Looking to rent out your home buy not sure where to start? It can be a daunting process if you are new to property management. Here are the first 6 steps you need to get started:
1. Get an insurance policy
Purchasing rental property insurance will protect you against any major damage done by tenants as well as any legal actions that may be taken against you.
2. Work with an accountant
Rental tax laws can be tricky and complex. An accountant will help you figure out what records you'll need to keep for filing taxes as well as what your depreciation strategy should be.
3. Have a lawyer review your lease agreement
It is relatively easy to unintentionally violate the Fair Housing Act when writing your lease. A real estate lawyer can help you navigate that while protecting you from potential loopholes.
4. Establish a rental application criteria
Laying out income requirements and general house policies (pet, smoking, etc.) before a tenant applies can save both of you time and money. Again, be aware of the Fair Housing Act when doing this.
5. Inspect your home
Make sure your home is ready for your first tenants prior to move-in. Bringing in a professional to inspect your home will save you and your tenant maintenance issues down the road. This will also give you a baseline for the condition of your home before a tenant moves in.
6. Curb appeal, cleaning, and paint
First impressions are crucial when renting out your home. Make sure the exterior is neat and tidy. You should consider painting if the walls inside the house are dirty, chipped, or covered in patches. A top to bottom cleaning is in order before any tenant moves in. While you might consider these minor details, the condition of your home makes a statement about how much you value it. The more cared for a home feels, the more respect a tenant will treat it with.
Once you check these items off and get the paperwork in order, you're ready to market your rental home! It can be an overwhelming project to take on which is why we're here to help. Give Mainlander a call and one of our expert property managers can help answer your questions and get your property rent-ready in no time!