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Have you been asking yourself, "what do I need to do to rent my home?"
Renting out your home can be an exciting adventure, giving you a new stream of income and the chance to benefit from property appreciation. But it does require some careful planning and preparation to make the transition from homeowner to landlord as smooth as possible.
In this blog, we'll walk you through the essential steps needed to successfully rent your home, from understanding the rental market to getting your property rent-ready and attracting quality residents. Let’s get started!
Know the Market
Before you list your property for rent, it’s important to understand the rental market in your area. This knowledge will help you set the right price for your property, attract the best possible residents, and stand out from the competition.
Research Local Rental Rates
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The first step in understanding your market is to determine how much similar properties are renting for in your area.
Utilize Online Tools: Websites like Zillow Rental Manager, Rentometer, Apartments.com, and Realtor.com are fantastic resources for this kind of research. They provide a wealth of information about current rental listings, including prices, features, and how long a property has been on the market. By checking these sites, you can get a good feel for what renters are willing to pay in your neighborhood.
Enlist Local Experts: Local property management companies and real estate professionals possess valuable market data and insights specific to your area, making them a great resource for understanding rental trends and statistics. Consider reaching out to reputable professionals for personalized recommendations and assistance, especially if you hire a management company to oversee your rental property; they will leverage their expertise to ensure your property is competitively priced based on accurate local data and trends.
Consider Market Trends: Take note of whether rental prices are on the rise or decline. If you notice prices increasing, you might have the opportunity to set a higher price than you initially thought. On the flip side, if prices are dropping, you may need to adjust your expectations a bit to attract the right tenants.
Evaluate Competing Properties
Once you understand the bigger picture, it’s time to take a closer look at other rental properties in your area.
Assess Features and Amenities: What do other homes offer that yours might not? Do they have updated kitchens, in-unit laundry, or appealing outdoor spaces? Understanding these differences can help you decide what improvements could make your property more attractive to residents and even warrant a higher rental rate.
Identify Improvement Opportunities: If you find that nearby homes boast amenities your property lacks, think about making some updates. This could range from minor cosmetic changes, like a fresh coat of paint, to more significant renovations, such as upgrading appliances or adding a cozy patio.
Some of the top amenities renters are looking for include:
Outdoor space
Dedicated parking
Updated features and appliances
Quiet neighborhood
Some updates are easy enough to add on or improve, but others are out of your control. At Evernest, we call these irreconcilable defects “white elephants”. If your property has one or two white elephants, it’s important to be aware of them and consider the very real possibility that your property may not rent for as much as other properties in your area.
Ensure Your Home is Rent-Ready
Once you have a good grasp of the market, the next step is getting your home ready for renters.
Cleanliness
First impressions are everything! A clean home not only enhances its appeal but also sets the right tone for the kind of residents you want to attract.
Thorough Cleaning: Make sure every nook and cranny of your home is spotless—this includes carpets, windows, and appliances. If you haven’t done a deep clean in a while, it’s worth hiring a professional cleaning service to help you get everything in tip-top shape.
Ongoing Maintenance: Keeping your home clean should be a priority even after your resident moves in. Consider adding cleanliness guidelines in your lease agreement to help maintain your property’s condition.
Safety
Safety is a top priority when renting out your home. As a landlord, you’re responsible for providing a safe environment for your tenants.
Conduct Safety Checks: Before your property goes on the market, check that smoke detectors work, carbon monoxide detectors are installed, and there are no exposed wires or plumbing issues. Ensure all doors and windows lock securely, and think about adding safety features like outdoor lighting or a security system.
Address Potential Hazards: Look out for any potential hazards, such as loose railings or slippery floors, and address them promptly. Keeping records of the safety measures you’ve implemented can protect you legally in case any issues arise later.
Aesthetic Appeal
The overall look of your home plays a significant role in attracting residents.
Curb Appeal: Remember, first impressions start outside! Keep the lawn tidy, trim bushes, and consider adding some colorful potted plants or flowers. A fresh coat of paint on the front door can work wonders.
Interior Updates: Inside, think about making minor updates that can significantly enhance your home’s appeal. Repainting walls in neutral colors, updating fixtures, and replacing outdated appliances can really help your home shine.
Marketing Your Home
With a rent-ready property, it’s time to effectively market your home and attract potential tenants. However, there are so many options in today’s digital world, and finding the most effective channels can be difficult. We’ve done the research and established ironclad marketing strategies to help countless landlords fill their properties with great residents. Let’s take a look at a few of our top suggestions.
Effective Marketing Strategies
Online Listings: Online sites including Zillow, Trulia, Craigslist, Zumper, and Facebook can be immensely helpful in getting your property seen by the right people. With a well-written, detailed property description and high-quality photos and videos, your property listing is sure to generate some leads.
Word of Mouth: Don’t forget to tap into your personal network! Share your rental listing with friends, family, and colleagues. Word of mouth is a powerful marketing tool that can help you find reliable residents with whom you already have an established level of trust.
Showing Your Home
Getting potential residents to see your property is a critical step in the rental process.
Scheduling Showings: Be flexible with showing times to accommodate different schedules. Hosting open houses can be a great way to attract multiple interested parties at once.
Highlight Key Features: During showings, focus on your property’s best features. Point out recent upgrades, unique amenities, and anything else that makes your home stand out.
Application Process
Once interest is generated, it’s time to manage the application process.
Create a Robust Rental Application: Make sure your rental application form is comprehensive, including personal information, employment history, rental history, and references. You might also want to conduct background and credit checks to thoroughly screen applicants.
Evaluate Applicants: The resident screening process is your most useful tool for securing great residents. Your screening criteria should be clear, fair, and effective. Check out our useful guide to establishing a resident screening process.
The Move-In Process
After you’ve selected the right tenant, the move-in process is your opportunity to lay the groundwork for a positive relationship with your resident. While some landlords assume it’s enough to get the lease agreement signed and let their new residents take it from there, we believe the move-in process is key to a smooth transition.
Documenting Property Condition
Before move-in day, it’s essential to document how your property looks during a walk-through with your new resident.
Conduct a Walk-Through: Tour the property with your new resident and take note of any existing damage. Document this in writing and have both parties sign off to avoid any misunderstandings later. While normal wear and tear are to be expected, more significant damage could be your resident’s responsibility to remedy at move-out. The evidence you have from this initial walk-through goes a long way in avoiding or resolving potential disputes.
Use Visual Documentation: Taking pictures or videos can provide a clear record of your home’s condition before the tenant moves in. This documentation can be another helpful reference if any disputes arise regarding security deposits or property damage.
Move-In Checklist
Creating a move-in checklist can help ensure everything is ready when your tenant arrives and goes a long way in ensuring a smooth and positive move-in experience.
Provide Essential Information: Include important details like how to operate appliances, garbage collection schedules, and any community rules your tenant should know.
Encourage Communication: Let your tenants know they can reach out to you with any questions or concerns. Establishing open lines of communication can lead to a better landlord-resident relationship moving forward.
Final Thoughts: Get Your Property Ready to Rent
There are many things to consider and plan for when preparing a property for residents. From understanding the rental market to ensuring your property is rent-ready, effectively marketing it, and managing the move-in process, each step is vital in attracting great residents and maintaining your property’s value throughout the length of a lease.
At Evernest, we’re dedicated to helping homeowners like you navigate the rental process with ease. If you’re ready to rent your home but aren’t sure where to start, reach out to us today for personalized guidance and support. Our team of experts is here to assist you every step of the way, ensuring a smooth and successful rental experience.
