Are you a real estate investor looking to successfully invest in and rent out a house or apartment in Eugene, Oregon? If so, you're in the right place. Managing a local rental property can be a great way to generate some extra cash from rental income rather than just trying to sell the home.
While the extra money is great, real estate management can be a daunting task. There are many things for landlords renting out their place to consider. You'll need to screen tenants, determine how much rent they'll need to pay, and ensure your rental is up to code.
In this article, we'll guide aspiring landlords through the process of renting out their home in Eugene to point you in the right direction. We’ll cover everything from preparing your place for rent to managing your rental. Whether you're a seasoned landlord or a first-time landlord, our tips will help you navigate the rental business market in Eugene and make the most out of your investment.
Understand Your Landlord Responsibilities
Renting out your home in Eugene, OR can be a great way to earn extra rental income, but it also comes with a lot of obligations for landlords. As a landlord yourself, you’re responsible for maintaining the space, ensuring that it meets health and safety standards and responding promptly to renter requests and complaints.
You also need to determine if you're prepared to deal with any legal issues that might arise, such as eviction proceedings or disputes with renters, such as problems with the lease or rental agreement. To be a successful landlord, it's important to understand your obligations so you can do your job well.
On top of that, there's certain yearly responsibilities you'll have to make sure you remember, and landlord insurance that it's in your best interest to acquire.
Prepare Your Eugene Rental Property
Before you can put your home in Eugene, OR, up for rent, you'll need to prepare the place for people. Perform a deep cleaning, ensuring that it is safe and in good condition. Determine what repairs or upgrades might be necessary, like fixing leaky faucets, replacing outdated appliances, or even some lawn care, as minor upgrades can even justify a higher rent price than you originally had. Note all of the repairs made in case your renters cause further property damage and you have to deduct from their security deposit for further repairs.
You also need to make sure your Eugene rental meets all health and safety standards, like having working smoke detectors and carbon monoxide detectors. Consider staging the rental property to make it more appealing to potential renters.
Market Your Eugene Rental Unit Well
Once your rental is ready for a new person to move in, it's time to start marketing it to generate interest. There are many different ways to advertise a rental property, including online listings, video tours, yard signs and print ads. Highlight the best features the space so it stands out from other rentals in the area.
When creating your rental listing, be sure to include high-quality photos and detailed descriptions of the unit's features and amenities. You might also want to offer incentives to attract prospective tenants, like special for when the tenant moves in or discounted rent cost for the first few months.
Screen Prospective Tenants Thoroughly
An important step in renting out your house in Eugene, OR is to screen potential renters. This involves checking an applicant’s credit, employment, income and rental history to find a tenant you know has the capacity to make sure that rent is consistently paid, and can easily cover the rent price. It's important to be consistent in your screening process to ensure that every prospective tenant is treated fairly and equally as per the Fair Housing Act.
Be aware of the Fair Housing Act and avoid discriminating against potential tenants based on protected classes like race, gender, religion or family status. By screening your applicants thoroughly and fairly, you can help ensure your investment property is rented to a great tenant who will take care of it, pay their rent, and continue paying rent in a timely manner while they live there to ensure you get consistent income.
Stay Up-to-Date on Laws and Legislations
Rental property owners in Eugene, OR, should all be aware of how important to stay updated on the latest local, state and federal laws and regulations affecting both them, the landlord, and their tenants. This includes local laws regarding security deposits, eviction procedures, fair housing, tax deductions, rent costs, anti-discrimination laws, building codes, and lease agreements.
One way to stay updated on landlord-tenant laws is to join local landlord associations or attend educational seminars on landlord tenant law. Regularly reviewing your lease agreements and rental policies can also help ensure that they're up-to-date and in compliance with current lease rules and regulations.
By staying informed on landlord-tenant laws, you can help ensure you comply with all legal requirements and avoid potential legal issues. It's important to prioritize the safety and well-being of your renters while also protecting your own interests and your rental.
Hire a Property Manager
Managing a rental home can be time-consuming and stressful, especially if you own multiple rental properties or have another full-time job. That's why it can be a worthwhile decision to hire a property management team.
A professional management company can handle many of the day-to-day tasks of landlords, such as providing a lease agreement, marketing, screening tenants, making sure to collect rent money and handling repairs, maintenance requests, and paperwork.
Consider partnering with a team of experienced and trusted property managers like Campus Connection Property Management. We have a successful track record in managing various kinds of Eugene rentals and can help you reach your Eugene investment goals.
In a Nutshell: Renting Out Your Eugene Home
The home rental process is an endeavor with the potential to make you some good extra income in the form of rent payments, but it comes with its fair share of responsibilities. Most landlords will need to understand their landlord obligations and take care of them all themselves, like having a solid lease, preparing their unit for tenants, creating a good advertising strategy, screening potential tenants thoroughly, acquiring landlord insurance, and staying up-to-date with state laws.
With all of these tasks, managing your real estate can get overwhelming. We can help you manage your Eugene rental property or properties. We have the expertise and experience to take care of the day-to-day management of your property and make the whole process easier, giving you peace of mind and time to focus on other things.
If you're considering renting out your house in Eugene, OR, contact us today and experience stress-free house ownership. You can reach us by dialing (541) 556-1144 or by emailing ccpm@oregoncampusrentals.com.
