1. Offer something special Renting a home can be a challenge. As a landlord, you need to set your home rental apart from the other properties that may be available in your area. Consider some of the features that renters in your area may want such as a washer or dryer, cable, air conditioning and more. Adding special features that tenants want will help rent your home faster.
2. Research the rental market Spend some time researching what other rentals in the area rent for. What is their location compared to your rental? What other features does that rental have? Set your rental price accordingly.
3. Find tenants early One of the biggest mistakes landlords make is waiting too long before they put their rental home on the market. Getting results from a rental listing is a lot easier when you start early. Begin looking for tenants as soon as you know the property will be available. This could be three to four months before. Use extra time to screen tenants and prepare the home for rent.
4. Get the right tenants Take some time to check out your tenant before you let them in. Once a tenant is in your home, it can be difficult to get them to leave. Check their references, do a credit check & collect a reasonable deposit. Also, talk with the tenant and find out as much as you can about their habits so there are no surprises later. A few subtle questions could tell you a lot about a potential tenant.
5. Sign a rental agreement No matter how secure you are as a landlord, a written rental agreement is necessary to protect you. A simple document that states the terms of your agreement with a renter, will help save you a lot of money, aggravation, and countless hours if an issue does arise. You can find a sample rental agreement on our rental forms page.
6. Treat tenants right Once you have good tenants, try to keep them as long as you can. Avoid having to find new tenants, bear the cost of search and preparation work if the house is vacant. Reach out to your existing tenants and find out how they feel about living in your home rental. Then try to address any concerns they may have before they become issues.
7. Inspect the rental often Let the tenant know you care about the property and about them as tenants. If something breaks, fix it right away. If the tenant is out of line, correct them early so they dont think their behavior is ok. Make sure the tenant knows you will checking in for routine inspections and keep them updated on whatever you find.