The motives for wanting to rent out your house in Mesa can be varied and rewarding if you get certain things right. The potential monthly income can help you pay down debt, reduce your tax bill, and diversify your investment portfolio.
Being a landlord isn’t, however, without its challenges. To run a successful investment property in Mesa, you’ll need to possess a certain level of knowledge. This is especially true if you plan on renting out the property yourself instead of hiring a property manager. Below are some tips to help you rent out your Mesa home successfully:
Know What You’re Getting Yourself Into
In any legal agreement, the rights and responsibilities of the parties involved are usually clear-cut. The landlord-tenant relationship is no exception. Some of the basic responsibilities you’ll have when renting out a property in Mesa include:
- Collecting rent
- Marketing the property
- Screening prospective tenants
- Evicting difficult tenants
- Filing tax returns
- Maintaining the habitability standards
- Respecting Fair Housing Laws
Ready Your Home for Occupation by a Tenant
If you want to land qualified tenants you need to ensure that your property is rent-ready. By renting out a space in good condition you attract qualified long-term tenants, reduce vacancy periods, and protect the value of real estate investment.
Check the conditions of your walls and cabinets to see if they need to be repainted or refinished. Landlords should also test all the appliances to assess their functioning. Replace any that have consistent breakdowns, leakages, and even high energy consumption with more energy-efficient models. Also, look for areas that may need repair. Address issues like leaky roofs, leaky faucets, faulty fixtures, and broken windows.
Don’t forget the exterior of the home either. The curb appeal may need some sprucing up. This is particularly crucial as it is the first impression potential tenants get of your property. Manicure the lawn, trim overgrown bushes and trees, and apply a fresh layer of mulch to flower beds, among other things.
A thorough cleaning may also be necessary. Ideally, go for a professional cleaning service if you have the budget. They will ensure your home is sparkling clean and allergen-free, top to bottom.
Start Advertising Your Mesa Home for Rent
To market the property to interested applicants, you’ll first need to create a listing. The rental ad should contain all important information regarding the property. For instance, the type of home, the number of bedrooms and bathrooms, the square footage, lease terms, location, rent price, and special amenities.
As you write the description, make sure you mention some of the property’s desirable features as well. These will help you attract quality renters more quickly. Desirable features include air conditioning, a garage, and an in-unit washer and a dryer. Once the ad is ready, post it to relevant online and offline platforms. These can include rental listing sites, social media, and local community boards.
Alternatively, partner with a management company to do the advertising for you. They will be able to create an engaging, detailed, and legally compliant ad and help your property achieve maximum exposure.
Screen Prospective Tenants Thoroughly
Prospective tenants will start reaching out once your rental property listing goes live. And when that happens, you’ll need to have a list of pre-screening questions ready. These initial questions will help you narrow down the tenant pool, saving both you and the applicants time. The following are examples of pre-screening questions you can ask prospective tenants:
- When are you looking to move in?
- Are you ready to pay the first month's rent and security deposit?
- How much do you make per month?
- What is your credit rating?
- Where are you currently renting?
These questions can help you get a well-rounded view of a prospect, enabling you to assess their suitability to rent your home. Once you've narrowed down your list of prospects, require the remaining ones to fill out a rental application form.
Use the form to gather crucial details about each tenant such as their employment history, income, and references. Then, thoroughly screen every prospective tenant against their details. Verify their info by calling their employers, and prior landlords, and even running their credit details and a background check.
Familiarize Yourself with the Arizona Landlord-tenant Act
There is a lot more that goes into being a landlord than just finding a tenant. You must follow certain federal, state, and local laws as well. The following is a basic overview of those laws:
- Warranty of Habitability. Arizona requires landlords to provide a habitable rental property. Among other things, the property you rent out must have running water, sufficient garbage containers, and a working HVAC system. Essential repairs must also be done within 5-10 days of receiving notification from the tenant.
- Fair Housing Act. This law prohibits discrimination based on race, color, religion, nationality, disability, sex, and familial status. All rental operations including marketing, screening, leasing, and eviction proceedings must adhere to Fair Housing Laws.
- Tenant Eviction Laws. You cannot evict a tenant without valid cause. You must also have a court order to remove them from the premises legally.
- Security Deposits Rules. Certain rules apply in the collection, holding, and use of security deposits. Landlords must ensure that they follow all security deposit laws.
Bottom Line
These strategies are highly effective for running a profitable rental investment in Mesa, AZ. If it comes across as daunting, consider hiring a property manager to do it on your behalf. You’ll enjoy peace of mind all while generating a monthly passive income.
Denman Realty & Property Management would be more than happy to take up this journey with you! We have over 25 years of experience serving the Phoenix Metro area. Get in touch to learn more about our professional management services!