You’ve Decided to Rent Out Your Pleasant Hill Property, What Do You Do First?

Renting out your Pleasant Hill property is an excellent way to earn rental income in the short term and build equity and appreciation in your asset over the next year, five years, decade, or more. Real estate launches a unique wealth-building opportunity, and while it might be tempting to sell the home you’re no longer living in, holding that property and renting it out can deliver outstanding benefits and advantages. 

But, you have to do it right.

Here’s where to start once you decide you’re going to rent your home to Pleasant Hill tenants.

Prepare Your Property for the Pleasant Hill Rental Market

Your first task is to ensure the property is rent-ready. You may have lived with minor annoyances such as a window that doesn’t lock properly or a torn section of carpet in a room you rarely use. All of these quick fixes and small repairs must be made before you rent out the home. Tenants will expect a property that’s well-maintained and in excellent condition. As you prepare your property for the rental market, make sure you:

• Take care of any minor or major maintenance issues.
• Clean out all of your personal possessions. The home must be empty.
• Paint the walls a neutral color.
• Clean or replace the carpets. 
• Pay attention to your landscaping and curb appeal.
• Have the home professionally cleaned. 

Once all of these things are done, you’ll be ready to market your home for rent and find well-qualified tenants. 

Price Your Pleasant Hill Rental Home Correctly

Once you’ve prepared the property, you’ll need to price it before you can begin listing it on all the popular rental websites tenants are using. Every listing must include a rental amount. 

Many owners make the mistake of pricing their homes according to what they’re hoping to earn. It’s the market that drives your rental value. While location, size, condition, and amenities certainly impact what you’re able to earn in rent, ultimately it’s the Pleasant Hill rental market that will dictate what tenants are willing to pay for your property. 

Conduct a study of what similar homes in your area are renting for. If you’re struggling to find accurate data, reach out to a Pleasant Hill property management company for help. You’ll be able to access a rental analysis – usually for free. 

Make Sure You’re Insured and Protected

Homeowners’ insurance policies do not apply to rental homes. You’ll want to change the homeowner policy you’ve been using to a landlord policy, which will increase coverage for liability. Talk to your agent about the value of your home and the amount of protection you’re likely going to need in the event you have to make expensive repairs or replacements to your home should a covered loss occur. 

A few things to note when it comes to insurance:

• Your landlord policy will not cover your tenant’s personal possessions. It’s always a good idea to require renter’s insurance. It will protect you and your tenant. 
• Make sure you’re covered for loss of rent insurance. This is typically included in a comprehensive landlord policy, but you may have to add it. 
• Talk to your agent about coverage for disasters such as floods, fires, and earthquakes.

To adequately protect yourself and your property, you need more than a good insurance policy. Make sure you understand fair housing, rent control, eviction, and security deposit laws. Get to know what the habitability standards are so you aren’t at risk for costly lawsuits or complaints. 

Working with a Pleasant Hill property management company can help you transition into the role of the landlord with ease. We’d be happy to help. Contact our team at Stokley Properties.