Tips on Putting your House Up for Rent

Leasing your home to tenants is an opportunity that can be financially rewarding  yet often times stressful and sometimes physically and mentally exhausting.   Even with twenty years of experience in renting and managing homes, I still am amazed and amused at the situations I find myself in.  So, I thought I could come up with a couple helpful pointers that I really try to use myself.  Try them, it could save you from the unexpected pitfalls that find the most unsuspecting homeowner.

1)   Have a good thorough Lease written and signed that protects your best interest.  The more thorough and detailed the lease, the better.  The Washington State Leases from Rental Housing Association are good for the most part.  I like the NW Multiple Listing Leases better.  They seem to be a bit more detailed, protecting the Landlord interests.

2) Don’t skip the credit check, background, rental and work references, and most importantly the criminal record checks.  Most can be done online now for a minimal fee.  Criminal Records can be accessed for free, and believe me, it is always worth the extra effort.  Everybody looks like the idea tenant coming in to view a property.  Don’t trust anybody by face value.  Copy the Driver’s License and have them sign to authorized you to check the history.  Evictions are time consuming,  appoximately a month and sometimes more.  Evictions are costly, the cheapest one that I have heard of is $500, beginning with serving of the papers and ending in a Sheriff’s escort out the door.

3)  Ask for as much security deposit and cleaning/pet fee as you think will be needed to cover expenses.  A full months rent is not uncommon for the security deposit, and cleaning carpets and housekeeping a house will normally exceed the $200 cleaning fee that I normally charge.  A $100 pet fee is also a good idea because it is that much more work to clean up.

4)  Write up a check-in list, walk through and go over the house thoroughly so that there is no mistake as to the condition of the home.  Photos work wonders in this situation and if you have move-in “Before” photos, these are usually worth their weight in gold.  Take photos and take them often.

5) Automatic Deposit is a convenient and sure way to get your rent paid on time.  Be sure to write in the lease the late pay fee, such as $50 for late fee after the 3rd of the month, $10 each additional day until the 20th when if rent has not been paid, there will be a pay or vacate notice sent.

6) Trust your intuition.  If you are not comfortable with the rental candidate, then keep showing you house until you fing a candidate that you are more at ease with.  Afterall, you will be trusting them to live and take care of your biggest investment.

7)  Don’t get stuck in the middle of winter without a renter.   Best times to rent are from June to August, the summer months when most people do their moving.  By October, you are in the slim pickins category and come November, if you don’t have a renter, you could be stuck paying the mortgage on an empty house for the rest of the winter!  Plan ahead and lock your renter in for the winter.

Be a good landlord.  Repair and maintain your homes as needed and respond to calls right away.  Remember to return partial or whole security deposits within 14 days of move-out according to Washington State Guidelines.  Otherwise, no matter how much damage is done to your house, you will still be required to pay the entire security deposit back, no matter how much repair work is needed.  Itemized and postdate within the 14 day timeframe.

If you would like assistance in leasing/corporate leasing your home,  please feel free to contact me for a very reasonable rate and a wealth of information.  I would be happy to help.