How to Rent My House in Denver
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
Once you've made the decision to rent out your home, the first step is to prepare your property for potential tenants. To gain an objective view, it's beneficial to move all of your furniture and personal belongings out of the home. This approach allows you to see what updates or repairs are needed without the distractions of personal items.
Attention to detail is crucial. Here are some important tasks:
Touch up any paint that has chipped or faded.
Ensure that all appliances are functioning correctly.
Check that the HVAC system is operational.
Avoid having any personal storage items on the property.
Taking these steps demonstrates to potential tenants that you care about the upkeep and functionality of the home, which can enhance their desire to rent from you.
Research Rental Rates in Your Market
Setting a competitive rental price is vital for attracting residents while ensuring you’re not undervaluing your property. Begin by researching comparable rental rates in your local area. Websites like Facebook Marketplace, Craigslist, and Zillow offer valuable insights into what similar homes are renting for.
When conducting your research, focus on properties that resemble your home in terms of:
Number of bedrooms and bathrooms
Location within Denver
Amenities and features
This analysis will enable you to set a fair rental price, increasing your chances of attracting a reliable tenant quickly.
List Your Property & Interview Potential Residents
With your home ready and a desirable rental rate in mind, it’s time to list your property and start interviewing potential residents. High-quality photographs are essential; they should showcase your property in the best possible light. Alongside engaging photos, craft a compelling and truthful description of your home that adheres to the Fair Housing Act.
During interviews with potential tenants, ensure that your process is Fair Housing-compliant. Avoid any profiling based on demographic information and instead focus on:
Financial qualifications
Employment history
Rental history
This objective approach will help you select the best candidate for your property, mitigating future issues with tenant reliability.
Create a Rock-Solid Lease Agreement
Once you've chosen a resident, the next crucial step is to establish a rock-solid lease agreement. This document not only protects your property but also outlines the expectations of both parties involved in the rental arrangement.
When drafting your lease, consider including clauses related to:
Required rental insurance for your tenants
The terms and conditions surrounding the security deposit
Your stance on pets and any associated rules
Numerous templates are available online, allowing you to select a format that suits your specific needs while addressing points that safeguard both you and your tenant.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Placing a resident in your home is just the beginning. As a landlord, you’ll have day-to-day responsibilities that require time and attention. This includes:
Responding to maintenance requests
Conducting annual inspections and addressing upkeep
Collecting rent in a timely manner
If this sounds overwhelming, consider hiring a professional property management company. Agencies like Evernest specialize in overseeing rental properties, allowing landlords to focus on other parts of life while ensuring that tenants receive the care and attention they deserve.
Conclusion
Renting out your house in Denver can be a profitable endeavor if approached thoughtfully. From preparing your home to establishing a lease agreement, each step is crucial in ensuring a successful rental experience. Whether you choose to manage the property yourself or enlist professional help, being informed and organized will significantly increase your chances of success as a landlord.
Ready to get started? Contact our local team today!
