#1 Do the work and research before you rent
Renting your home is more than just finding a tenant and collecting money; there is research and work that needs to be done before you can list the property and begin the application process. Take a look at a few tips on how to prepare your home for a potential renter.
- Take high-quality photos that are pleasing to the eye and will capture all of the perks and benefits of living in your home.
- Write a great description that highlights your rental property and provides a detailed report that covers all the criteria your listing meets.
- Know where to advertise and be aggressive; take advantage of social media and your online presence.
- Update your home where it is needed and make sure to put your money where it counts (new appliances, fixtures, a fresh coat of paint)
- Clean your home inside and out so that you make an excellent first impression
- Make sure to research your neighborhood comps and price your home fairly/competitively.
Take a look at the following blog for more information on how to prepare your home to rent.
- “5 ways to get a potential renter for your property”
#2 Find a good tenant
Once your home is on the market and the process of bringing individuals into your rental home is in full swing, it is important to find a good tenant that is the right fit. When renting your home, it is essential to remember that the quality of your tenant is directly linked to how they will treat your home and you, as the landlord. The best way to make sure you are getting the right person for your rental home is to be thorough and detailed during the application process.
Have an application process in place that gathers basic information along with details about previous landlords and references. Don’t be afraid to ask for a social security number and signed authorization to pull a credit report and conduct a background check. Check references and contact employers to determine if the person is a good fit for your rental home.
#3 Have a lease agreement in place
Another survival tip for renting your home is to have a lease agreement that is well thought out and provides relevant information. A lease agreement should touch on the following topics
- Lease term
- Security deposit
- Rental due date and amount
- Late charges
- Utilities agreement
- Occupant agreement (number of individuals allowed on the property)
- Repairs (check out Rental Property Checklist)
- Property Maintenance
- Rules of behavior and conduct (parking, noise, destruction of premises)
- Pet policies
- Eviction terms
#4 Get insurance for your home (and require it for your renters)
When renting a property, it is essential to make sure your home and tenants are protected. Often times, a landlord’s insurance will only cover the protection of the physical building, so it is crucial to require your tenants to also have insurance. Renter’s insurance will often include liability coverage and personal property coverage.
Take a look at the following blog for more information about renter’s insurance
- Why it is important to have renter’s insurance
Need help with the process?
At Oak City Properties, we make sure to work with you each step of the way when renting your property. Our full management property service will market the property, locate prospective tenants, and show the home. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
Want to read more about property management services or how to make your investment property POP? Here are a few blogs that may interest you: