Real estate investing can be a great way to add an additional stream of income and build generational wealth, but there are things you need to learn about how to rent your house. Doing so isn’t just as simple as listing your home for rent and collecting rent from a tenant.
By taking the time to complete some basic steps such as utility setup for rental homes and getting a pre-rental cleaning done, you can ensure you’re properly prepared to accept tenants.
Below, we’ll provide a first time landlord checklist as well as other things you need to consider to rent your house.
Do You Need Permission to Rent Out Your House?
Depending on your particular situation, you may need to obtain permission to rent out your house.
For example, if you are still paying a mortgage on your home, you will likely need to obtain permission from your mortgage company. Even if you don’t have a mortgage on your house, you may need special permission to rent it if, for example, you live in a neighborhood with a homeowners’ association.
So, before you look into how to rent your house, it’s important to research whether you’ll first need permission to do so.
No matter whether you need permission or not, there are also local laws that you have to adhere to. These landlord-tenant laws apply to all people who want to rent their homes in a region, which is why it’s important to partner with a property management company that can guide you through the process.
Things to Do Before Renting Out Your House
Once you’ve obtained any necessary permissions, there are some general things that you need to do before renting your house.
One of the most important first steps is to ensure your house is clean and in good condition before tenants move in. The reason why cleaning your rental property is a good idea to do first is that it will put your home in the best condition possible for the steps that will follow.
Next, take photos of your property inside and out, and conduct a detailed assessment to document the home’s condition. Research proper utility setup for rental homes, and provide your tenants with a list of appropriate vendors that they can turn to.
Also make sure that you’re adhering to all local landlord-tenants laws, especially as they pertain to things such as locks and smoke detectors.
Things to Do Before Renting Out Your House
Once you’ve obtained any necessary permissions, there are some general things that you need to do before renting your house.
One of the most important first steps is to ensure your house is clean and in good condition before tenants move in. The reason why cleaning your rental property is a good idea to do first is that it will put your home in the best condition possible for the steps that will follow.
Next, take photos of your property inside and out, and conduct a detailed assessment to document the home’s condition. Research proper utility setup for rental homes, and provide your tenants with a list of appropriate vendors that they can turn to.
Before listing your property, make sure to address any deferred maintenance or lingering repair issues. Everything from leaky faucets and worn caulking to outdated light fixtures and broken blinds should be repaired or replaced. A fully functioning home not only helps attract higher-quality tenants but also reduces future maintenance calls once the property is occupied.
This is also a great time to evaluate your home’s overall appeal. If the walls are still painted in colors that were trendy a decade ago or the flooring shows years of wear, consider updating to more neutral, modern styles. Fresh paint and durable, contemporary flooring can make a big impact on how quickly your property rents—and can even allow you to command a higher monthly rate.
Finally, make sure that you’re adhering to all local landlord-tenant laws, especially as they pertain to things such as locks and smoke detectors.
First Time Landlord Checklist
Once your home itself has been properly prepared, it’s time to dive into the other aspects of renting your home.
This starts with listing your home for rent and then screening prospective tenants thoroughly. This should include background and credit checks as well as landlord references.
All of these checks will help to avoid any issues you may have down the line with your tenants. There are many online platforms available today that can assist with screening services.
While this is all happening, you also need to create a strong lease that clearly states all policies, maintenance responsibilities and obligations for both the tenant and landlord. You should never rent a house without having a written lease agreement in place first.
Since learning how to rent your house is like learning to run a business, you should approach the operation in much the same way. As such, ensure that you have a reserve fund set aside for emergencies or repairs, as these are bound to happen in any home.
As you can see, there are a lot of things to do on the first time landlord checklist, which is why it’s a good idea to consider hiring a local property manager that you can trust. They will handle many of these items on the checklist while also providing you with expert guidance and support as you learn how to rent your house for the first time.
Partner with 1836 Property Management for Real Estate Investing Success
Renting your property can come with big financial benefits, both in the short- and long-term. However, there are many things you need to consider before you jump headfirst into real estate investing.
Following the things on the first time landlord checklist we mentioned above is certainly a good start, but you should also consider hiring the experts at 1836 Property Management to manage your rental property in Austin and its surrounding areas.
Our team has many years of experience in the Austin market, helping real estate investors just like you find immense success. We provide hands-on help with things such as getting your property ready to rent, handling ongoing maintenance and tenant issues, collecting rent and much more.
We also have an extensive network of partners that help us streamline these processes, providing our clients with new ways to lower their costs and increase their revenue.
1836 Property Management can be reached at (512) 994-4323. For more information, please contact us today. We look forward to being your property management partner.
