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
First, we recommend moving all of your furniture and personal belongings out of the home to get an objective view of what needs to be updated. An empty house allows you to assess repairs and necessary improvements without the distraction of your personal items.
Your next steps should include these tasks:
Touch up paint to refresh the walls.
Ensure all appliances are in working order.
Check the functionality of the HVAC system.
Remove any personal items or storage from the premises.
Taking the time to prepare your home properly will create a positive impression on potential renters and can significantly enhance your property’s appeal in the competitive market.
In addition to these steps, consider enhancing your home’s curb appeal, as first impressions begin at the front door. Simple tasks such as mowing the lawn, trimming hedges, and planting colorful flowers can make a big difference. A clean and inviting exterior not only attracts potential renters but also sets the tone for what they can expect inside. Furthermore, consider power washing the driveway and sidewalks to remove any grime or stains that have accumulated over time, giving your home a fresh and well-maintained appearance.
Lastly, staging the home can play a crucial role in showcasing its potential. If possible, consider renting furniture or using virtual staging tools to create a welcoming atmosphere that helps renters envision themselves living in the space. Highlighting key features, such as a spacious kitchen or a cozy living room, can make your property stand out even more. Remember, the goal is to create an environment that feels both functional and inviting, allowing prospective tenants to imagine their lives unfolding within those walls.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. You can do this through various platforms, including Facebook Marketplace, Craigslist, and Zillow.
As you gather data, pay attention to these key points:
Look for comparable properties with the same number of bedrooms and bathrooms.
Note any additional amenities that are included in the rental price, like parking or laundry facilities.
Consider seasonal fluctuations in rental prices to optimize your income.
By understanding the rental market, you can set a competitive price that attracts quality tenants, while still maximizing your earnings as a landlord.
List Your Property & Interview Potential Residents
Now it’s time to get some high-quality photos of your property and list the property for rent online. Professional photos can significantly enhance your online listings, making your property stand out in a crowded marketplace.
While writing your property description, ensure it is accurate and flattering while complying with Fair Housing Act regulations. Avoid language that could be perceived as discriminatory. When interviewing potential residents, stay objective and base your selection on financial qualifications and employment history. Refrain from making selections based on demographic profiling to remain compliant with Fair Housing laws.
Create a Rock-Solid Lease Agreement
Lastly, protect your investment with a rock-solid lease agreement. This legal document is crucial as it outlines the terms of the lease and is binding for both you and your tenants.
Consider including the following elements in your lease:
Requirements for tenants to hold rental insurance
Terms and conditions regarding the security deposit
Rules surrounding pets, including whether they are allowed and any fees associated
Using a template can guide you in creating a comprehensive contract, but it’s wise to consult a legal professional to tailor it to your specific needs and ensure compliance with local laws.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, this is just the beginning of your day-to-day responsibilities. As a landlord, you’ll be responsible for:
Answering maintenance requests from your tenants
Annual inspections and upkeep of HVAC systems and appliances
Collecting rent and managing other financial aspects of the tenancy
If all these duties seem overwhelming, consider hiring a professional property management company. Companies like Evernest can provide the expertise and support to effectively oversee your rental property, allowing you to focus on other aspects of your life while ensuring your investment is well managed.
Conclusion
Renting your home in Kansas City requires careful preparation and decision-making. By following these steps and seeking help when necessary, you can navigate the rental process successfully and reap the rewards of being a landlord.
Ready to get started? Contact our local team today!
