Renting Your House Do These 7 Things First

Hey, Spencer Sutton here with gkhouses. And today I want to talk to you about the seven thing you wanna do before you rent your house (Renting Your House Do These 7 Things First).

Now, these may seem like common sense but a lot of times what I found is common sense is not common practice.

So I wanna encourage you, before you put your house on the market and try to rent it, knock out these things and then you’ll be ready.

The First Thing (Renting Your House Do These 7 Things First)

The first thing I want you do is make sure you get good landlord insurance and that’s right. It’s different than just your normal homeowner’s.

This landlord insurance is gonna protect you from certain things that normal homeowners wouldn’t.

It’s gonna protect you against lawsuits and things like that. Any kind of liability, damage, the kind of injury or something somebody has on your property.

So, get the proper type of insurance for you. Just reach out to your normal insurance provider and they can more than likely help you get renters insurance.

Now, you may wanna suggest that the tenant get their insurance because it can cover them against the loss of their property, but it’s not necessary for you to have that insurance.

This insurance that you get will also protect you against damage to the house by the tenant. So, step number one or point number one is get insurance.

The next thing (Renting Your House Do These 7 Things First)

 

The next thing you want to do is you want to find a good accountant. That’s right. You’re in business.

When you start collecting money and you start providing a service or a product, which is your house, then you’re in business.

And you need to make sure that you’re following the proper requirements to report everything to the government, all the income, track your expenses, all of that.

So if you don’t have a very…if you’re not financially minded in that realm, you definitely want to find a CPA.

Who understands that, who can help you. It’s not all that difficult, not all that complicated, but just make sure you get that lined up.

If you already have a CPA that you work with, then have that conversation before you get started, just to ask them if there’s anything that you need to be aware of that they can help you initially as you get started.

The next thing (Renting Your House Do These 7 Things First)

 

The third thing you’re gonna wanna do is you’re going to want an attorney to look over your lease agreement just to make sure that everything seems in line, you’ve covered all your bases.

It would be great if you could get them to take a look at it, give any kind of feedback, any suggestions, especially an attorney who deals with real estate law. This is gonna be very important.

So if you just go online and grab a lease from somebody you don’t know anything about, then that’s probably gonna be an issue.

I would most definitely make sure you get that looked at by an attorney.

You know, we have signed thousands upon thousands of leases so we feel very, very strongly about our lease agreements, but we still have attorneys look at lease agreements.

Anytime we move into a new city, we have an attorney look at the lease agreement just to make sure we’re covered, all bases are covered and that it’s fair to us and also fair to the tenant and fair to the homeowner, the landlord.

The next thing (Renting Your House Do These 7 Things First)

 

The next thing you’re gonna wanna do is establish a screening criteria.

You’re gonna wanna have specific criteria that you follow and you also wanna make sure that there’s not any kind of discrimination.

Make sure that you’re not breaking any kind of landlord or tenant law, that everything is above board.

But you most definitely want to have a certain screening criteria.  I’ll do a video a little bit later about what our screening criteria is.

And maybe you could piggyback on that, but most definitely, you’ll want to establish your screening criteria.

The next thing (Renting Your House Do These 7 Things First)

The next thing you’ll wanna do is just to get all your other paperwork ready.

There’s going to be things like your application, what kind of questions are you going to ask on application, which you should know what you can and cannot ask according to the law.

Be careful there. You’re gonna wanna have, probably, move-in documents.

You wanna have some receipt when they pay you if you wanna give them a receipt of some kind.

Any kind of, like, move-in move-out documents, any of these things that you’re going to need to give to tenant either before they move in or after they move in.

Very, very important, just get all of the other paperwork lined up before you put your house on the market.

The next thing (Renting Your House Do These 7 Things First)

The next thing you’re gonna wanna do is to make a punch list of any kind of repairs.

Now, I’m a big believer you need to take care of even the small things in your house because the tenant is gonna notice. those and the tenant is gonna have a problem with those.

But if you will make, just walk through your house, make a punch list of all the different things that need to be taken care of before the tenant moves in.

That’s gonna serve you well because when a tenant comes and just looks at your house, if they’re seeing things here and there that are broken, that aren’t fixed, then that’s going leave an impression on them and more likely it’s not gonna be a great impression.

Still, if you have everything buttoned up to the best of your ability, then that’s gonna be.

That’s going to serve you well down the road when this tenant moves in.

The worst thing you want is for a tenant to move in and there to be a like a number of issues that they’re having right when they move in.

It sets the relationship up on the wrong foot. It’s just not good customer service.

So, we always, at gkhouses, we always do a move-in a few days before the tenant moves in.

We could have walked the property, shown the property four weeks ago, three weeks ago, application gets processed, tenant gets approved, lease get signed, and the move-in date may be 10 days down the road or 15 days down the road.

Well, before that move-in day, we’re definitely gonna go back through and just check every single thing.

We’re going to turn on, you know, everything from garbage disposal to every light in the house.

And also, going to turn on every faucet, make sure cold and hot is working. We’re gonna flush every commode.

Also going look around to make sure there’s no debris, make sure it’s clean.

So do those types of things before your tenant moves in and before you put it on the market.

And then lastly, I would just say if you haven’t done this already and some of your walls need painting, I would say paint.

I would say clean the house very, very well. Make sure your carpets are clean if you have carpets.

Make sure the home is free of debris, not any kind of boxes sitting around or, you know, we’ll go into houses and an owner’s left a lamp there or something that they just didn’t think about getting away.

Just make sure all that’s cleared out and the home is ready to show.

Now, it’s different if you’re actually showing your home while it’s fully furnished.

That’s a totally different story, but it still helps if you clean, and you paint, and you are attendant to your landscaping.

So that initial, just, impression when somebody drives up to the house is gonna be important, especially if they.

If you have a sign in the yard, like, “For Rent,” and they drive by and they see high grass, they see an unkempt yard.

If they see, you know, your shrubbery is overgrown, then that’s not going to be a good sign to them at all.

Make sure your landscaping is done good, done really well.

We have, actually, we wrote an eBook just about landscaping, like, how to make your house look really good for when a tenant moves in.

So you can check that out.

Those are all the points I wanted to make. Do these things before you rent your house and this will set you up for success.

So, I hope that’s been helpful. If you have any questions, email me, ssutton@gkhouses.com.

Thanks so much.