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
The first step in renting out your home is to get it rent-ready. Begin by moving all your furniture and personal belongings out of the house. This allows you to assess the property without distractions and identify what needs updating.
Consider the following points:
Touch up the paint in various rooms to ensure they look fresh.
Check all appliances to confirm they are in working order.
Ensure the HVAC system is functional to maintain a comfortable environment.
Remove any personal items or storage that could detract from the property’s appeal.
By addressing these areas, you can improve your home’s attractiveness and view it from a prospective tenant’s perspective. Additionally, consider enhancing the curb appeal of your property. First impressions matter, and a well-maintained exterior can significantly influence a potential tenant's decision. Simple tasks like mowing the lawn, trimming hedges, and planting colorful flowers can create an inviting atmosphere. If your home has a porch or entryway, adding a new welcome mat or some tasteful outdoor furniture can also make a positive impact.
Moreover, think about the lighting in your home. Bright, well-lit spaces tend to feel more welcoming and spacious. Replace any burnt-out bulbs and consider using higher wattage bulbs in darker areas to enhance visibility. If you have the budget, upgrading to energy-efficient lighting can also be an attractive selling point for eco-conscious renters. Lastly, ensure that all safety measures are in place, such as smoke detectors and carbon monoxide alarms, as these not only protect your tenants but also demonstrate your commitment to their well-being.
Research Rental Rates in Your Market
Understanding rental rates in your area is critical before setting your price. Start by researching market rates for rental properties that are similar to yours. Make sure to explore online platforms such as Facebook Marketplace, Craigslist, and Zillow.
While conducting your research, keep these tips in mind:
Look for comparable properties that feature the same number of bedrooms and bathrooms.
Consider additional amenities and how they may affect rental prices.
Take note of the condition and location of properties since these factors greatly influence market rates.
Once you have a good sense of rental prices in your market, you can set a competitive rate that attracts tenants while also being profitable for you.
List Your Property & Interview Potential Residents
With everything in place, it’s time to list your property online. High-quality photos are a must; they can showcase your home effectively and attract potential residents. Ensure you write an accurate and flattering description of your property that complies with the Fair Housing Act.
As you begin interviewing potential tenants, remember that your selection process must be Fair Housing-law compliant:
Avoid profiling candidates based on demographic information.
Focus objectively on their financial qualifications and employment history.
Be consistent in your application of rental policies to all applicants.
By following these guidelines, you can be confident that you are adhering to the law.
Create a Rock-Solid Lease Agreement
Once you have selected a tenant, it’s essential to protect your property with a solid lease agreement. This document will outline your expectations and the terms of the rental. It’s your chance to clarify important details such as whether you will require residents to have rental insurance.
Consider the following elements when drafting your lease:
Terms and conditions for the security deposit, including its amount and return process
Pet policies, including any restrictions or additional fees for pet ownership
Maintenance responsibilities and procedures for addressing issues that may arise
Utilize lease agreement templates available online to help structure your document, but be sure to tailor it to fit your specific needs and local regulations.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Your responsibilities do not end with placing a tenant; you now have ongoing obligations to ensure everything runs smoothly. Tasks include responding to maintenance requests, conducting annual inspections, and collecting rent. This can be quite an adjustment, especially if you have other full-time commitments.
If managing these responsibilities seems overwhelming, consider hiring a professional property management company. For example, Evernest specializes in overseeing rental properties, taking the stress of day-to-day operations off your shoulders. Doing so may include:
Regular maintenance and repairs
Tenant screening and selection processes
Rent collection and handling late payments
By hiring professionals, you can enjoy the benefits of being a landlord without the hassles that come with it.
Conclusion
Renting out your house in Atlanta can be a lucrative decision when approached strategically. By preparing your property, understanding the market, and adhering to legal guidelines, you can ensure a successful rental experience.
Ready to get started? Contact our local team today!
