How Do I Rent My House? Advice for New Landlords in Salem, OR
Mendell Gosnell - Tuesday, August 15, 2017
I personally recommend trying to manage your rental property yourself. Yes, I am a property manager, and I make money managing investment homes for others. But, the learning experience is valuable, and you need to know the reality of what it takes to manage a property. This firsthand knowledge will make you a great owner to manage for. You’ll understand the challenges we go through to ensure the success of your rental property.
Can I Rent My House?
The first piece of advice we give a
new landlord is to make sure your curb appeal is up to par. You’ll have a hard time renting out a house that isn’t appealing to tenants. You also want to price your apartment or house competitively. Do a search for what other similar homes are going for in that area. You have to work hard to compare apples to apples. For the rentals in our company, the bare minimum is that our homes are safe, clean, and habitable.
How Do I Rent my House?
Craft a good ad that highlights all the appealing amenities and attributes of your rental. If it has a nicely fenced yard, focus on that. If there are granite counters or stainless steel appliances or you just painted, highlight those things. Get good photos that are taken with open windows and natural lighting. Use the best camera that you have. We use good equipment for effective advertising. Create a flyer for the front door. Advertise on Craigslist and other online mediums. There are so many different sources for marketing, and even yard signs still work very well.
Screening and Fair Housing
Do not discriminate, and pay attention to fair housing laws, especially with your advertising. Give an application to anyone who requests one, and follow your state laws. We have a first-come-first-served policy in Oregon. That means the first qualified applicant must be accepted. You can set guidelines, and you have lots of flexibility when you’re establishing rental standards. We encourage you to screen your tenants thoroughly. Get connected with a good screening company or outsource that part of the leasing process. There are several different organizations online that can help you screen.
Move In Your Tenants
Once you’ve found and approved an applicant, set a move-in date, fill out the paperwork, and hand over the keys. You’ll want to make sure you have all the appropriate move-in documentation for your state. You’ll often need different addenda and disclosures. You can also include rules and regulations as long as they follow your fair housing laws.