There are many reasons that you might suddenly think, I need to rent my house. Maybe you’re moving for a new job opportunity or you want to be closer to family. For many people in this situation, it’s their first time becoming a landlord.

There are legal implications, financial liabilities, and emotional concerns when you choose to rent your house. Navigating these challenges can be overwhelming, but there’s no need to worry. Evernest has helped thousands of landlords work through this process.

In this article, we will walk you through the steps necessary to rent your house successfully. From preparing your home to understanding your responsibilities as a landlord, we will cover all essential areas you need to know.

Get Your Home Rent-Ready

First, we recommend moving all of your furniture and personal belongings out of the home. This will give you an objective view of what needs to be updated or repaired before listing it for rent.

Start with a fresh coat of paint in areas that need touch-ups, as a well-maintained appearance creates a positive first impression. Ensure that the HVAC system and all appliances are in working order. Lastly, remove any personal items and avoid having storage on site. This not only makes the space feel open but also allows potential residents to envision their own belongings in the property.

Also, consider enhancing curb appeal by sprucing up the exterior of your home. Simple tasks like mowing the lawn, trimming hedges, and planting colorful flowers can significantly elevate the visual appeal of your property. A well-kept garden or a welcoming front porch can create a warm invitation for prospective renters, making them more likely to see the property as their future home.

Furthermore, don’t underestimate the power of good lighting. Ensure that all light fixtures are functional and consider replacing any outdated or dull lighting with modern, energy-efficient options. Bright, well-lit spaces not only make the home feel larger but also contribute to a more inviting atmosphere. You might also want to consider adding some decorative elements, such as mirrors or artwork, to create a more appealing environment that resonates with potential tenants.

Research Rental Rates in Your Market

To get a sense of how much your home will rent for, start by researching market rental rates in Colorado Springs. Various online resources like Facebook Marketplace, Craigslist, and Zillow can provide valuable insights.

Look at comparable properties with similar features, such as the number of bedrooms, bathrooms, and other amenities. Pay attention to properties that are actively being rented or have recently been leased, as these will give you the most accurate picture of current market conditions.

Understanding the going rates will not only help you set a competitive price but also attract the right tenants to your property.

List Your Property & Interview Potential Residents

Now it’s time to get some high-quality photos of your property and list it for rent online. Quality images can significantly enhance your listing and attract more prospective residents. Make sure that you’ve written an accurate and flattering description of your property.

However, it's crucial to be mindful of the Fair Housing Act when advertising the property. Avoid using language that could be considered discriminatory. During the interview process, maintain compliance with Fair Housing laws by not making selections based on demographic details. Instead, focus on financial qualifications and relevant employment history.

By sticking to these guidelines, you not only protect yourself but also create a fair and professional environment for all candidates.

Create a Rock-Solid Lease Agreement

Lastly, make sure that your property is protected with a well-drafted lease agreement. This document is critical as it outlines the terms and conditions of the rental arrangement. Make sure to:

• Decide whether you will require your tenants to have rental insurance.

• Define the terms and conditions related to the security deposit.

• Determine your pet policy, including if you will allow pets and under what guidelines.

You can find great residential lease agreement templates online to guide you through this process. A strong lease not only protects your property but also sets clear expectations for your tenants, reducing misunderstandings in the future.

Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company

Once you've placed a resident in your home, this is just the beginning of your responsibilities as a landlord. You will be on the line for answering maintenance requests, conducting annual inspections, and collecting rent payments.

If this sounds overwhelming, consider hiring a professional property management company. A company like Evernest can oversee your rental property, handle tenant relations, and relieve you of the day-to-day burden. They bring expertise and efficiency that can enhance your experience as a landlord.

Conclusion

Renting your home in Colorado Springs can be a rewarding opportunity, as long as you prepare adequately and make informed decisions. Follow the steps outlined above for a successful rental experience.

Ready to get started? Contact our local team today!