The market for rentals is on fire right now. Looking at how prices have been going up, the Federal Reserve Bank expects that by May next year, rents could shoot up by a whopping 8.4%, compared to just a 5.8% increase by July this year.

Now, because of the remote work situation, many folks have moved away from their workplace but are not quite ready to sell their houses. They may need to return to the office eventually, so they rent them out instead of selling them. It’s like killing two birds with one stone, they cover their mortgage payments and get extra cash. It’s a pretty sweet deal for them!

Getting your home ready to rent can be a hassle, but getting everything right is essential to avoid any issues. If you’re unsure how to tackle it all, consider getting professional help from a property management company like Earnest Homes, for example. These experts know the ins and outs of the rental market. They can take care of many things for you, like finding reliable tenants, setting up a solid lease agreement, handling the rent collection, and even dealing with any maintenance or, heaven forbid, evictions. But if you’re feeling adventurous and want to manage the process, here’s a handy checklist to keep you on track when prepping your place for potential renters.

1. Get familiar with the local landlord laws

When you’re a landlord, you’ve got to play by the rules. That means understanding the laws that protect your tenants, like tenant rights laws, local zoning regulations, and the big ones, like the Fair Housing Act. Your job is to ensure everything from your rental application to the screening process and the lease itself is above board. Before looking for someone to live on your property, do your homework. Learn the local laws, get the proper papers, and make sure your place passes all the inspections. It’s like getting ready for a test, but for being a good landlord.

2. Inspect your property

Take a good look around your place. Go through every room from top to bottom and be a nit-picker. New wallpaper or a fresh paint job can transform a space and make it look bright and shiny again. Don’t ignore the little fixes, either. Check for loose doorknobs, wobbly towel bars, stairs that feel slightly off, or screen doors with rips. You might not pay attention to these tiny details anymore, but you can stand out to someone else. Make sure everything’s in tip-top shape!

3. Make sure everything’s in top-notch shape

Bring in a pro who’s good at checking houses to give yours a thorough look-see, both inside and out. They’ll find little quirks with your appliances or anything else that might make a renter say, “Nope!” It’s like giving your home a health check-up, but for things you might not know how to fix on your own.

Now, let’s talk about some minor home fixes you can do yourself that’ll make a huge difference. These are the kind of things that don’t cost a fortune but can make your place shine for potential renters. Think of it as sprucing up your home’s “curb appeal,” which is a fancy way of saying “making it look delicious.” Check the roof, the gutters, and even that garage door that opens with a button, the usual suspects that might need a little TLC.

4. Simple home improvements for a major impact

Why not bring in the pros to give your HVAC a look-over and swap out the old filters? It’s also a good idea to have them check your plumbing for any pesky leaks and ensure all those wall switches and outlets are in tip-top shape. While at it, why don’t you spruce things up with new light bulbs? They’ll make your place look so much brighter and cheerful! And don’t forget to inspect the big-ticket items like your fridge and other appliances. You don’t want to get a call from a tenant in the middle of the night about a refrigerator that’s decided to take a break. Plus, let’s face it: new appliances are like catnips to renters, they can’t resist them!

5. Make sure everything’s spick-and-span.

A grubby place is a real deal-breaker for people looking to rent. If you’ve got pets, remember that not everyone loves them as much as you do, and they might not be thrilled about their fur all over the place. It might be worth getting a pro cleaner to give your home a thorough going-over, including shampooing the rugs and giving the hardwood floors a good steam. If painting isn’t in the cards for you, at least clean up any messes and smudges in the areas that get used the most, like by the front door and in the kitchen. And don’t forget to clean the windows and all the blinds or curtains too, so your place looks bright and welcoming from every angle.

6. Check the place for safety issues

Make sure the smoke and carbon monoxide detectors are in good working order. Replace the batteries if needed. Make sure all the door and window locks are functioning correctly. If you spot any potential dangers, like a wobbly staircase railing, fix it up to keep everyone safe. Chatting with an insurance professional about the right landlord policy is also essential. Your regular homeowner’s insurance won’t cut it once you rent your place. You need something that covers damage to the property and protects you in case a tenant gets injured. You can find more information about dealing with safety issues on this website.

7. Clean up and put away your treasures

When you plan to rent out your place with furniture or other items included, it’s a good idea to declutter and remove any valuables. This helps potential renters to imagine the space as their own cozy home. Take down your family photos and any unique knick-knacks you don’t want to risk losing or getting damaged. Also, consider the stuff you might not be too keen on parting with if it gets broken or stolen. It’s better to keep those precious items safe with you.

To Sum Up

Now, this list of things to do before renting isn’t the end-all-be-all, but it’s a solid starting point, especially if you’re new to the landlord gig. Being a landlord comes with its ups and downs, like anything else in life, so it’s important to weigh them out and see if it’s something you’re ready for. It’s a big responsibility, but you can make it work with some thought and prep.