Rather than selling your Asheville home, why not convert it into a rental while the economy is in a slowdown? Renting out your property generates extra income for you while waiting for the real estate market to improve.
Before making your Asheville home rent-ready, you need to gain an understanding of what responsibilities landlords have. There are several tasks associated with owning and running a rental business. Here are some things landlords must also be aware of when renting out a property:
Know Your Responsibilities as a Landlord
Although taking on a landlord role is exciting and challenging, there are duties to fulfill when you accept renters in your Asheville rental home. In North Carolina, landlords are in charge of ensuring that structural components, water supply, electricity and wiring, and heating and cooling systems are in top order. In other words, you have to ensure that your property is safe and habitable.
If there are issues of mold and/ or pests, or breakdowns in the home’s systems, property owners are also required to address them. Further, the rental homes must come with properly installed smoke and carbon monoxide detectors. Repairs must also be arranged and the unit kept sanitary.
In North Carolina, landlords are also expected to set up and repair carbon monoxide and smoke alarms. If not, they could be subject to pay fines. If the renter has raised the issue of damaged carbon monoxide and smoke alarms, then the property owner must have them repaired or replaced within 15 days from the written notice sent by the renter.
What’s more, doors and windows must be secure, and HVAC equipment must provide, as well as hot and cold running water. Landlords are also expected to ensure safety by maintaining floors, stairs, and railings in excellent condition.
Landlords are also expected to abide by security deposit laws, Fair Housing regulations, leasing laws, and state and federal landlord-tenant laws.
Prepare Your Rental Property for Tenants
The rental market can be particularly competitive. To remain ahead of your competitors and avoid high tenant turnover rates, you can adjust and provide additional services to retain your residents for a longer period.
A great strategy for keeping the loyalty of your tenants in your Asheville rental home is to schedule professional cleaning now and then. It prolongs the life expectancy of your furnishings and slows down normal wear and tear. It also shows residents that you value their comfort. At the end of the day, happy and comfortable tenants stay long-term.
Strengthen the Marketing of Your Asheville Rental Home
Once you’ve created an attractive rental space, you can evaluate your rental property’s features. What amenities do you provide that renters would find appealing? Check the list below for some of the top amenities tenants constantly look for:
- Private parking space
- In-house washer and dryer
- Granite countertop
- Hardwood flooring
- Storage spaces
- Outdoor spaces
Make sure to highlight these features in your promotional ads for your Asheville rental home. It generates more interest and you can end up with more inquiries and requests for property showings.
As you’re creating a property listing, take time to include beautifully-shot photos of your rental unit. Write an engaging ad copy that inspires readers to contact you to learn more about the property.
You should also develop a good ad distribution strategy. Find out where potential tenants are likely to go when looking for available rental properties. Generally, posting ads on popular listings sites and social media as well as placing “for rent” signs by the property is helpful.
Landlords can also engage the services of a trusted property manager like House in Order Property Management. They can access wider marketing services and consult professionals for local expertise.
Hire a Property Manager to Ensure Legal Compliance
Landlords must draft a leasing agreement that takes into account state laws and local regulations. This requires in-depth legal knowledge and if you partner with a reliable property manager like House in Order Property Management, you gain the assurance of being protected under the law.
Operating your Asheville rental home requires strict adherence to North Carolina’s property laws. At House in Order Property Management we ensure that the terms and conditions of your rental are legally compliant.
Another vital activity that landlords participate in is screening renters. This requires familiarity with Fair Housing Laws. With a dedicated property manager on your side, you would avoid being subjected to lawsuits and penalties.
In addition to legal compliance, a superb property manager can also streamline your rental operation, set accruate rental prices, provide more resources, help you choose the best type of lease agreement and perform best management practices. You can enjoy a full range of services from marketing, rent collection, and tenant screening, to property maintenance and repair and financial reporting.
Perform Detailed Screening of Tenants
If you skip the tenant screening in your Asheville rental home, you could end up with potential issues and face a ton of financial risks. You must evaluate a potential renter’s background to avoid financial losses or property damage. A tenant screening often looks at a prospective tenant’s:
- Income and employment history
- Rental history
- Credit score
- Criminal history
- Landlord references
If the renters pass your assessment, you can request a security deposit. Note that there are security deposit restrictions imposed in North Carolina. A landlord can only ask for two weeks’ rental payment if the rental stay is weekly.
If the lease arrangement is monthly, then only the equivalent of one and one-half months’ rent is allowed as the security deposit. If the tenant is occupying the unit for a fixed term, then the limit is equal to two months' rent.
It’s essential to know your duties and be familiar with the property laws in North Carolina when renting out your Asheville home. For trusted property management support, contact House in Order Property Management today!