Putting your rental on the market for the first time can be intimidating. Luckily, you’re not alone. We’ll give you our 6 pro tips for putting your rental on the market for the first time.
Tip #1 – Know the Local Landlord-Tenant Laws
You will need to learn about security deposit laws, time-frames to give notice for various lease violations (including non-payment of rent), maintenance and repair laws and a whole lot more.
Tip #2 – Learn About Fair Housing Laws
Federal fair housing laws protect renters from discrimination based on race, color, national origin, religion, sex, disability and familial status. Many states, counties, and municipalities have additional protected classes. Make sure you know the fair housing laws so you don’t illegally discriminate.
Tip #3 – Get the Proper Rental Forms
Make sure you have a state-specific rental agreement and the required forms and disclosures. Depending on the type of property and age you may need to have a lead-based paint disclosure. You should also have a condition of premises with a clear and concise statement of the condition of the property at the time it was rented. Of course, you will also want a good rental application. You can use a free service like Turbo Tenant to collect rental applications online.
Tip #4 – Screen Your Tenants
As they say:
“The best way to avoid an eviction is a good application and good tenant screening.”
Make sure you contact landlords references, employers and also get a credit and criminal background report on every tenant. Services like TurboTenant make it very easy to do tenant screening and get a tenant credit and criminal tenant at no cost to the landlord.
Tip # 5 – Maintain the Property
Bad properties tend to attract bad tenants. If you want nice renters to make sure the property looks nice. Make sure all the plumbing, heating, electrical, appliances, etc. are all well maintained and functioning properly. Have the property professionally cleaned and take good quality photos for marketing.
Tip #6 – Give the Property the Best Exposure
Over 90% of tenants look for rental properties online so make sure you are online with your marketing. Use websites like rent.com, apartments.com, PadMapper, Rent Jungle and of course Craigslist to give your property the best online marketing exposure. You can use a service like Turbo Tenant to take care of online marketing at no additional cost.