional photographs, make sure that you’ve written an accurate and flattering description of your property. However, be cautious not to violate any tenets of the Fair Housing Act. Fair housing laws are in place to prevent discrimination based on race, color, religion, sex, national origin, disability, and familial status.
Your resident interviews must also comply with Fair Housing regulations. Focus on the applicant's qualifications rather than their demographic characteristics. Select the best candidate 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 rock-solid lease agreement. This document is not just a formal requirement; it's essential for clarifying the terms of tenancy.
In your lease agreement, consider including:
Whether you will require your residents to have rental insurance.
Terms and conditions regarding the security deposit.
Pet policies, if you allow pets, and what rules will apply.
Creating a comprehensive lease will help protect both you and your tenants and set clear expectations from the start.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, remember that this is just the beginning of your day-to-day responsibilities as a landlord. You are now responsible for many tasks, including:
Answering maintenance request calls from your tenants.
Conducting annual inspections.
Upkeep of HVAC systems and appliances.
Collecting rent from your tenants.
If this sounds like a lot to handle, you might want to consider hiring a professional property management company like Evernest. They can oversee your new rental property, allowing you to focus on other priorities without the stress of property management.
Conclusion
Renting out your home in Williamsburg can be a smooth process if you take the right steps. By preparing your home properly, understanding the local market, complying with Fair Housing laws, and creating a solid lease agreement, you can find the right tenant and ensure a positive rental experience.
Whether you manage the property yourself or hire a professional, being well-informed and organized will make all the difference in your journey as a landlord.
Ready to get started? Contact our local team today!
