If you have a spare Reno property sitting around, you might be thinking about putting it up for rent. It's a great way to generate passive income, after all. But what do you need to know before you begin this journey?
We can help.
Let's go through everything reno landlords need to do before listing homes for rent.
1. Check Your Insurance Policy
Before listing a property for rent, landlords should review their existing homeowner's insurance policy. Standard homeowner's insurance typically does not cover rental activities, so landlords may need to switch to a landlord or rental dwelling insurance policy.
Landlords should inform their insurance provider that they intend to rent out the property. Failing to disclose rental activities could lead to coverage gaps or policy cancellations.
2. Do a Home Inspection
You'll also need to ensure your Reno property is in solid shape.
Prioritize safety by checking for compliance with local building codes, fire safety regulations, and health standards. Ensure that the property has working smoke detectors, carbon monoxide detectors, fire extinguishers, and meets electrical, plumbing, and structural requirements.
Test all rental property appliances to ensure they are functioning properly. Check plumbing fixtures, faucets, and water heaters for leaks or malfunctions. Verify that electrical outlets, switches, and lighting fixtures are working safely.
Document your inspection findings in detail, including photographs or videos if possible. Create a checklist or report that outlines the condition of the property and any recommended repairs or improvements.
Make sure you continue doing inspections down the line, in case problems come up later on.
3. Consider Rent Collection
You'll need to figure out how you'll actually be paid by your tenants. Decide on the preferred method of rent payment. Common options include electronic bank transfers, online payment platforms, checks, money orders, or cash. Electronic methods are often more convenient and secure for both landlords and tenants.
Make it easy for tenants to pay rent by offering multiple payment options. Consider using online rent payment platforms that allow tenants to pay securely and conveniently from their bank accounts or credit/debit cards.
If a tenant fails to pay rent on time, follow the procedures outlined in the lease agreement and local laws for addressing delinquent payments. Send formal notices, communicate with the tenant, and take appropriate legal action if necessary.
4. Hire Property Management
Consider getting some extra support for your new venture. Property management companies have the past Reno real estate experience and resources to effectively manage rental properties.
They stay updated on local rental laws, market trends, and best practices, helping landlords navigate complex regulations and make informed decisions.
Property managers conduct thorough tenant screening processes, including background checks, credit checks, rental history verification, and income verification. This helps landlords select reliable tenants and reduce the risk of rental defaults or evictions.
Reno Landlords: List Your Homes for Rent Today
With this guide, you should be able to list your homes for rent with ease. Get all your ducks in a row, and you'll be on the path to easy street.
Do you want to hire property managers for your Reno rental property? The Martin Team at Dickson Realty has been dedicated to helping investors like you succeed since 2004.
Give us a call today.
