Did you know that about 10.6 million Americans earn income from rental properties?
Renting your home can help you break into the world of real estate investing and earn some money to cover your living expenses. While becoming a landlord can be exciting, the process of turning your home into an investment property can be quite difficult.
Below is a guide that can help you learn how to rent your house out for the first time.
Research Landlord-Tenant Laws
Before you become a landlord, you will need to understand the local, state, and federal landlord-tenant laws that relate to rental property management and ownership. Knowledge of and compliance with these laws is crucial for you as a landlord. It will help you protect yourself and your investment property.
Determine a Competitive Rent Price
Determining your rental pricing can be very tricky since you don’t want to underprice or overprice your property. The monthly rent you set needs to be competitive and fair so that it can bring in renters. Also, the pricing should ensure you get profits.
When coming up with the price of your rentals, consider consulting a property management company. They have a deep understanding of the rental market and can help you set a competitive rent price with confidence.
Spruce Up Your Property
You may need to make repairs and upgrade before you rent your house. From refinishing floors to adding a fresh coat of paint, these improvements are necessary if you want to attract renters. You can also stage the property to help the renters envision themselves in the space.
Market Your Rental Property
Want to get tenants fast? Advertising your rental property goes a long way in ensuring you reach a lot of potential renters. It can help you get quick occupancy so you can start making money from your property.
Screen Possible Tenants
As a landlord, there is nothing worse than renting your property to poor-quality clients. This is why tenant screening is important.
It not only protects you and your property but also other tenants. It also ensures you rent out your space to people who pay their rent on time.
You can hire a rental property management company to help you with the screening process. Their property managers know how to vet and determine reliable from non-reliable renters.
Use a Lawyer-Approved Lease Agreement
Having a rental lease agreement is very important. It not only lays out the rental expectations that you and your renter are legally bound to but also addresses all the disclosures and rules attached to your rental property. This agreement will help protect your property.
Ensure your lease is written or reviewed by a lawyer so that it doesn’t violate any rental laws. Avail gives landlords across the U.S. free access to state-specific lease agreements that are individually screened and approved by accredited lawyers, helping you feel confident in your lease.
Consult With Qualified Property Managers Before You Rent Your House
Do you want to rent your house? Looking for a certified investment property management company?
Look no further than HomeRiver Group. Our property managers will advise you on the various aspects of rental property management. We’re experts at helping investors turn their homes into a source of profits.
Contact us today to get started.