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 preparing your home for rent is making it appealing to potential tenants. To do this, we recommend moving all of your furniture and personal belongings out of the home. This will give you an objective view of what needs to be updated.
Begin by assessing your home's condition. Here are some important tasks:
Touch up or repaint walls as needed to give a fresh look.
Check that all appliances are in working order.
Ensure the heating and cooling systems are functional and well-maintained.
Remove any personal storage from the premises.
In addition, consider enhancing the curb appeal of your property. First impressions matter, and a well-maintained exterior can significantly influence a potential tenant's decision. Mow the lawn, trim any overgrown bushes, and add some colorful flowers or plants to create an inviting atmosphere. A fresh coat of paint on the front door can also make a striking difference, signaling that the home is well cared for and ready for new occupants.
Furthermore, think about the small details that can elevate the overall appeal of your home. Simple upgrades like new light fixtures, updated cabinet hardware, or modern faucets can make a significant impact without breaking the bank. Lastly, consider conducting a deep clean of the entire property, including carpets and windows, to ensure everything sparkles. This attention to detail not only enhances the aesthetic but also demonstrates to potential tenants that you take pride in your property, making them more likely to treat it with respect during their tenancy.
Research Rental Rates in Your Market
Understanding the rental rates in your market is crucial for pricing your property competitively. To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. You can do so on various online platforms, including Facebook Marketplace, Craigslist, and Zillow.
Make sure that you are looking at properties with similar characteristics, such as the same number of bedrooms, bathrooms, and amenities. This research will help you determine a fair rental price that attracts tenants while also ensuring a profitable return for you.
In addition to online platforms, consider reaching out to local real estate agents who specialize in rental properties. They can provide valuable insights into the current market trends and help you understand the nuances of your neighborhood. Real estate professionals often have access to data that isn't readily available to the public, such as average days on the market for rentals and seasonal fluctuations in demand. This information can be invaluable as you set your rental price.
Furthermore, pay attention to local economic indicators that may influence rental rates, such as job growth, population changes, and new developments in the area. For instance, if a new tech hub or university is opening nearby, you might see an influx of potential renters, which could justify a higher rental price. Conversely, if there are significant layoffs or a downturn in the local economy, you may need to adjust your expectations accordingly. Keeping an eye on these factors will not only help you set a competitive price but also position your property for long-term success in the rental market.
List Your Property & Interview Potential Residents
Once you have determined an appropriate rental price, it’s time to list your property. Make sure to invest in high-quality photos that showcase your home’s best features. An eye-catching online listing will attract more potential residents.
Additionally, writing an accurate and flattering description of your property is essential. Ensure that your description complies with the Fair Housing Act, focusing on the property's features rather than demographics.
When interviewing potential residents, it’s critical to adhere to Fair Housing laws. Avoid selecting tenants based on demographic profiling. Instead, objectively evaluate candidates based on their financial qualifications and employment history, ensuring they are a good fit for your rental property.
Create a Rock-Solid Lease Agreement
A well-drafted lease agreement is your protection as a landlord. This document outlines the terms and conditions of the rental arrangement. Here are key points you should include:
Decide if you will require your residents to maintain rental insurance.
Clearly state your terms regarding the security deposit, including how much it is and when it is due.
Specify if pets are allowed and any rules that will exist if you do permit them.
Great residential lease agreement templates can be found online, which can help ensure that your lease is comprehensive and legally sound.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, your responsibilities as a landlord are just beginning. These include managing maintenance requests, conducting annual inspections, ensuring HVAC and appliances are functioning properly, and collecting rent.
If the demands of being a landlord seem overwhelming, consider hiring a professional property management company to oversee your rental property. A company like Evernest can provide expert assistance, helping you manage the various aspects of tenant relations and property upkeep.
Conclusion
Becoming a landlord can be a complex process. However, by taking these steps and being informed about your responsibilities and options, you can successfully rent your house in Houston and turn your property into a profitable investment.
Ready to get started? Contact our local team today!
