If you’re ready to rent a Pocatello home, there’s a good chance you’re already thinking about finding a tenant, collecting rent, and enjoying a great rental experience.
That’s great, but before you get to those things, you have to make sure you’re ready for the process of attracting tenants and renting out a home. It’s easy to rush into the showings and the screenings and the lease signings.
But first, check these seven things before you rent out your Pocatello property.
1. Check Your Landlord Insurance
If you lived in the home before deciding to rent it out, there’s likely a homeowner’s insurance policy in place. You need to change that to a landlord policy. If you neglect to make this change, your potential claims may not be covered.
The major difference in these two policies is that with a homeowner’s policy, your personal possessions inside the home are covered. A landlord policy only covers the structure of the home and provides extra liability insurance. This is a good reason to require renter’s insurance from your tenants.
2. Review Your Lease Agreement
You need a strong lease agreement in order to effectively rent your Pocatello property to tenants. Make sure you have it reviewed by a property manager or an attorney. It’s easy to forget something that needs to be in there. You want an Idaho-specific lease that’s legally compliant and enforceable in the state.
3. Look for Safety and Habitability Issues
Walk through your property and look for any safety issues. Smoke detectors need to work, windows and doors need to lock, open, and close, and you want to be sure there aren’t any hazards like loose steps or broken handrails.
4. Make Sure Everything Functions
During your inspection, test everything in the property. Make sure the heat and the air conditioning turn on. Check every outlet, turn on every faucet, and flush every toilet. Run the appliances. Open and close closet doors. You want to offer a home that’s functional.
5. Check for Opportunities to Upgrade and Improve
Before you list your home for rent, think about what may help you earn more rent and attract better tenants. Could the carpets use replacing? Does the paint need refreshing? Are the appliances old? Tenants are drawn to modern homes that look welcoming and attractive. They’ll pay more for things like hard surface flooring. Think about what you can do to make your property more competitive on the Pocatello rental market.
6. Inspect Your Landscaping
Curb appeal is really important when you’re renting out a home. This is your prospective tenant’s first impression of the home. Make sure it counts. The lawn needs to be mowed, the bushes and trees need to be trimmed, and the exterior of your property must be clean, fresh, and looking good.
7. Check Your Rental Value
The last thing to do before you rent out your property is to make sure it’s priced correctly. Take a look at what similar homes are renting for in your neighborhood, and stay in range. A property that’s underpriced will lose you money right out of the gate. A home that’s overpriced will only lead to long vacancies.
We can help you get your property ready to rent. If you’d like some additional property management advice from Pocatello experts, please contact us at Jacob Grant Property Management.