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 towards renting your house is to ensure that it is prepared for potential tenants. Start by moving all of your furniture and personal belongings out of the home so you can gain an objective viewpoint of what needs to be updated. This blank canvas approach allows you to truly evaluate the space. By removing personal items, you also create a neutral environment that appeals to a broader range of potential renters, making it easier for them to envision their own style and furnishings in the home.

Next, take a thorough look at your home. Touch up paint where necessary, and make sure all appliances are in working order. It’s also crucial that your HVAC system is functional to ensure comfort for future tenants. Consider investing in energy-efficient appliances, as these can be a significant selling point for renters looking to save on utility bills. Additionally, check for signs of wear and tear, such as scuffed walls or squeaky doors, and address them promptly to enhance the overall appeal of your property.

Lastly, ensure that there is no clutter or storage on site. An uncluttered space not only looks more inviting but also allows potential renters to visualize their own belongings in the home. To further enhance the ambiance, consider staging the home with minimal, tasteful decor that highlights the best features of each room. Soft lighting, fresh flowers, and strategically placed mirrors can create an inviting atmosphere that draws in prospective tenants.

Research Rental Rates in Your Market

To determine a competitive rental rate for your property, research the market rates of similar rental properties in your area. Start with popular platforms like Facebook Marketplace, Craigslist, and Zillow that allow you to browse listings.

When searching, make sure that you are looking at comparable properties, specifically those with the same number of bedrooms, bathrooms, and similar amenities. This will give you a solid baseline for setting your rent. In addition, consider variables such as location, condition of the property, and any included utilities or amenities. Setting the right price is crucial to attracting potential tenants quickly.

Moreover, it can be beneficial to visit local real estate offices or property management companies, as they often have insight into current market trends and rental rates that may not be available online. Local landlords and community forums can also be a source of valuable advice. Networking in this way can help you understand the nuances of your area, such as seasonal fluctuations in demand or upcoming developments that might affect rental prices.

Don't forget to analyze the broader economic factors that could influence rental rates, such as employment rates, population growth, and the overall health of the housing market in your region. Keeping an eye on these trends can help you make informed decisions about when to adjust your rental prices or whether to offer incentives, such as reduced rent for the first month or flexible lease terms, to attract tenants in a competitive market.

List Your Property & Interview Potential Residents

Now that your home is rent-ready and you have a pricing strategy, it’s time to create an appealing online listing. Capture high-quality photos that showcase your property's best features and write a clear, engaging description that highlights the positives.

While drafting your listing, make sure you’re compliant with the Fair Housing Act by avoiding language that could be construed as discriminatory. Apply the same diligence during the tenant selection process. When conducting resident interviews, focus on their financial qualifications and employment history rather than demographic profiling. This objectivity will help you select the best candidate for your property.

Create a Rock-Solid Lease Agreement

The lease agreement is the backbone of your rental process and should be meticulously crafted to cover all aspects of your rental relationship. This is your opportunity to clarify whether you will require tenants to have rental insurance and outline the terms regarding the security deposit.

Furthermore, consider whether or not you will allow pets in your home and define the rules should you choose to permit them. A well-structured lease protects both you and your tenants by setting clear expectations.

You can find great residential lease agreement templates online that you can customize to ensure that it meets both state regulations and your specific needs.

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

Once you’ve successfully placed a resident in your home, the journey is just beginning. You will now be responsible for addressing maintenance requests from your tenants, conducting annual inspections, and overseeing the upkeep of HVAC systems and appliances. Additionally, you'll need to manage rent collection and respond to any tenant queries. 

If this sounds overwhelming, you’re not alone. Many landlords opt to hire a professional property management company to alleviate this burden. Choosing to work with a property management service can simplify your responsibilities significantly and allow you to enjoy the benefits of rental income without the daily hassle. Companies like Evernest specialize in managing properties effectively, ensuring that both landlord and tenant interests are addressed.

Conclusion

Renting out your house in Richmond involves careful planning and execution, but with the right steps and resources, it can be a rewarding experience. By following the outlined procedures, you can become a successful landlord and make the most out of your property investment.

Ready to get started? Contact our local team today!