Key Takeaways
- Being a successful landlord requires more than collecting rent: To effectively rent out your property in Layton, UT, you must understand landlord responsibilities under state law, prepare your home for habitability, and develop solid tenant screening and lease practices.
- Preparing and marketing your property strategically increases your success: A well-maintained, competitively priced, and attractively marketed property stands out in the rental market, attracting high-quality tenants and maximizing rental income.
- Partnering with a property management company can streamline the process: If you’re inexperienced or overwhelmed, working with professionals like Keyrenter Layton can help you navigate legal requirements, set appropriate rent, market effectively, and find reliable tenants.
To be a successful landlord in Layton, there are certain basics you must have on your fingertips. Because, you see, successful landlording is not merely about collecting rent every payment cycle. It’s far more than that!
To get going in the right direction, you must know what exactly being a landlord entails. For instance, knowing your responsibilities under UT laws, getting the home ready for occupancy, marketing it, and screening prospective renters, among others.
Going into the world of landlording blind is a recipe for disaster. This is because many things can go wrong. You may, for example, ask a tenant the wrong screening questions, use discriminative phrases in your rental ad, enter the occupied unit unlawfully, or delay in responding to a repair request.
With that in mind, the following are some key things our team at Keyrenter Layton thinks is important to keep in mind when thinking of renting out your house in Layton, UT.
Know Your Responsibilities
Begin by asking yourself whether being a landlord is a skill you possess. As already mentioned, successful landlording isn’t by mere luck. You need to possess a certain skill profile, and recognizing whether or not you do is one of the keys to rental success.
The following questions should help you determine whether landlording is for you.
- How will you go about determining the right rent amount to charge tenants?
- Are you aware of your legal responsibilities, such as habitability rules, eviction laws, and rent increase laws?
- Are you aware of your obligations during the tax season?
- What criteria will you use in your quest to find a quality tenant?
- Do you know what goes into drafting a lease agreement?
Fortunately for you, there is still hope even without having an iota of experience as a landlord. You could hire a reliable and professional property manager to help you handle absolutely everything on your behalf. From marketing the unit, to screening prospective tenants, to collecting rent, and everything in between.
In fact, working with a qualified property manager can be a surefire guarantee to being a successful rental investment owner.
Ready Your Home for Renters
More often than not, you won’t be successful in renting your property in its current condition. This is especially true in a down market, where prospective tenants have dizzying options in the rental market.
First and foremost, ensure you have met all the basics when it comes to habitability. Title 57 of the Utah Code requires that landlords rent out homes that meet the state’s basic health, safety, and building codes. You also may want to look into insurance.
For starters, this means that it’d be unlawful for you to rent out a unit that fails in any or all of the following areas.
- Has mold or pest infestations.
- Doesn’t have hot running water.
- Doesn’t have heating.
- Has non-functioning smoke and carbon monoxide detectors.
- Has faulty wiring.
- Doesn’t have a properly working plumbing and/or electrical system.
If your property fails in any of these areas, it could be deemed uninhabitable. The resulting penalties could have a severe impact on your bottom line.
If renting out a property for the first time, it’d be in your best interest to work with a reputable property management company. They will give you expert advice in this regard and other aspects of landlording.
Make the Property Competitive
After sorting out the basics, now focus on making the unit attractive to prospective tenants. The goal is to make sure that you make the property stand out from the competition.
The following are some of the things you may want to do in this regard.
- Spruce up the curb appeal.
- Give the home a thorough cleaning.
- Upgrade the appliances.
- Modernize the kitchen and bathrooms.
Aside from helping you market the property to prospective tenants, renting out an attractive property can also help you charge more rent.
Determine the Right Rent Amount
Before you begin advertising the property, make sure that you have determined the right rent amount. After all, prospective tenants will want to know how much the property is renting for before making any considerations.
To get an idea of what to charge prospective tenants, you could do any of the following.
- Interview landlords renting out similar units in the area.
- Visit reputable sites like Zillow and Trulia to know what similar units are renting for.
- Hire a property manager to help you determine the right rent price. They will use a myriad of factors and calculations to determine the “goldilocks” price for your rental.
The goal here is to make sure you don’t leave money on the table by undercharging tenants. Or, scare them away by charging an overly realistic amount.
Market the Property
At this stage of renting out your home, you can now begin marketing the home. A few things go into the process. Including:
- Staging the home.
- Depersonalizing the home.
- Taking high-quality photos.
- Drafting a quality rental ad that has a captivating headline and an engaging summary description.
- Listing the rental on reputable online and offline platforms for maximum reach.
If this seems like a daunting task for you, you could consider working with a property manager to handle all the legwork on your behalf.
Screen Prospective Tenants
Don’t leave this to chance! Your choice of tenants should be intentional and by design, not guesswork.
Formulate a screening process that should aid you in landing top-notch tenants. Tenants who will pay rent every month without fail, care for their rented premises, and renew their lease multiple times.
To land such a tenant, your screening process must, at the very least, qualify tenants based on multiple criteria. Including, how much income they earn every month, their employment status, creditworthiness, and rental background.
Bottom Line
Renting out a home can be successful or not depending on the approach you decide to take. If you choose to be diligent and professional about it, your chances of success will be high.
For expert help in renting out your house in Layton, UT, look no further than Keyrenter Layton. We’re a top-notch choice for property management in Layton, Kaysville, and the surrounding areas. Get in touch to learn more!