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 in preparing your house for rent is to get it in optimum condition. This means moving out all your furniture and personal belongings. This objective approach allows you to see the property clearly, identifying areas that may need attention. Once emptied, you’ll likely notice things that require maintenance or update. Consider the following tasks:
Touch up paint on the walls.
Ensure all appliances are in working order.
Test and service the HVAC system.
Remove any personal items or storage solutions.
Cleanliness and functionality are paramount. A well-maintained property not only attracts tenants but can also command a higher rental price. Consider hiring a professional cleaning service or handyman for repairs to ensure the work is done correctly.
Research Rental Rates in Your Market
Before listing your property, it's crucial to understand the rental market in Little Rock. Begin by researching the current rental rates for properties similar to yours. Websites such as Facebook Marketplace, Craigslist, and Zillow are excellent resources for this.
When conducting your research, compare:
Number of bedrooms and bathrooms
Location within Little Rock
Amenities such as parking, yard space, or nearby schools
Establishing a competitive rental rate will help streamline the leasing process and attract potential tenants. An overpriced rental may lead to prolonged vacancies, while underselling can result in lost income.
List Your Property & Interview Potential Residents
With your property rent-ready and rental rates researched, it’s now time to list your home. Invest in high-quality photos that showcase your property's best features. Consider hiring a professional photographer if possible. Your property description should be both accurate and engaging, highlighting key selling points without violating the Fair Housing Act. This is critical to ensure you avoid legal pitfalls.
When interviewing candidates, aim to adhere strictly to Fair Housing laws. This means selecting tenants based on financial qualifications and maintaining an objective outlook. Be aware that demographic profiling is not only unethical but also illegal. Focus on each applicant's:
Rental history
Credit score and financial health
Employment stability
A thorough screening process can help you find the most reliable tenant, reducing future headaches and landlord-tenant disputes.
Create a Rock-Solid Lease Agreement
Your lease agreement is a vital component of the rental process. It acts as a legally binding contract ensuring that both you and your tenants are protected. Start by outlining the terms of the lease clearly. Important clauses to consider include:
Whether tenants will need to obtain rental insurance
The amount and conditions of the security deposit
Pet policies and associated rules if you decide to allow pets
Countless online resources are available to help you draft a comprehensive lease agreement. Make sure to review local laws and regulations to include any required disclosures or conditions.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you have found a tenant, your responsibilities have just begun. Everyday tasks such as managing maintenance requests, conducting annual inspections, and ensuring timely rent collection can quickly become overwhelming, especially if you have other commitments.
If you find these responsibilities daunting, it may be worthwhile to hire a professional property management company. For instance, Evernest provides a range of services to help first-time landlords manage their rental properties effectively. Services typically include:
Tenant screening and placement
Maintenance and repair management
Rent collection and accounting
Ultimately, choosing whether to self-manage or use a property management service is a personal decision that depends on your capacity for handling these responsibilities and your level of experience as a landlord.
Conclusion
By following these steps, you'll be well on your way to successfully renting your house in Little Rock. Each phase requires attention and care, but with diligent effort and the right knowledge, you can turn your property into a source of income.
Ready to get started? Contact our local team today!
