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 the rental process is to prepare your home for potential tenants. Start by moving all of your furniture and personal belongings out of the home so you can get an objective view of what needs updating. A clean, empty space allows you to identify areas that require attention.
Here are some key considerations while preparing your home for rent:
Touch up the paint to make the property look fresh and inviting.
Ensure that all appliances are in working order.
Confirm that the HVAC system is functional.
Remove any storage items from the premises.
In addition to these essentials, consider enhancing the curb appeal of your property. First impressions are crucial, and a well-maintained exterior can significantly influence a potential tenant's perception. Simple tasks such as mowing the lawn, trimming hedges, and planting colorful flowers can make a big difference. If your home has a porch or patio, adding some outdoor furniture can create a welcoming atmosphere that invites prospective renters to envision themselves living there.
Furthermore, don’t underestimate the power of deep cleaning. While it may seem tedious, thoroughly cleaning carpets, windows, and surfaces can elevate the overall appeal of your home. Consider hiring professional cleaners if the task feels overwhelming. A spotless environment not only looks better but also gives the impression that the property has been well cared for, which can reassure tenants about their potential new home.
Research Rental Rates in Your Market
Understanding the rental market in Chattanooga is crucial to setting a competitive rent price. Begin by researching the rates of similar rental properties in your area. Use online platforms like Facebook Marketplace, Craigslist, and Zillow for insights into current market conditions.
As you gather data, focus on comparable properties with similar characteristics, particularly:
Number of bedrooms
Number of bathrooms
Available amenities, such as a garage, yard, or in-unit laundry
This research will provide a reasonable price range for your rental and ensure you're competitive while maximizing your property’s potential returns.
List Your Property & Interview Potential Residents
After preparing your home and researching the market, it’s time to create an appealing listing. High-quality photos are essential, so consider hiring a professional photographer or using natural light to showcase your property.
When crafting your property description, be sure to:
Highlight unique features and amenities.
Provide accurate information about the property.
Ensure compliance with the Fair Housing Act, avoiding discriminatory language.
During the interview process with potential residents, maintain Fair Housing Act compliance. Evaluate candidates based on their financial qualifications and employment history without resorting to demographic profiling in your selection process.
Create a Rock-Solid Lease Agreement
One of the most vital steps in the rental process is drafting a comprehensive lease agreement that protects both you and your tenant. This document will serve as the foundation of your landlord-tenant relationship.
Consider including the following elements:
Requirement for tenant rental insurance
Terms and conditions for the security deposit
Whether or not pets are allowed and any associated rules
You can find excellent residential lease agreement templates online to guide you through this process, ensuring you cover all necessary legal bases.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve successfully placed a resident in your home, remember that this is just the beginning. As a landlord, you will inherit daily responsibilities, including:
Managing maintenance requests
Conducting annual inspections
Maintaining HVAC and appliances
Collecting rental payments
If this sounds overwhelming, consider hiring a professional property management company. They can handle these tasks efficiently, allowing you to relax and enjoy the benefits of your investment. Companies like Evernest specialize in overseeing rental properties and can provide the expertise you need to succeed.
Conclusion
By following these steps, you will position yourself for a successful rental experience in Chattanooga. Whether you choose to manage the property yourself or enlist professional help, careful preparation and thorough research are key to becoming a profitable landlord.
Ready to get started? Contact our local team today!
