How to Rent Out Your House Like a Pro in 12 Steps?
Are you planning to move out of your home without putting it on the market for sale? Wondering if you can still leverage some income from it instead of leaving it empty? Well, yes, renting out your home is a good solution.
Whether it is your first time or the fifth, there's always some mistake that leaves you in regret. Therefore, to make sure you make informed decisions, here are some tips for renting your property.
Ultimate Guide to Renting Your House in 12 Easy Steps
To help you rent your house like a pro, here are some easy steps to follow:
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Evaluate First
The first thing you should do when renting your house is to evaluate it. This includes having an open and sincere discussion with your family and yourself. Before searching for how to rent out your house, ask yourself these questions:
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Are you sure that you won't require the house in the upcoming years for your family or yourself?
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How is the state of your house?
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Does your area have a robust rental market?
Renting could be a great choice if you don't need your home for a while and if the market is promising. If your property is in good condition, you can expect a good income.
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Repairs and Updates
Before renting out your house, make sure your property is up to date. Residents are more likely to respect and take care of a home that is kept up. If more than just painting and freshening is needed, you'll need to find a reliable contractor who can do the job by the predetermined deadline. When making repairs and updates, make sure to check the latest trends and designs.
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Determine Your Rent Price
Before knowing how to rent out your house, it is crucial to determine your rent price. This decision shouldn't be a hassle, instead, one needs to be mindful. Setting a rent price too low could cause a landlord to miss out on potential profits. However, setting a rent price too high could lead to a greater vacancy rate if good renters search for a home.
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Advertise for Renting
Advertising plays a huge role when it comes to renting a house like a pro. Effective marketing makes the difference between a successful and a losing investment. It also draws in superior tenants who will value your house as much as you do. When advertising, make sure you present your house in the best manner.
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Good Agent/Broker
Marketing your home on your own isn't easy since it is more complicated than you might think. But worry not! This is where a good agent or broker comes in for help. To discover a broker if you don't already have one, opt for word-of-mouth or search online. However, when searching online, make sure you don't fall for reviews or ratings alone.
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Check Every Tenant
Before renting out your house, add the task of checking every tenant as mandatory in your becoming a landlord checklist. This includes details on their criminal, credit and eviction histories. For more details, you can also include contacting previous landlords as references. This may take a little time, but it is helpful if you want to stay away from problems.
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Select Renters
Once you find a tenant with no red flags, you can consider selecting them. However, don't just select tenants based on their screening results. Make sure your desired tenant also meets your income requirements. Also, allow them to access their whole lease agreement online, pay rent, and file maintenance tickets.
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Research Tenant-Landlord Laws
As a landlord, make sure you understand tenant-landlord laws thoroughly. For instance, you are not allowed to treat potential tenants differently based on their race, colour, religion, family status, sex, or disability. This law falls under the Federal protections for tenants- the Fair Housing Act of 1968. From tenant screening to lease agreements, make sure you adhere to these regulations.
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Determine Your Lease Renewal Process
Landlords expect tenants to inform them of their intention to renew at least 60 to 90 days before the lease's expiration. The lease normally becomes month-to-month at the going rate if no notice is given. However, this depends on the landlord's inclination and local rules about lease renewals. Besides, if you have more than one rental property, then manually record everything, such as maintenance requests or lease reminders.
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Lawyer-Approved Lease Agreement
Your rental lease agreement is the core foundation of your rental property. It will outline the expectations that both you and your tenant are legally obligated to meet, including all laws, restrictions and disclosures related to your rental property. But it's crucial to make sure your lease doesn't violate any federal, state or municipal rental rules. So when renting your home, don't forget to add this step to your “becoming a landlord checklist”.
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Landlord Insurance
To rent your house like a pro, don't make the mistake of avoiding your landlord's insurance. Purchasing landlord insurance is a great way to safeguard oneself as a landlord. This kind of coverage is ideal for landlords who rent out their homes. However, there are several coverage options to choose from. The best part is that all plans offer protection against liability, income loss and property damage.
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Build a Strong Relationship
Last but not least, building a solid landlord-tenant relationship is essential to a successful tenancy. This can be maintained by promptly answering their inquiries, taking care of maintenance concerns right away and protecting their privacy. Having a positive relationship with your renters will foster a positive relationship and enhance the likelihood that they will renew their lease. Additionally, it will reduce turnover and high vacancy rates.
It's Time to Increase Your Income Streams
At CityProp, we are the leading real estate company in Bangalore. Our professionals are highly skilled and certified real estate experts. In addition to having in-depth knowledge, we also provide valuable tips for renting your property.
Being certified real estate experts, we can assist you with renting your property to the best tenants and at the best price. You don't have to invest your lifelong savings with us since we keep our charges affordable.
