How to Rent Out Your House: A Step-by-Step Guide

Ever wondered how to turn your empty house into a steady income source without all the stress? Renting your house can be rewarding, but for many landlords, it becomes overwhelming with a long rental checklist, like figuring out the right rent, finding trustworthy tenants, and managing their daily tasks. 

But what if you have the perfect direction to rent out your house? Everything will be managed efficiently. 

This blog will give you a step-by-step guide on how to rent out your house.

Step 1: Prepare Your Property

The very first thing that you should do before renting out your house is to ensure it is ready to be occupied by tenants. For that, you should:

• Clean and Repair Your House

Nobody would like to move into a house that is dusty or broken. That's why take some time to deep clean every corner of your house, including carpets, floors, windows, and more. Also, fix any leaks or broken fixtures. Sometimes, small repairs help in attracting the most trusted tenants.

• Check Safety and Compliance

A safe and compliant house gives tenants the ultimate peace of mind. So, make sure all safety appliances like smoke detectors and fire extinguishers are in their place. This will eventually safeguard your house from hazardous situations and will also save you from legal trouble.

Step 2: Figure Out the Right Rent

Setting the right rental price is the key. If the rent is too high, your property will not get easily filled, and if you charge low rent, then you will not receive much profit. That's why you should:

• Do your Research Perfectly

Check out similar properties in your nearby area. Compare their location, amenities, and overall condition with your rental property. Online listings and rental sites become perfect solutions to see what others are charging.

• Factor in Expenses

Don't forget to consider additional expenses of your house, like maintenance, taxes, and insurance, while calculating rent. But make sure that your calculated rent covers all such additional expenses while still giving you a reasonable return. 

Though it is not possible to calculate the rent precisely, especially when you are renting out your house for the first time, in such scenarios, platforms like TenantDen prove to be very beneficial. They can help you keep track of expenses and rental income, which will eventually make it easier for you to calculate the right price for your rental house.

Step 3: Advertise Your Property

Now that your rental property is ready and correctly priced, it is time to get it in front of tenants.

• Create a Great Listing

Your listing will be the main traction for your potential renters. So write a clear description that highlights your house's best features. 

You should also include high-quality photos of your house because bright images of exteriors and interiors make a huge difference. Highlight unique selling points like a spacious backyard or modern appliances. Because sometimes small details catch attention quickly.

•  Spread the Word

Dont keep your listing limited to one platform. The more visibility your listing gets, the more potential renters recognize it. 

So, it will be a wise move to list your house on rental platforms like TenantDen, share on social media, and even list on local community boards. 

Step 4: Screen Your Tenants

Not every tenant is equal. Choosing the right tenant is key to a smooth rental process.

• Check Applications and Backgrounds Profoundly

Ask tenants to fill out rental applications, including employment and rental history. Then perform background and credit checks. With Platforms like TenantDen, you get a clear view of applicants' rental history and background information. This eventually helps you make the right choice.

• Meet and Verify References

You can chat with potential tenants or their previous landlords to get a perfect idea. But firstly, you need to ensure that they are reliable.

Step 5: Draft the Lease Agreement

If you are renting out your house for the first time, you might rush to give your property on rent without having any lease agreement, which can land you in legal trouble in the future. That's why make sure to have a lease agreement to save you and your tenant from any future trouble.

Step 6: Manage the Property

Once the tenants move in, day-to-day management should be your focus so that tenants can live peacefully in your house.

• Collect Rent: Instead of in-hand cash, opt for online payment options in today's digital era. Today, you will find many property management solutions like TenantDen, which allows you to track payments, send timely reminders, and manage transactions in one place without needing to meet tenants in person. This becomes utterly helpful when you have multiple properties on rent.
• Handle Maintenance: Schedule regular maintenance and respond to your tenant queries and requests instantly. Prompt resolutions help in maintaining healthy relations with tenants.

Step 7: Review and Improve

Even after your tenants are settled in, it will be good to evaluate how things are going. This will help you improve and deliver a comfortable living experience to your tenants. 

Have a timely look at rent collection trends, vacancy periods, and tenant satisfaction. And update the policies as and when required. This will keep your tenants satisfied always.

Final Say

Renting out your house can be rewarding, but it can be overwhelming if you are doing it for the first time. By following this step-by-step guide, you can easily get the perfect idea about how to rent out your house without experiencing any overwhelm. 

With modern platforms like TenantDen, you can simplify the process. From property listing and tenant screening to online rent collection and lease agreements, TenantDen becomes your go-to solution to list, promote, and manage your rental property.