Putting your home up for rent in Charlotte can be an overwhelming task. Sentimental attachment and concerns about damage and lost value may cause you to hesitate and worry about selecting the right tenant.
Landlords have two primary concerns, timely rent payments and protecting their property. These few simple tips for renting a house can help ensure you select a tenant that pays on time and won’t abuse your home.
Have a Rental Application
A sound application process removes much of the guesswork and allows landlords to qualify potential tenants. Every rental application should include:
- Income source and amount
- Previous rental addresses and landlords’ contact information
- A signed authorization to check their credit with a space for their Social Security Number
Take the time to review the application. Check previous landlords and references, and confirm credit history.
Property damaged at previous rentals, forfeited security deposits, or late rent payments are red flags. Remember, the right tenant will not damage your property and will pay the rent on time.
Have a Lease
A lease is a legal document that protects both landlord and tenant rights. As laws vary between states, it’s a good idea to avoid a generic online lease and have an attorney prepare one for you. At a minimum, your lease should include:
- The term of the lease
- Security deposit amount
- Monthly rent payment day
- Penalties for late payments
- Responsibility for maintenance and repairs
- Names of all occupants
- Policy regarding pets and any additional pet-related fees
- Responsibility for Homeowner Association (HOA) fees
- All rules that tenants must follow including HOA regulations, noise level, parking, smoking, etc.
- Conditions for tenant eviction
- How you will show the home if you intend to sell while it is rented
Hire a Property Management Company
The initial expense of having a property management company find a good tenant can pay for itself in the first month or two of rental. Professional management companies already have a process in place for:
- Tenant background checks
- Periodic property inspections
- Rent collection
- Collecting late fees and penalties
Many homeowners find professional property management well worth the expense. If you choose to do it yourself, make sure you have a good application and lease. Follow these tips for renting a house, and you’ll remove much of the mystery from selecting the right tenant.