Before you begin renting out your Coeur d’Alene rental property, get to know the basics first. As you’ll quickly realize, being a landlord may not be as easy as you’d have previously thought. Successful landlords go beyond finding a tenant and getting rental income. You need to be intentional and consistent about what you do day in and day out.
That is, in attracting a quality tenant, marketing your rental property, working with professionals, and staying legally compliant, among other things. If you’re looking for a crash course on how to be a successful landlord, today’s blog has you covered!
5 Tips on How to Successfully Rent Out Your House in Coeur d’Alene, Idaho
The following tips should help you get started in your rental property journey.
Understand your Role as a Landlord
Landlording isn’t for everyone. It can be anything but easy. It’s a job, not a “side hustle” to gain rental income. To be successful, you’ll need to treat it like a business. As such, before you give it a go, first understand what it entails.
As a landlord, you’ll need to stay legally compliant with certain health, safety, and building codes. Violations can be costly! You’ll also need to manage property taxes, collect rent, respond to repairs on time (even at odd hours), and keep an eye on the renter’s adherence to the lease agreement.
Now, all these responsibilities will take a huge chunk of your time. It’s a full-time job that requires your full attention. Luckily for you, you can always outsource that responsibility to professionals like those at Golden Properties.
Ready Your Coeur d’Alene Home for Renters
You may need to do some upgrades or renovations to get the rental property to rent-ready status. Quality renters tend to be firm with their decisions when choosing a rental property to reside in.
They will want to rent a desirable rental property that meets their unique requirements in terms of amenities and features. To know what amenities to provide them, ensure you know your audience.
Advertise the Vacant Property
After making your rental property rent-ready, plan to find a quality tenant. Marketing a rental house is a multi-step process. And you must get every step right to ensure the marketing campaign is successful. The following are some of the things you’ll need to do in this regard.
- List all the main features that make the rental house stand out from the competition. This can include things like a garage, hardwood floors, vaulted ceilings, stainless steel appliances, a washer, dryer, and air conditioning.
- Draft a rental ad. This will allow you to write a compelling description of the rental house. The description should include attractive features about the house, high-quality photos, and essential property details. Make sure to use vivid descriptions, keep it concise, and proofread carefully.
- Post an advertisement on reputable online rental listing sites. Other marketing platforms you could use for maximum reach include local newspapers, social media, and For Rent signs.
Once your ads start running on these platforms, keep an eye on their performance. Keep tweaking them until you get the desired results. You may also consider hiring a professional property manager to help you get maximum leads.
Screen Tenants Carefully
Aim to rent to the most qualified tenant you can get; don’t settle for anything less! Renting to any potential tenants who show interest in your rental properties is a disaster in waiting. It’d be akin to gambling with your success.
To maximize your chances of success, screen all potential tenants meticulously. This means going beyond checking how much the tenant is making a month. Also inquire about their employment history, creditworthiness, and rental history. This should give you a comprehensive overview of the kind of tenant they will most likely be.
By renting to quality tenants, you maximize your chances of finding a tenant who will:
- Pay rent on time, every time.
- Treat your property with utmost care.
- Renew their leases multiple times.
Familiarize Yourself with Applicable Laws
As a landlord, you have certain legal rights and responsibilities that you automatically acquire after establishing a lease agreement with a tenant. Knowing these landlord tenant laws will enable you to know what you can and cannot do in the contractual relationship.
Some of the laws to familiarize yourself with when renting are:
- Anti-discrimination laws: These require landlords to treat their tenants fairly and equally regardless of certain protected classes under the Fair Housing Act.
- Security deposit and rent increase laws: Certain laws apply in the collection and handling of tenants’ security deposits and rent.
- Habitability laws: These require that landlords rent out livable homes that meet certain statutory health, safety, and building codes.
- Tenant eviction laws: Even as the owner of the rental property, you cannot evict a tenant on a whim. The process must abide by the Idaho tenant eviction process down to the letter.
Conclusion
Running a successful rental investment in Coeur d’Alene, ID, requires effort, time, and dedication. If managing these aspects feels overwhelming, professional assistance is readily available. Golden Properties offers comprehensive services to help you maximize the returns on your rental investment.
Contact us today to learn more!
