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

The first step is to make your home as appealing as possible to potential tenants. Start by moving out all your furniture and personal belongings from the property. This allows you to view your home objectively and identify what improvements you need to make.

Take a good look at the walls and touch up any paint that has chipped or faded. Ensure that all appliances are in working order and check that the HVAC system is functional. An important detail that is often neglected is the state of cleanliness; a clean home presents better and can make a significant difference in attracting quality tenants. Also, ensure that there is no personal storage left on-site, as this will help tenants visualize their own belongings in the space.

In addition to these steps, consider enhancing the curb appeal of your property. First impressions matter, and the exterior of your home is the first thing potential tenants will see. Mow the lawn, trim overgrown bushes, and add some colorful flowers or plants to create an inviting atmosphere. If your front door looks worn, a fresh coat of paint can work wonders, making the entrance feel welcoming and well-maintained. Don’t forget to clean the windows, as sparkling glass can brighten the entire home and allow natural light to flood in, making the interior feel more spacious.

Furthermore, think about the small details that can elevate the overall appeal of your home. Simple upgrades, such as modern light fixtures or new cabinet hardware, can give the space a fresh look without breaking the bank. If your home has outdoor space, consider staging it with patio furniture or a grill to showcase its potential for relaxation and entertainment. These thoughtful touches can help potential tenants envision themselves living in the space and set your rental apart in a competitive market.

Research Rental Rates in Your Market

Understanding the rental market in your area is crucial for setting the right price for your property. Start your research by looking at comparable rental listings in your neighborhood. Websites like Facebook Marketplace, Craigslist, and Zillow provide listings that can give you a solid indication of rental rates.

Pay attention to the specifics: how many bedrooms and bathrooms do these properties have? What amenities are included? By comparing your home with similar properties, you can set a competitive price that reflects the market rate. Remember, pricing your home too high can result in longer vacancy periods, while pricing it too low can negatively impact your returns.

List Your Property & Interview Potential Residents

Once you've set a competitive rental price, it's time to list your property. High-quality photographs are essential; they should highlight the best features of your home. Consider hiring a professional photographer or using a high-resolution camera to capture appealing images.

Your property description should be accurate and engaging. It’s important to avoid violating any provisions of the Fair Housing Act. When it comes to interviewing potential residents, adhere strictly to Fair Housing laws. Avoid any form of discrimination and select candidates based on their financial qualifications and employment history, ensuring a fair and objective decision-making process.

Create a Rock-Solid Lease Agreement

The lease agreement is vital in protecting your interests as a landlord. It’s your opportunity to clearly outline the rules and responsibilities for both parties. Decide if you will require tenants to have rental insurance and include terms regarding security deposits, such as the amount required and conditions for its return.

Also, consider including clauses regarding pets. If you decide to allow pets, outline the rules, including any additional deposits or restrictions. Quality residential lease agreement templates are available online, which can help in drafting a comprehensive and legally sound document.

Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company

Placing a tenant in your home is just the beginning; with this new role comes a range of day-to-day responsibilities. You’ll need to be available to respond to maintenance requests, conduct annual inspections, and manage the collection of rent.

If this sounds overwhelming, consider hiring a professional property management company like Evernest. Expert property managers can alleviate the burden of regular tasks, ensuring that your investment is well taken care of while you focus on other things in your life.

Conclusion

Renting out your house in Cleveland can be a seamless process if you equip yourself with the right knowledge and tools. Follow the steps outlined above to ensure a successful rental experience.

Ready to get started? Contact our local team today!