What comes after the hard work of cleaning, updating, possibly even renovating your home? Looking for the right renters! Lucky for you, renting is on the rise. And, according to the WSJ, it’s not just major metropolitan cities who are seeing the trend. Smaller cities, too, have noticed the shift from homeownership to renting over the last few years.
Whether you’re a seasoned landlord or you’re just starting out, here are a few tips to get you started!
- Do Your Homework
The very first step you should take in renting out your home is to research what federal and local laws you must abide by. Your goal? Find stable, long-term tenants who will take care of your home. The best way to do this to mandate that each applicant complete a credit check. Property owners cannot discriminate against applicants based on race or familiar status, however, you’ll want to make sure that the renter you find is employed and able to make the monthly payments.
- Create Your Application
Today, the internet makes it easy to send out and collect applications from potential renters across the city, state, even country! Take the time to fill out the application properly. Here, you’ll be able to set the ground rules. For example, will you home accept pets? Will you rent to an applicant who needs a co-signer? Including this information in the application will keep all applicants informed.
To find the best renters in your city, take the time to advertise the property. Need a few ideas?
- Place a For Rent sign in the yard
- Write a newspaper advertisement
- Hang a few neighborhood flyers
- Online listings like Craigslist, Trulia, Zillow, Rent.com
- Word of mouth!
- Connect with a property management group
- Close to a college? Research ways to advertise for student or faculty listings
- Stage Your Home for Success
Take the time to make the apartment or home shine before you show it! If you’ve made updates, point them out to the applicant. Take the time to showcase the surrounding neighborhood or schools. By pointing out the selling points of the property and area, you’ll make the listing even more attractive!
- Ask for References
If all goes well, you’ll be sitting on many applications! To help narrow down your options, you may consider asking applicants to write down references who will speak on their behalf. This can be a great way to get to know a person before allowing them to take up space in your home!