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 allows you to get an objective view of what needs to be updated. A clean and clear space not only helps in assessing repairs but also makes it easier for potential tenants to envision themselves in the home.
You need to address the following key areas in preparation:
Touch up paint: A fresh coat can make the space more inviting.
Ensure all appliances are in working order: This includes the fridge, stove, dishwasher, and any other included devices.
Check the HVAC system: Functioning heating and cooling are crucial for tenant comfort.
Remove any storage items: Empty spaces feel larger and more appealing to potential renters.
In addition to these tasks, consider enhancing the curb appeal of your property. First impressions matter, and the exterior of your home is the first thing prospective tenants will see. Simple landscaping updates, such as trimming overgrown bushes, planting colorful flowers, or adding a fresh layer of mulch, can create a welcoming atmosphere. Furthermore, ensure that the front door is clean and well-maintained, as it sets the tone for the rest of the home.
Another important consideration is lighting. Bright, well-lit spaces can make a home feel more open and inviting. Replace any burnt-out bulbs and consider adding energy-efficient lighting options that not only save on electricity bills but also appeal to environmentally conscious renters. Additionally, if you have any outdated light fixtures, upgrading them can add a modern touch that enhances the overall aesthetic of the property.
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. This involves looking at similar properties and understanding what they offer. You can do so by checking platforms such as Facebook Marketplace, Craigslist, and Zillow.
Make sure that you are looking at comparable properties in terms of the number of bedrooms, bathrooms, and similar amenities to gauge a fair rent price effectively. Comparing your home to those nearby will help you establish a competitive rate that attracts potential tenants.
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 can significantly impact interest levels in your property. Capture the essence of each room, highlighting unique features and spacious areas.
When writing the description, aim for accuracy and flair without violating any tenets of the Fair Housing Act. Make sure your language is inclusive and welcoming, focusing on the strengths of your property.
During resident interviews, maintain Fair Housing-law compliance. It's crucial that your selection process does not involve profiling based on demographic information. Instead, objectively assess candidates based on their financial qualifications and employment history in the area.
Create a Rock-Solid Lease Agreement
Having a strong lease agreement is vital in protecting both your property and your interests as a landlord. This document outlines the rights and responsibilities of both parties, effectively setting expectations from the start.
Consider including the following elements in your lease:
Rental insurance requirement
Terms and conditions for the security deposit
Pet policies
There are many great residential lease agreement templates available online that can serve as useful starting points for crafting your own agreement.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, this is just the beginning of your day-to-day responsibilities. You will be tasked with answering maintenance request calls from your tenants, conducting annual inspections, and ensuring the upkeep of HVAC and appliances. Additionally, you will be responsible for collecting rent, a task that requires organization and clear communication.
If managing these responsibilities sounds overwhelming, consider hiring a professional property management company. Professional property managers, like Evernest, can oversee your rental property, allowing you to focus on other aspects of your life without the stress of day-to-day management.
Conclusion
By following these steps, you’re setting yourself up for success as a landlord in St. Louis. With careful planning and the right approach, you can turn renting your home into a rewarding experience.
Ready to get started? Contact our local team today!
