Are you thinking ‘I want to rent my house’? Are you unsure of the steps or where to start? Then you are a property owner transitioning into a landlord state of mind. Landlord responsibilities are different from those of a private homeowner. Your rental property is a product to take to market similar to a business operation. You are now in the business of renting out your house. Step by step, you can get your house ready-for-rent.
Take a step back and ask yourself what market-level and type of tenant are you aiming for.
To attract high-quality tenants it is essential to upgrade your rental property to a best-in-class standard. The quality of your rental property will reflect the rental value. Once you have taken the steps to get your rental property prepared as premium rental space, it’s time to advertise the property to your chosen market.
Selecting the best tenants for your rental is vital therefore opt for a thorough tenant screening. Picking good tenants will improve property maintenance, a responsibility for landlords to manage year-round. Making sure you have an airtight lease is imperative to cover legal requirements impacting tenant-landlord relationships. Preparing for any roadblocks such as tenant evictions or costly maintenance gets you a step closer to being rent-ready.
Finally, you may consider the services of a property manager to handle the day-to-day responsibilities of maintaining your property and handling tenant-landlord communications. Property maintenance can be stressful. Landlord-tenant relationships can be complicated. Property managers with the expertise to handle these areas offer peace of mind and can save you time and money.
Rental properties have requirements to be safe, clean and amenable for prospective tenants. Before listing, do a thorough assessment of your property. Identify any necessary repairs or improvements required to make your property more appealing to the best tenants.
When preparing your property for rent it is best to provide a clean, spacious and modern space. This includes providing well-lit spaces with neutral color schemes. Free up space by decluttering. Clutter can make space look smaller and less valuable. Consider value-adding home improvements such as quality flooring or upgrading the most used rooms, your kitchen or bathroom.
When you think ‘I want to rent my house’, don’t get personal with taste. Your decor should appeal to the broadest range of tenants possible therefore keep spaces simple avoiding design fads. A big consideration when getting your property ready for rent is whether to provide it furnished or unfurnished. Furnished properties can add 10-20% more on rental income and help you find quality tenants. A fully furnished property includes providing appliances and amenities. To bring about a luxurious feel and position your house as such, invest in top spec appliances. Added features such as security systems and heating and cooling systems are an investment that can pay dividends in the medium-term.
The potential rental yield of your property is a key figure for landlords to determine. This can be estimated by knowing your rental market and researching competitors in your area. Every city and every neighborhood can vary. In New York City, for example, the rental market is very unique.
Location can often influence the value of a property. Take time to get-to-know the area your property is located in and local amenities that will increase value. Factor in the range of bonus features you are offering in your property such as washer-dryers that can increase rental value. A professional property manager who has knowledge of the market where your property is located can offer prices guided by comparable properties in the area.
When you are thinking ‘I am ready to rent my house’, the way in which you advertise it also requires attention. Quality listings are required along with high-quality photographs of your property staged in it’s best light. Tenants seek bright and spacious properties, make sure you have adequate lighting with well laid out rooms opening up space. You may opt to advertise your property on a free listings site or through a property manager. A property manager will generate leads through social media, their advertising platforms, and multiple listings.
Now you’ve advertised your property it’s time to find a tenant. To find great tenants it’s essential to employ a tenant screening. Effective tenant screenings should include credit checks, criminal background check, documentation of income and employment, and references from previous landlords. When preparing your property for viewing, attract the best tenants by making sure your property is exceptionally clean and smells pleasant.
It pays to get your paperwork in order. Protect your rights as a landlord and property owner with a signed lease agreement. For a legally compliant lease agreement, we recommend the services of a property manager or an attorney. A strong lease agreement that works in the interests of yourself, your property and your tenant should include:
The following factors can lead to a formal eviction process:
Managing and maintaining your property is a full-time commitment. When it comes to maintaining your property to a high standard, you’ll have to look into regular property maintenance, upgrades, repairs, and home improvements. Self-managing this part of the landlord relationship can be demanding. Outsourcing this work to reputable a property manager can improve the performance of your property and landlord services to tenants.
Blueground prioritizes cleanliness and maintenance at all of our high-quality properties. If you’re thinking ‘I want to rent my house’ and find out how we maintain our properties to maximize profits, we’d love to hear from you.