Renting out a home can be incredibly rewarding in Ogden. You can use the extra passive source of income to boost your savings or pay down your mortgage.
However, renting out a property can be more trouble than it’s worth if you fail to make certain appropriate considerations. In today’s article, you’re going to learn 6 tips on how to rent out your house in Ogden successfully while following the state's landlord-tenant law.
1. Know the Responsibilities That Come with Being a Landlord
First and foremost, understand your landlording responsibilities. This way, you’ll know whether or not it’s a task that you can handle. The following are a list of common landlord responsibilities in Ogden.
• Abiding by all relevant laws, including the Fair Housing Act, Warranty of Habitability, and security deposit rules
• Staying on top of repairs and maintenance issues
• Filing tax returns on time
• Collecting rent when it’s due
2. Ready Your Home for Occupation by Renters
In a down market, it may not be possible to rent out a home as-is. At such times, prospective tenants are usually more attentive and choosy. That’s because there are more rentals to choose from, and therefore their expectations rise.
Now, there are a couple of things that go into getting a home ready for occupation. The following are some tips to get you started.
• Give the home a thorough clean
• Make all necessary repairs
• Ensure that all appliances are working as they should
• Ensure the home is properly secured
• Take out a landlord’s liability insurance
3. Understand Your Legal Duties
Landlords in Utah must abide by certain legal responsibilities. The following are some of them as per Utah law (Utah Code Tit. 57 Ch. 16).
• You must follow the state’s eviction laws when evicting a tenant, including knowing the legal reasons for breaking a lease in Utah
• You must return a tenant’s security deposit (or whatever is left of it) within 30 days after moving out. Wrongfully withholding your tenant’s security deposit can lead to certain penalties.
• You must accord tenants respect and fairness regardless of their protected class. Protected classes in Utah include race, color, nationality, religion, and disability.
• You must provide your Ogden tenant a notice of 12 hours prior to entering their rented unit. The reasons must also be reasonable, as well. Such as, to inspect the unit, or to show the unit to prospective tenants and buyers.
Fortunately, Utah is a slightly landlord-friendly state. The state doesn’t have rent control laws and doesn’t limit fees.
4. Market the Home to Prospective Tenants
Now that the home is rent-ready and you’ve understood your obligations, the next step is to market your rental property. And the process starts by creating a rental ad. You must make it not only attractive, but also short and concise. Make sure it includes the following elements for high click through rates.
• An enticing headline. This will give prospects a reason to click or view it.
• Give a detailed description of the property. And as you describe the desirable features, you’ll want to use certain adjectives such as “maple,” “state-of-the-art,” “granite,” and “stainless steel appliances.”
• Include high definition photos. A good smartphone can do.
Next, begin the syndication process. You can use a combination of both online and offline platforms to do this. Your goal should be to reach as many prospects as possible.
Alternatively, hire a reputable property management company to do it on your behalf.
5. Screen Tenants the Right Way
Once you start the marketing process, prospective tenants will begin reaching out to inquire more about your property. This may be through a call or a text message.
The goal of screening tenants is ensure you minimize your chances of landing a difficult tenant as much as possible. Difficult tenants don’t pay rent on time, cause negligent property damage, and only rent for a short period of time.
When screening tenants, you’ll want to consider those that have the following desirable qualities.
• Have a good credit rating. A credit rating is a good indicator of how financially responsible a person is.
• Have a good rental history. Don’t take a tenant’s word for it. Get in touch with prior landlords to learn more about their renting past. Did the tenant pay rent on time? Did they take good care of their rented premises? Did the tenant notify the landlord that they are looking to move out?
• Makes a good rental income. You’ll also want to get in touch with the tenant’s employer to verify the tenant’s claims. Besides asking them about how much income the tenant makes, you may also want to ask them a few questions regarding the tenant. For example, is the tenant full-time or part-time? How long has the tenant been working here? What position does the tenant hold here? Is he/she reliable?
• Has no prior convictions of a relevant crime
• Has no prior records of eviction for lease violations
Once you have landed the right tenant, make sure to caution yourself with a security deposit. And luckily for you, the state of Utah doesn’t place any limit in regards to the maximum amount a landlord can charge a tenant as a security deposit. That said, don’t overcharge tenants, though. It may not be counterproductive to your bottom line.
6. Hire a Professional to Rent Out Your Property on Your Behalf
If you aren’t well acquainted with your responsibilities, or simply lack the time, a property management company can be of help. Hiring a comprehensive property management company can help you in the following ways.
• Fill your vacancies with great tenants
• Collect rent when it’s due
• Respond to maintenance issues
• Help with tax filing
• Help evict a difficult tenant
In other words, you won’t have anything to worry about in regards to renting out your Ogden property. Let them take care of possible squatters as well!
Bottom Line
Becoming a landlord can be lucrative. However, there are responsibilities involved. If you find them overwhelming, Alliance Property Management can help. We have a team of dedicated individuals who will stop at nothing to see you succeed.
