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.
Introduction
There are many reasons why you might determine that you need to rent out your house. Perhaps you’ve accepted an exciting job opportunity in another city, or you want to move closer to family. While this could be a significant lifestyle change, you’re not alone. For many first-time landlords, the process can be tumultuous, filled with legal obligations, financial implications, and the emotional weight that comes with renting out a beloved home.
Fortunately, at Evernest, we’ve helped thousands of landlords navigate this journey. We understand the ins and outs of the rental business, and we’re here to guide you every step of the way as you transition your property into a rental space and profitably lease it to tenants.
Renting out your home can also be an opportunity for financial growth. By turning your property into a rental, you can generate a steady stream of income that can help cover your mortgage payments, property taxes, and maintenance costs. This additional revenue can be particularly beneficial if you find yourself in a new city with higher living expenses or if you want to invest in future real estate opportunities. Moreover, as property values increase over time, you may find that your rental property appreciates, providing you with significant equity that can be leveraged for future investments or financial goals.
However, the journey of becoming a landlord is not without its challenges. Understanding the local rental market is crucial; factors such as location, property condition, and tenant demographics can significantly influence your rental strategy. Additionally, you will need to familiarize yourself with landlord-tenant laws and regulations in your area to ensure compliance and protect your investment. This knowledge will empower you to make informed decisions about lease agreements, security deposits, and tenant rights, leading to a smoother rental experience and a more successful landlord-tenant relationship.
Get Your Home Rent-Ready
Preparation is key to attracting the right tenants. First, 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 or repaired. Take a critical look at the property’s condition and consider the following:
Touch up any paint that shows wear and tear.
Ensure all appliances are in working order.
Check that your HVAC system is functional and well-maintained.
Remove any storage items or personal effects from the space.
Making these updates can significantly increase your home's appeal and allow prospective tenants to envision their lives there. Additionally, consider enhancing the curb appeal of your property. First impressions matter, and a well-maintained exterior can make a lasting impact. Simple tasks like mowing the lawn, trimming hedges, and planting colorful flowers can create an inviting atmosphere. If your front door is looking worn, a fresh coat of paint or a new doorknob can also make a significant difference.
Furthermore, don’t underestimate the power of cleanliness. A deep clean of the entire home, including carpets, windows, and appliances, can create a fresh and welcoming environment. Consider hiring professional cleaners if the task feels overwhelming. A spotless home not only looks more appealing but also gives the impression that it has been well cared for, which can reassure potential tenants about the quality of their future living space.
Research Rental Rates in Your Market
Understanding the market is crucial in determining the right rental price for your property. Start by researching the rental rates of properties similar to yours in the area. You can gather this information from various online platforms, such as Facebook Marketplace, Craigslist, and Zillow.
When comparing properties, ensure they are of similar size, including the number of bedrooms and bathrooms, and have comparable amenities. This will help you set a competitive yet fair rental price that appeals to prospective residents.
List Your Property & Interview Potential Residents
After determining your rental rate, it’s time to list your property. High-quality photos can showcase its best features and help attract potential tenants. When creating your listing, include an accurate yet flattering description that highlights the unique aspects of your home. However, make sure you comply with the Fair Housing Act and avoid any language that could be considered discriminatory.
As you begin interviewing potential residents, remember to adhere to Fair Housing laws during the selection process. Focus on factors like:
Financial qualifications
Employment history
References from previous landlords
By objectively evaluating candidates based on these criteria, you can select the best tenant for your property while adhering to the law.
Create a Rock-Solid Lease Agreement
Your lease agreement is the cornerstone of the landlord-tenant relationship. It serves to protect your property and clarify expectations. Key components to consider include:
Whether tenants are required to have rental insurance
The terms and conditions surrounding the security deposit
Policies regarding pets, including any specific rules or breed restrictions
Using reliable residential lease agreement templates available online can help you create a comprehensive contract that covers your needs and adheres to local laws.
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, your role as a landlord has just begun. Responsibilities will include responding to maintenance requests, conducting annual inspections, ensuring appliances function correctly, and collecting rent.
If you find these tasks overwhelming or time-consuming, it may be wise to consider hiring a professional property management company. Organizations like Evernest specialize in overseeing rental properties, allowing you to breathe easier knowing that experienced professionals are managing your investment.
Conclusion
By following these steps and seeking guidance, you can navigate the process of renting out your house in Austin confidently. Prepare diligently, stay informed, and choose the right paths to make your landlord experience a positive one.
Ready to get started? Contact our local team today!
