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

First, we recommend moving all of your furniture and personal belongings out of the home so you can get an objective view of what needs to be updated. This step is crucial as it allows you to see your property from a potential tenant’s perspective. By clearing the space, you will also be able to identify any repairs that may have been overlooked, such as scuffed baseboards or chipped tiles. This fresh perspective can often reveal areas that need attention, which might otherwise go unnoticed when the home is filled with personal items.

Next, focus on touching up the paint. A fresh coat can do wonders for the overall appearance of the house. Choose neutral colors that appeal to a wide range of tastes, as this can help potential renters envision their own style within the space. All appliances must be in working order and should look their best to attract potential renters. Consider giving your kitchen appliances a thorough cleaning or replacing outdated models, as modern appliances can significantly enhance the appeal of your property.

Additionally, ensure that the HVAC system is functional. Prospective tenants will be looking for a property that is comfortable throughout the seasons. Regular maintenance, such as changing filters and cleaning ducts, can improve efficiency and air quality, making your home more inviting. Finally, it’s important that there is no storage on site; this ensures the property feels open and spacious, giving people the opportunity to visualize their own belongings in the space. Consider adding some decorative touches, like a few potted plants or strategically placed mirrors, to create a welcoming atmosphere that highlights the home's best features.

Research Rental Rates in Your Market

To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. This is a vital step to ensure you set a competitive price that attracts tenants while also maximizing your rental income. You can do so on various websites such as Facebook Marketplace, Craigslist, and Zillow. These platforms provide valuable insights into local listings.

Make sure you are examining comparable properties with the same number of bedrooms, bathrooms, and similar amenities. This not only helps you understand the market but also aids in setting a realistic rental price that aligns with potential residents' expectations.

In addition to online resources, consider visiting local real estate offices or connecting with property management companies. These professionals often have in-depth knowledge of the local rental market and can provide insights that may not be readily available online. They can inform you about trends in rental demand, seasonal fluctuations, and upcoming developments that could impact rental rates in your area.

Furthermore, attending open houses or rental viewings can give you a firsthand look at how similar properties are presented and priced. Pay attention to the condition of the properties, the amenities offered, and the overall appeal to potential tenants. This observational research can help you identify what features are most desirable in your market, allowing you to make informed decisions about any improvements or upgrades you might consider for your own rental property.

List Your Property & Interview Potential Residents

Now it’s time to get some high-quality photos of your property and list the property for rent online. Professional photos can significantly increase interest in your rental. Take photos during the day to utilize natural light and capture the essence of each room. Consider staging the space to highlight its best features; for instance, a well-set dining table or a cozy reading nook can evoke a sense of home. Additionally, including images of outdoor spaces, such as gardens or patios, can attract potential renters who value outdoor living.

It's also crucial to write an accurate and flattering description of your property that adheres to the Fair Housing Act. Ensure that you avoid any language that could be considered discriminatory. Highlight unique selling points, such as proximity to public transportation, local amenities, or schools. Providing details about the neighborhood can also be beneficial; for example, mentioning nearby parks, shopping areas, and community events can give potential residents a sense of the lifestyle they could enjoy.

When it comes to interviewing potential residents, remember that these interviews must also comply with Fair Housing laws. Avoid making your selection based on any profiling demographic information. Instead, focus on assessing their financial qualifications and employment history in the area to find the best tenant for your property. Prepare a list of standard questions that cover important topics such as rental history, reasons for moving, and expectations for the rental agreement. This will help you maintain consistency in your interviews and ensure that all candidates are evaluated fairly.

Additionally, consider conducting background checks and credit assessments as part of your tenant screening process. This step can provide valuable insights into a potential resident's reliability and financial responsibility. Make sure to inform applicants about these checks upfront and obtain their consent, as transparency is key in building trust. Lastly, remember that the interview process is not just about assessing qualifications; it’s also an opportunity for you to gauge the applicant's character and compatibility with your property. A respectful and open dialogue can help you determine if they will be a good fit for your rental community.

Create a Rock-Solid Lease Agreement

Lastly, make sure your property is protected with a well-structured lease agreement. This document serves as a legal foundation that outlines the responsibilities and rights of both you and your tenants.

This is your opportunity to decide if you will require your residents to have rental insurance, set terms for the security deposit, and establish rules for the property.

Consider whether you will allow pets in your home and stipulate any specific rules if you do decide to welcome furry friends. Availability of solid residential lease agreement templates online can ease the process and provide guidance on what to include.

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

Once you’ve placed a resident in your home, this is just the beginning of your responsibilities as a landlord. You will be on the line for answering maintenance request calls from your tenants, conducting annual inspections, maintaining the HVAC and appliances, and collecting rent payments.

If managing these tasks sounds overwhelming, consider hiring a professional property management company. A company like Evernest can oversee your new rental property, allowing you to enjoy your investment without the constant stress of day-to-day management.

Conclusion

Becoming a landlord can be a complex process. However, by following these steps, you can successfully navigate the path to renting out your house in Orlando while maximizing your profits and minimizing potential headaches.

Ready to get started? Contact our local team today!