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Before listing your rental property, it’s important to take the right steps to ensure a smooth and successful experience. A well-prepared home attracts great residents, reduces vacancies, and protects your investment. From insurance and accounting to resident screening and property prep, there are several key tasks every landlord should complete first. Before you hand over the keys, make sure you check off these seven essential steps.
7 Things to Do Before Renting Your Property
Some of these steps may seem like common sense but that doesn’t mean they are common practice. As the owner of a rental property, you need to address each of these areas before listing your property for rent. Let’s take a look at each one in detail.
1. Secure Landlord Insurance
The first step in protecting your rental property is securing the right insurance coverage. Unlike standard homeowner’s insurance, landlord insurance is specifically designed to cover the unique risks that come with renting out a home. This type of policy helps safeguard you against liability claims, property damage, and even potential lawsuits related to your rental. Additionally, it can cover damages caused by residents, which wouldn’t typically be included in a standard homeowner’s policy.
To ensure you have the right coverage for your specific property, start by consulting your current insurance provider. They can guide you through your options and help you secure a landlord insurance policy that meets your needs. While reviewing your coverage, it’s also a good idea to encourage, or even require, your residents to carry renters insurance. This protects them against personal property loss and can reduce disputes in case of unforeseen incidents. While not mandatory in every rental situation, requiring renters insurance adds an extra layer of protection for both you and your resident.
2. Find an Accountant
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The next essential step is finding a knowledgeable accountant. That’s right, renting out a property means you’re officially in business. Once you start collecting rent and providing housing, you take on financial and tax responsibilities that must be handled correctly. Keeping accurate records of your rental income and expenses is crucial for tax reporting and financial planning.
If bookkeeping and tax compliance aren’t your strong suits, consider working with a certified public accountant (CPA) who specializes in rental properties. A good CPA can help you track your income, maximize deductions, and ensure you meet all tax obligations. If you already have an accountant for other financial matters, schedule a conversation before listing your rental. Ask them about tax implications, potential deductions, and any specific requirements you should be aware of as a rental property owner. Proper financial planning now can save you headaches, and money, down the road.
3. Review Your Lease Agreement with a Real Estate Attorney
Before finalizing your lease agreement, have an attorney review it to ensure it’s legally sound and fully protects your interests. A well-drafted lease sets clear expectations, helps prevent disputes, and provides a solid legal foundation for your rental arrangement. While it may be tempting to download a generic lease template online, a one-size-fits-all approach can leave you vulnerable to legal issues. Your lease should be tailored to your specific property, local laws, and unique rental terms.
To get the best guidance, work with an attorney who specializes in real estate law. It’s even better if you can find a real estate attorney local to your area. They can review your lease, suggest necessary revisions, and ensure it complies with state and local regulations. Even if you’ve created a lease agreement you feel confident in, having a legal expert review it, especially before making any updates, can save you from potential problems later on.
4. Set Fair Screening Criteria and a Competitive Rent Price
Establishing clear screening criteria is a crucial step in finding the right resident while also ensuring you comply with fair housing laws. Your criteria should outline specific qualifications - such as income requirements, credit history, and rental references - without discriminating against any protected classes. Taking the time to define these standards upfront will help you make objective, legally compliant decisions when reviewing applications.
Now is also the perfect time to determine your rental price. While it may be tempting to set a high rent to maximize profits, overpricing can lead to longer vacancies and fewer qualified applicants. Instead, aim for a competitive rate that attracts responsible residents while still reflecting your property’s value. There are a host of factors that influence the market rate for your property - follow our guide to evaluate your home and find the right rate for you.
5. Organize Essential Paperwork Before Listing Your Rental
Before you list your rental property, take the time to gather and organize all necessary paperwork. This includes your rental application, screening questions, lease agreements, and any other documents related to the rental process. Be sure to review landlord-tenant laws to ensure your application only asks legally permitted questions. Overlooking a small detail here could lead to potential legal issues down the road.
In addition to your lease and application, prepare key documents for each stage of the rental process. Move-in checklist, rent payment receipts, and move-out documentation will help keep everything organized and ensure a smooth experience for both you and your resident.
6. Create a Punch List of Repairs
Even the smallest details in your rental property can make a big difference. Residents will notice whether you’ve taken the time to maintain the home, and a well-cared-for property sets the stage for a positive landlord-resident relationship. When residents see that you’re proactive about upkeep, they’re more likely to do their part in maintaining the home and communicate efficiently about maintenance and repairs.
Before listing your property, conduct a thorough walk-through and create a punch list of any necessary repairs or touch-ups. Addressing these issues ahead of time will make your rental more appealing and prevent potential residents from being discouraged by visible maintenance problems.
A few days before move-in, perform one final inspection. Check every light fixture, test the garbage disposal, run both hot and cold water in all sinks, and flush every toilet to ensure everything is working properly. Catching and fixing minor issues now can prevent bigger headaches later and ensure your new resident starts their lease term on a happy note.
7. Spruce Up the Property
A clean, well-presented rental property is key to attracting quality residents. Before showings, ensure the carpets are freshly cleaned, surfaces are spotless, and any debris, like leftover boxes or clutter, is removed. No one wants to move into a home that feels neglected and dirty. Approach the process with the mindset of staging your property; it should look inviting and ready for someone to move in immediately.
If your rental comes fully furnished, pay extra attention to the condition of the furniture. Every piece should be clean, well-maintained, and in good shape to make the best impression on potential residents.
Curb appeal also matters. First impressions are formed the moment a prospective resident pulls up, so take the time to mow the lawn, trim overgrown bushes, and remove any weeds. A tidy exterior signals to renters that the home has been properly cared for, setting the right tone before they even step inside.
Final Thoughts: Lay the Groundwork for Rental Success
Preparing your rental property to list doesn’t have to be overwhelming. By following the key steps we’ve outlined here, you will be well on your way to a smooth, successful rental experience. From securing the right coverage and enlisting support to pricing your property competitively and presenting your property in the best light, every little effort you put in will pay off by attracting the right residents and setting your property up for success.
If you’re ready to take the next step, Evernest is here to help. Our team of property management experts is dedicated to guiding you through the entire process—from preparation to renting and beyond. Whether you need assistance with marketing, leasing, or full property management, we’ve got you covered. Head to our website to find the Evernest team in your area and get started today!
