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Considering Renting Out Your Home? Look Into These 6 Things First

Photo of a toy house next to wooden blocks spelling out the word “rent”

Considering Renting Out Your Home? Look Into These 6 Things First

Are you contemplating the idea of renting out your property? It’s a significant decision that comes with its own set of responsibilities and considerations.

Before you take the plunge into being a landlord, it’s crucial to thoroughly assess your readiness and understand the essential steps involved.

1. Assess Your Ability To Handle The Responsibilities

Transitioning into a landlord role brings numerous responsibilities and requires a notable commitment. To ensure you can effectively manage these responsibilities, it’s vital to evaluate your readiness. Here are key factors to consider:

Financial Preparedness

Ensure you have financial stability to cover initial expenses, including property maintenance, insurance, and potential vacancies, as well as unexpected costs that may arise.

Time Commitment

Being a landlord requires a significant time. You will need to be able to respond to tenant’s inquiries, handle maintenance requests, and address any issues that may arise.

Legal Understanding

You may need to invest time learning local rental laws and regulations and consult with legal experts. Compliance is essential to avoid legal issues.

Tenant Relations

Building positive relationships with tenants is vital. Effective communication, problem-solving skills, and empathy are essential traits.

2. Prepare The Space For Tenants

A house with a driveway and a pink sky

Image Source: Binyamin Mellish on

Before renting out your property, thorough preparation is essential to ensure tenant’s satisfaction and reduce future issues. Here are key steps to get your property tenant-ready:

Landscaping And Curb Appeal

Maintain the property’s exterior to create a positive first impression with potential tenants.

Maintenance And Repairs

Prioritize necessary repairs and maintenance tasks. Address plumbing, electrical, and structural issues to minimize future inconvenience for tenants.

Deep Cleaning

Conduct a comprehensive cleaning of the entire property, including floors, walls, and appliances. A clean space sets expectations for tenant cleanliness.

Safety Checks

Ensure smoke detectors, fire extinguishers, and appliances are in working order to meet safety regulations.

Pest Control

Consider professional pest control inspection and treatment to ensure a pest-free environment.

Fully Furnished

If you have the budget, consider outfitting your property with luxury furniture and high-quality appliances. This adds significant value to your home and allows you to price it competitively in the market, providing a convenient and fully-furnished space for potential tenants.

3. Set The Right Rent

Determining the right rental price is crucial. Start with thorough market research on similar properties in your area to understand the factors affecting the property value.

Calculate a competitive rent that strikes a balance between generating a steady income and remaining attractive to prospective tenants. Remember, overpricing leads to vacancies, and underpricing causes financial losses.

Factor in property advantages, like location and renovations, when setting the rent.

4. Prepare A Lease Agreement

This legal document outlines the terms and conditions of the rental arrangement, providing clear guidelines for both you and your tenants. Here’s how to start preparing a lease agreement, but you should consult with your local policies before setting it:

Property Details

Specify property information, including address, condition, and furnishings.

Lease Term

Define duration and start/end dates.


State monthly rent, due date, and payment methods, including late fees.

Security Deposit

Outline deposit amount, conditions, and compliance with local laws.


Detail responsibilities for repairs and emergencies.


Include property rules, like pet policies and noise regulations.

Tenant Obligations

Clarify tenant responsibilities and inspections.

Landlord Access

Describe access terms respecting privacy and regulations.

Termination Procedures

Outline termination steps and security deposit handling.


Include spaces for both parties to sign and receive copies.

5. Marketing The Property

A living room with a white couch and a table

Image Source: Unsplash+

A robust marketing strategy can help you showcase the property’s unique features and create a positive first impression. Here’s how to effectively market your home:


Consider professional staging to showcase your property’s features effectively, including the hardwood flooring and other high-value features of the home, creating an inviting and visually appealing presentation for potential tenants.

Visual Content

Use high-quality photos and videos to showcase your property effectively.

Compelling Listings

Write an engaging listing highlighting location, amenities, and features.

Online Platforms

List your property on popular rental websites for maximum exposure.

Social Media

Leverage Facebook, Instagram, and Twitter for property promotion.

Signs And Flyers

If allowed, use “For Rent” signs and distribute eye-catching flyers in the local area.

Prompt Response

Be quick in responding to inquiries and showing requests for a positive impression.

6. Screen Tenants

Screening tenants is crucial for trustworthy and responsible renters. Here’s how to do it effectively:

Application Process

Use a detailed rental application to collect personal, employment, rental history, income, and reference information.

Credit Checks

Obtain permission for credit checks to assess financial responsibility and ability to pay rent on time.

Income Verification

Verify income to ensure it’s sufficient, typically at least three times the monthly rent.

Rental History

Contact past landlords to check rent payments, property care, and lease compliance.

Criminal Background Checks

Conduct background checks to identify potential security risks, considering the nature of past offenses.

Employment Verification

Confirm current employment and income stability.

Fair Housing Laws

Follow fair housing laws to prevent discrimination.

Tenant Interviews

Conduct interviews to clarify concerns and assess suitability.

Wrapping Up

Becoming a landlord is a significant endeavor that demands substantial effort, both financially and emotionally. Before taking the leap, it’s imperative to consider the aspects mentioned in this guide and be fully prepared. Success as a property owner hinges on careful planning and execution.

By following these guidelines, you can embark on your landlord journey equipped with the knowledge and readiness required for a positive and profitable rental experience.

Editor’s Note: This article is presented for informational purposes only and does not constitute legal advice. Please contact a licenced legal professional before entering into any contracts or agreements.
About The Author
Andrew is a creative writer, poet, and content strategist. He is passionate about literature, food, wine, travel, and sports. In his spare time he enjoys working on home projects and restoring the 1837 Greek Revival he and his wife own.
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