Renting out a house: the Eight Step Guide

Ready to rent your house?

You’re probably looking for a handbook on what you need to do, in order to rent out your house for the highest price and in the quickest time.

A step by step approach while avoiding common pitfalls for new home renters like finding a qualified tenant, listing the home.

This is where I could help you.

Renting a House: Process in 8 Steps

The process of renting a house typically goes like this:

      1. Determine how long it will take you to rent
      2. Understand the costs of pricing too high
      3. Hire the right property manager
      4. Prepare your home for rent
      5. Show your home to prospective tenants
      6. Review and accept an application
      7. Fill out your rent disclosures
      8. Sign a residential lease

    Lets learn more about the steps.

     

    1. Determine how long it will take you to rent

    If you understand your timeline, you could

        • Prepare for the worse case and assume no rent in the first month

        • Ensure your home is rent ready as soon as you start your showings

        • Time your rent if you are moving and renting out at the same time

        • Understand the best time seasonally to rent out your home

      2. Understand the costs of pricing too high

      Pricing your property too high can result in thousands of dollars lost

      Being greedy does not pay here

      One month lost is much worse than you reducing your market rent by 100-$300 to get someone in quickly.

      Remember holiday months always rent at a discount

      3. Hire the right property manager

      Understand all fees
      Some common ones are tenant placement, monthly management fees percentage or flat fees, renewal fees

      Some less common fees are hidden costs for inspection surveys, upcharges on contractors, etc.

      Ask whether they have a surety bond? 

      Ask about their response time to service requests

      How easy is it to get a hold of them and how quickly do they respond back to you?

       

      4. Prepare your home for rent

      1. Before you showcase your property to potential tenants, it’s essential to ensure it’s in its best possible condition. Here are the necessary steps to prepare your home for rent:
      • Deep Cleaning: Give your property a thorough cleaning to create a fresh and inviting atmosphere for potential tenants.
      • Carpet Maintenance: If your home has carpets, consider professional carpet cleaning to remove stains and odors.
      • Minor Repairs: Take care of any small maintenance tasks, such as patching up holes, fixing leaky faucets, or addressing any other minor issues.
      • Fresh Paint: Consider a touch-up of paint to refresh the walls and make the property look well-maintained and appealing.

      A well-prepared home not only attracts tenants more easily but also sets the stage for a positive rental experience.

      5. Show your home to prospective tenants

      1. Once your property is ready for rent, it’s time to showcase it to potential tenants. Consider the following tips:
      • Stage your home: Make your house look welcoming and appealing. Clean and declutter all rooms to create a positive first impression.
      • High-quality photos: Take professional-quality photos of your property for online listings. Good photos can significantly increase interest.
      • Schedule viewings: Set up convenient viewing times for interested tenants. Be flexible with your schedule to accommodate their needs.
      • Highlight key features: Point out the unique and attractive aspects of your property during showings.

      6. Review and accept an application

      1. When potential tenants express interest in renting your property, it’s crucial to review their rental applications carefully. Here’s what you should consider:
      • Credit check: Assess the applicant’s credit score and history to gauge their financial responsibility.
      • Rental history: Contact previous landlords to inquire about the applicant’s rental behavior and reliability.
      • Employment verification: Confirm the applicant’s employment status and income to ensure they can afford the rent.
      • References: Contact personal references provided by the applicant to gain insights into their character and suitability as a tenant.

      7. Fill out your rent disclosures

      1. Rent disclosures are essential documents that outline important terms and conditions of the rental agreement. Some common rent disclosures include:
      • Security deposit details: Explain how much the security deposit is, under what circumstances it can be withheld, and the process for returning it.
      • Rental policies: Clarify rules regarding pets, smoking, and maintenance responsibilities.
      • Lease terms: Clearly define the duration of the lease, rent due dates, and any penalties for late payments.
      • Maintenance and repairs: Outline the tenant’s responsibilities for reporting and addressing maintenance issues.

      8. Sign a residential lease

      1. Once you’ve reviewed applications, selected a suitable tenant, and completed all necessary disclosures, it’s time to draft and sign the residential lease agreement. This legally binding document should cover:
      • Rent amount and due dates: Specify the monthly rent and when it’s due.
      • Security deposit: Outline the amount and terms related to the security deposit.
      • Lease duration: Define the lease term, including the start and end dates.
      • Maintenance and repairs: Detail the responsibilities of both the landlord and tenant regarding property maintenance and repairs.
      • Rules and regulations: Include any specific rules, policies, or restrictions applicable to the property.
      • Signatures: Ensure both parties sign the lease agreement to formalize the rental arrangement.

      By following these eight steps, you can navigate the process of renting your house effectively and ensure a smooth and successful rental experience for both you and your tenants.

       

      Renting out a house: the Eight Step Guide

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