Return to flip book view
LET’S GETSTARTED!A guide for home owners consideringrenting out their home
If you do this right, not only are youproviding a great service for another but youcan be building your nest-egg. I encourageyou to always treat this as a business and topay attention to your home the way youwould if you were living in itWHY: TO PROTECT YOUR ASSEST Please check your local state laws regarding self-management. May be worth a call to a local Real Estate AttorneyIda Bear, Realtor, with Windermere RE West Sound
ALWAYS REMEMBER!YOUR HOME WILL NOT TAKE CARE OF ITSELF & YOUR RENTERWILL NEVER TREAT IT THE WAY YOU WOULD YOUR ASSET ISN'T SELF-HEALING IT REQUIRES YOUR ATTENTIONIda Bear, Realtor, with Windermere RE West Sound
Decide your rental criteria, put it in writing,share it with ALL of your potential renters.BE CONSISTENT - Same rules for all potentialrenters Know & Follow ALL Fair Housing Laws Signup for a credit screening service like;https://www.mysmartmove.com or https://www.alliance2020.com/services/tenant-screening/surerent-2020-program/Require ALL occupants 18 yo or older completean application Have a clear written policy regarding subletting& adding roommatesWHO: YOU GET TO DECIDE WHO RENTSYOUR HOME - Ida Bear, Realtor, with Windermere RE West Sound
A trusted person to help with transfer of keysand move-in move out inspectionsA trusted person to show your home toprospective renters when home turns overA Handy-Person for small repairsContractor(s) for larger repairsAn attorney for legal mattersService providers for annual maintenanceitems; roof/gutter cleaning, furnace/fireplaceservice, pest control, septic service, annualinspection WHO: IS ON YOUR TEAMTHERE MAY BE KEY ROLES TO BE PLAYED BY OTHERPARTIES. CONSIDER HAVING PEOPLE FOR THESEROLESIda Bear, Realtor, with Windermere RE West Sound
It is important to be clear - What is included and what yourrenters are responsible for . EVERYTHING should be inwriting, EVERYTHING!WHAT: ARE YOU OFFERINGPet PolicyHome & Yard Care UtilitiesPest ControlIda Bear, Realtor, with Windermere RE West Sound
Rental AgreementPet PolicyRulesCondition ReportWA State Landlord/Tenant lawsMold GuideRental Renewals + Policy ChangesWHAT: DOCUMENT EVERYTHING -EVERYTHING NEEDS TO BE INWRITING. EVERYTHING NEEDS TOBE SIGNED BY ALL PARTIES*you can NOT keep a renters damage deposit if you do not have a written ConditionReport . DO NOT let your renter move-in and have keys until this is complete *most items can not be enforced if they are not in writing, signed by allparties and copy of signed documents shared with all partiesIda Bear, Realtor, with Windermere RE West Sound
GETTING YOUR HOME READY FOR MARKET & FOR YOUR RENTER HAVE A HOME INSPECTION TO GET A BASELINE OF YOUR HOMESCONDITIONHAVE PROFESSIONAL PHOTOS TAKEN. THIS WILL HELP WHEN YOU NEEDTO ADVERTISE BETWEEN RENTERS & IF RENTERS CAUSE DAMAGEHAVE YOUR SYSTEMS SERVICED *MARK YOUR CALENDAR TO HAVE THESESERVICE COMPLETED SAME TIME NEXT YEARADVISE YOUR INSURANCE PROVIDER TAKE DETAILED VIDEO OF HOMES CONDITION PRIOR TO RENTER MOVE INHAVE STATE FORMS AVAILABLEMAKE A WRITTEN SET OF RULESSET UP A BANK ACCOUNT OF AUTOMATIC RENTAL DEPOSITS *KEEP THISACCOUNT SEPERATE FROM YOU PERSONAL ACCTSET UP AN ESCROW ACCOUNT TO HOLD RENTERS DEPOSITS *KEEP THISSEPARATE FROM OTHER ACCOUNTSSET UP A SPECIFIC EMAIL ACCOUNT FOR COMMUNICATING ABOUT YOURRENTAL & WITH YOUR RENTERDOCUMENT MAKES & MODELS OF APPLIANCES IN EVENT REPAIRS, PARTSOR REPLACEMENTS ARE NEEDED MAKE A GUIDE FOR YOUR HOME IDENTIFYING PANELS, SYSTEMS, WATER MAIN SHUT OFFS, RECOMMENDED CONTRACTORS STAND OUT!
STRONG CRITERIA & TENANTSCREENINGThis can make or break you. SCREENyour tenants, have strict criteria andstick to itLAWSKnow yours and your renters RIGHTS.Know all FAIR HOUSING Laws. Enforceyour rules CONDITIONYour homes present condition sets thestage and expectations for how yourtenant will treat your home and howthey may return it to you when theymove out. Prep your home & scheduleannual servicesPAPERWORK & TRACKINGHave enforceable rules in writing. Uselegal written rental agreements &addenda. Track rental with a system like;https://innago.com or others - Set upyour rental bank account & escrowaccounts.WHAT WILL DEFINE YOUR SUCCESS?
Have your renter give you proof of renters insurance beforeissuing keys and signing the agreementHave renter provide proof of EFT or auto-payment set upbefore signing rental agreement & issuing keysIf PET friendly, make sure you have documentation of petbreed, age, size, registration, shot records, ask for a photoof the pet(s), ask for referencesEnsure you have a NON-household emergency contact, askfor this persons relationship to renter and have theircontact info ; phone & emailAsk for list of vehicles being approved to stay on thepropertyEnsure 1st Months Rent & Deposit(s) are deposited intoyour acct and funds clear before issuing keysEnsure your renters can provide 2 forms of valid IDMake sure they understand HOA rules if this applies Some things I would consider when renting out my homeIda Bear, RealtorWindermere RE West Sound206-992-2327www.idabear.withwre.comidabearhomes@gmail.com
HELPFUL RESOURCESWA State RCW - Landlord Tenant Laws - https://apps.leg.wa.gov/rcw/default.aspx?cite=59.18https://www.avail.coThe Reluctant Landlord - *lots of resources here https://www.reluctantlandlord.netMold Guide downloadable - https://www.epa.gov/sites/production/files/2016-10/documents/moldguide12.pdfForms - https://rentalleaseagreements.com/wa/Tenant Screening - https://www.mysmartmove.com or https://www.alliance2020.com/services/tenant-screening/surerent-2020-program/
The information provided in thisdocument is based on my ownexperience, and from feedbackreceived from clients, co-workers,friends and family. PLEASE consult aReal Estate Attorney to verify thelegality of any of theserecommendations. I can NOT stressenough the importance of knowingyour local & state laws as well asALL Fair Housing Laws. I want toidentify myself as a Realtor(r) andthat I am with Windermere RE WestSound. I am always happy todiscuss anything Real Estate. Pleasereach out anytime with questions. Iam happy to send names andnumbers of vendors that may beable to assist you .Ida B