Tenant Screening 101: 6 Things to Know Before Renting Out Your House

Renting Out Your House
Being a landlord can be exceedingly tricky. You need to maintain a specific code of conduct with your tenant while extending a warm and helpful hand to them. A good landlord makes sure that their tenant is comfortable in every possible way and the apartment or room given out on rent is faultless. Renting your property might seem like a mind-numbing and tedious process, but it is the fastest way to becoming more financially stable. If you choose to rent out rooms online, not only does it increase your income effortlessly, but it also helps out people who are keen on finding a home for themselves. Like any other process, even this one needs ample preparations. Lucky for you, we’ve got your back! If you are a first-time renter, here are 6 things to know before renting out your house to have a seamless and profitable renting experience,

1. Stage your home

Staging your home before you post rooms for rent on your chosen medium is one of the greatest marketing tricks for real estate. Home staging is the process of upscaling your home in terms of interiors and renovations while enhancing its unique features. In essence, the process is about preparing your home to attract potential tenants while highlighting all the key elements that are incomparable to any other rental house. It gives your room for rent a competitive edge that is much needed in this day and age where everyone is spoilt for choice.

Stage your property before you rent out rooms and see the prospects come flying in!

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The first advantage is that Home Staging enables you to charge a premium on the rental costs due to the quality refurbishing being done before you rent out rooms in your property. The second benefit is that your tenants will be mesmerized by your re-done home and would want to move in as soon as possible. Hence, reducing the period for which your home will remain vacant. This puts you in the driver’s seat, and only YOU decide what kind of tenant would be a perfect fit to live in your estate.

2. Take professional help

In case you have multiple properties given out for renting purposes, there might be some difficulty in handling all the interfaces seamlessly. Your property is valuable. You need to supervise how the tenants manage all the amenities you provided by putting a lot of thought into the renter’s comfort and convenience. Several Property Management Companies take care of the tedious process that goes on behind maintaining rental homes.

Find a property management company to take care of all your worries. 

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You can be stress-free while a professional handles and cares for your tenants and their various requirements while taking a minimal fee that you can adjust with the rental cost.

3. Decide on the rental costs.

This is a crucial part of the renting process. It is imperative to set the correct rate before you rent out rooms in your home. If you overcharge, you will drive away potential renters and end up having to choose between a few tenants. Always keep the market price in mind while deciding on the correct pricing. Look up similar properties as yours on rental portals to get a fair idea of the range the rent should be in.

4. Put the rental agreement together.

The rental lease that you form must be fool-proof and leave no loopholes behind. Right from the rent payment details, the security deposit, parking charges, pet restrictions, adherence to building rules, guest regulations to situations leading to the tenant’s eviction, EVERYTHING must be provided in writing. In case you were thinking of having a spoken agreement, STOP RIGHT THERE. Having the regulations in writing makes for a solid case if things go South.

Read through the renting laws of your state before drafting the renting agreement. 

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Each city in the United States has different rental laws. For example, if you were to give out rooms for rent in Los Angeles, you have to ensure that you maintain the property well. In case you’re lenient or don’t cater to your tenants’ requirements, your tenant can withhold rent until you do so.

4. Register on a rental portal

In this day and age, everything happens via the world wide web. Get on with the present trend and rent out rooms by using a trustworthy and reliable renting portal. Whether you’re looking to give rooms for rent in Los Angeles, Seattle, or in any part of America, you can do so from the convenience of your home. In the Coronavirus era, staying safely at home is the new normal. So, what is better than having an easy-to-use and dependable portal which doubles up as a roommate-finder too? Absolutely NOTHING. Sign up now and avail the benefits!

5. Screen for tenants

Last but not least, seal the deal by screening your tenants effectively. All the points above will help you attract numerous applications from interested renters. The first process is to waive out the prospects who don’t seem serious enough due to the visible lack of effort in their application. The second wave would be a telephonic interview. Check for respectful and polite tenants. Mannerism and etiquette often determine how the tenant will manage your property once you rent out rooms to them. Be very thorough as this is a decision you can’t undo on a whim! Use the power of intuition, and you’ll never go wrong with your judgment.

Seal the deal and end the ordeal! 

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The final step is to meet them in person, keeping aside any judgments or generalism you may carry. After handing the keys to them, check on your rental home now and then and gather feedback from neighbors if required. Must Read : 7 Questions to Ask a Realtor When Buying a First Home