Do you intend to rent out your home or apartment? Listing your property for rent can be a huge decision as there are vital steps you shouldn’t skip.

In this article, we consider ten fundamental processes involved in preparing your home for rent. Of course, every homeowner loves the idea of being a landlord. But there’s that commonplace fear about finding the right tenants or dealing with unforeseen circumstances.

Nobody wants occupants who’d leave a house in a terrible shape or cause problems down the road.

While the risks associated with renting will inevitably exist, there are steps you can take to drastically mitigate these downfalls. Here at Province & Domain, we have outlined a list of things you should consider prior to listing your home for rent.  If this is your first time, you don’t want to miss this these and we highly encourage you to take notes.

Let’s get started.

10 Must-Do’s for Listing Your Property for Rent

If you’ve decided to put your house up for rent, you might be driven by the need to pay down debt or save the rent income. You might also be interested in maximizing the extra space in your home or preparing for an economic downslide.

Irrespective of your reason, listing your home for rent can be a blessing or a curse, a blessing if you take all key factors into consideration before you move and a curse if things don’t turn out as planned.

Below are ten things your pre-listing for rent to-do list should include:

1. Understand the Market Dynamics

Before you list your property for rent, it’s advisable that you research and understand how your local market works. This is the best way to learn the basics of property management as all real estate markets vary.

Usually, renting brings the highest income in peak seasons when the number of renters is on the rise. Plus, you want to be sure that they’re eager to rent a property.

For one, March to May is a popular period when home renters are interested in acquiring a property. During the spring months, you’ll most likely get the best price for your property. (RentHop, 2019).

Additionally, most renters today are informed on the value of homes and will detect if your property is overpriced or below their expectations.

The bottom line – listing your property at the right time goes a long way in speeding up the rental process. Also, stay up-to-date in order to avoid common mistakes associated with property rentals.

2. Determine Rental Value

With the aid of tools such as Craigslist and Rentometer, you can get a good estimate for the value of your property. Realtor.com will equally help you identify the features of similar properties and their comparable’s square footage.

No doubt, these listing tools provide accurate information which enables homeowners to make sound informed decisions in terms of putting their homes up for lease.

Hence, it’ll be wise to compare your property with similar properties on the market to get a good idea of your property’s value. Rental signs in your neighborhood as well as print and online newspapers can also come in handy.

3. Become Familiar with Local Rental Laws

It’s a fact that across all states, rental laws vary. Thus, it’s essential that you find out the rental laws that apply to your local area.

Such guidelines have been designed to enable both homeowners and renters get the best out of their exchange. There are plenty of resources out there (for example: https://www.landlordology.com/state-laws/), so there is no excuse. It is always better to be mindful and stay ahead of the situation. Due diligence is key here.

4. Become Familiar with Qualifying Resources

It’s never enough to find a renter. You need to do your findings about them. The best part of it all is that a lot of resources are currently available to make this an easy process for you.

From background check on their personality to garnering details relating to their credit check, you’ll become aware of the actual individual you’re dealing with. Plus you can decide whether or not you want to rent your property to them.

Provide potential renters with application forms where they can supply their personal information including their Social Security number. You could also hire an online agency to help with background checks on criminal history and credit check.

Finally, ask the renters to provide references and check with them whether they’re employers or landlords in precious accommodation.

5. Create Legal Rent Lease

A written lease spells out the rights and obligations of both renters and homeowners.

Plus, it’s tailored to fit the specifications of your region relating to insurance, rental and housing, and tenants.  Hence, find a reliable lawyer who can help with creating a lease that includes the following:

1. Lease term
2. Rental due date, penalties for late payment and eviction terms
3. Maintenance responsibilities
4. Security deposit
5. Necessary association dues and rules if applicable
6. Tenant List
7.  List of Acceptable and unacceptable behavior
8.  Repairs’ responsibilities

All of these and other key issues should be addressed in the legal rent lease.

6. Stage Your Property for Rent

While staging your property for rent isn’t the only way to get a renter, such showings are fundamental to the success of this big choice. Making your home or building appealing to renters goes a long way in determining whether or not they’ll rent your
home.

Take walks in your building as if you were a renter and observe things a renter would want. Repair and replace where necessary. Of course, no renter will appreciate a home with dirty dishes in the sink or dirty clothes littered around. Reduce clutter and odors. Repaint to neutral colors preferably. Mow the lawn and improve the curb appeal in general.

Before you invite renters to view your property, make sure that nothing is out of place and that your potential renter will be impressed.
And if you don’t feel really certain about what needs to be done, hire a professional stager. Home stagers know the exact points to emphasize (and deemphasize) to appeal to potential renters.

7. Calculate the Full Costs of Renting

A lot more goes into renting out a property than most homeowners know. From staging your home, traveling (if you live in a different state) to marketing, the process of renting out your property can be all-encompassing.

As a result, it’s crucial that you calculate how much time, effort, and money will be going into it. Taxi fare, plane tickets and other travel costs mustn’t be excluded if you live in a different city, for instance. Also,

• Discover how much property taxes you’ll be paying
• Determine the cost of landlord insurance
• Cost or repairs, maintenance, mortgage payment, and HOA fees (if this
  applies to your property)

8. Minimize Risks and Inquire about Rental Insurance

Obtaining renters insurance is one of the best steps you can take before listing your property for rent. Whether it’s a residential or commercial building, you want to minimize risks and secure your property.

Since it’s true that some renters care nothing about proper maintenance of rented properties, you’ll be the wiser to make the right move.

9. Ensure Rental Unit is Safe and Compliant with Local Regulation

Another huge procedure is finding out if your property meets the standards of the local building authorities in your property area.

Fire standards, roofing materials, and other property features should adhere to the acceptable specifications provided by the local authorities. Checking to confirm this compliance puts you on the safe side and prevents legal cases or a closedown of your property.

Find out what works in your property neighborhood and make the necessary changes before listing your property for rent.

10. Plan Your Marketing Strategy

When marketing your home, don’t forget the upsides that come with the social media. Social media marketing will help you to share photos and videos that take renters on a tour of your property. And you can reach more people in less time.

Other methods of advertising include local newspapers and work-of-mouth. Above all, consider combining different strategies to get the best results or to find what works for you.

Conclusion

Listing your property for rent is a major investment move. And the best way to get the right rewards is to take the necessary steps discussed in this post. Consider doing your research on the local market, on potential buyers, the cost of renting, and more.

Do you need help with listing your property? You can list for free with us and connect with other homeowners and prospective renters. We are happy to help!

This article is authored by a prominent, Province & Domain agent, Joshua Monteiro. To learn more about him, click here.