Owning a rental property can be an exciting and profitable experience. You may get to enjoy extra income, long-term financial security, potential tax deductions, or funding for your retirement.
But just like any other type of investment, you need to prepare. The following are 8 tips on how to rent out your house in Oklahoma City.
1. Charge the Right Amount for Rent
Begin by conducting a comparative market analysis to know what similar units are renting out for. The properties must be comparable in terms of amenities, location, size, and condition.
Next, factor in your expenses. Generally, ongoing costs include property taxes, utilities, maintenance, and insurance. Overall, the rent amount to charge tenants must be a delicate balance between two things: your profitability and the market demands.
2. Require the Tenant to Pay a Security Deposit
A security deposit acts as a financial safeguard against potential negligent actions by a tenant that can result in financial ruin.
However, make sure you familiarize yourself with Oklahoma security deposit rules first. These are a set of laws that apply in the collection and holding of security deposits in the state. The following are some basics to know:
- There is no limit to how much security deposit a landlord can charge in Oklahoma.
- You must hold tenants’ security deposits in an escrow account. The account must be in a financial institution that is federally insured.
- You must return the deposit within 45 days after the tenant moves out.
3. Understand Your Responsibilities
Determine whether or not being a landlord is an obligation that you are qualified for and can handle. As yourself the following questions:
- Do you know how to market a rental property?
- Can you draft a proper rental ad and syndicate it on both online and offline platforms?
- Do you know what questions you can and cannot ask when screening tenants?
- Are you ready to answer repair and maintenance calls in the wee hours of the night?
- Do you have any reliable contacts of vendors and contractors?
- Are you familiar with the Oklahoma landlord-tenant laws like eviction laws, lease termination laws, and housing discrimination laws?
If you don't feel prepared to take on all the responsibilities associated with being a landlord consider hiring a reliable property management company.
4. Prepare the Property for Tenants
Depending on the home’s condition, you may not be able to rent it out as is. Oklahoma laws require that a rental home meet certain basic health, safety, and building codes. You can do the following things to ready your home for tenants:
- Freshen up the curb appeal, including lawn care and landscaping.
- Ensure all appliances are working as they should.
- Clean the entire property, focusing on high-traffic areas such as bathrooms and kitchen.
- Freshen up the walls and trim with a coat of new paint. Go for neutral colors that will appeal to a broad spectrum of renters.
- Make essential repairs and maintenance. Check for faulty fixtures, leaks, and clogged drains. Also, check that all electrical outlets are working as they should.
5. Provide Desirable Furnishings and Amenities
Besides basic repairs and maintenance, you may also want to make the property stand out by providing the right amentites and rental renovations. This is especially key in a competitive rental market.
The amenities to provide will depend on the kind of tenant you’re targeting. That said, regardless of your target tenant base, the following amenities tend to make your property more desirable:
- Ample storage space, such as pantries, closets, and a garage
- An in-unit washer and dryer
- Pet-friendly policies
- A dishwasher and other energy-efficient appliances
- A private yard and/ or balcony
6. Market the Property
At this point, you’ll be ready to advertise your Oklahoma City property for rent. Your goal here should be to craft an attractive rental ad that will help a prospective tenant envision themselves living in the space.
Point out the desirable amenities and what exactly the tenant should expect. Do this all while highlighting other important features as well, such as:
- The number of bedrooms and bathrooms
- The rent amount
- The property’s location
- Security deposit amount
- The property’s square footage
- The lease’s duration
- Your contact info
Next, post the rental ad in multiple platforms from local dailies, to social media, to rental listing sites, to community bulletin boards, and everything in between for maximum reach.
7. Screen Prospective Tenants
Have a tenant screening process in place to help you rent to a desirable tenant. You want to rent to a tenant that will pay rent on time, care for the property, report issues on time, and renew the lease multiple times.
Your tenant screening process should focus on the following:
- The prospective tenant’s rental background
- Their creditworthiness
- Their income and employment status
- Their criminal background
- Their employers and previous landlord references
Throughout the process, however, make sure to be consistent and fair and that all you actions align with the terms of the Fair Housing Act. If you require certain information from one tenant, require the same from all the rest. The same is also true for the questions that you ask them.
8. Understand the Oklahoma Landlord-tenant Laws
These will govern almost all aspects of your relationship with the tenant from lease termination rules and Fair Housing laws, to security deposit laws and the warranty of habitability. For a full rundown, make sure to familiarize yourself with Title 41 of Oklahoma Statutes.
Bottom Line
There you have it, 8 proven tips on how to rent out your house in Oklahoma City. While the list isn’t exhaustive, implementing these tips can help you minimize stress and maximize your ROI.
For expert guidance on renting out a property in Oklahoma City, look no further than Archstone Properties. We are a dependable property management company with a proven track record of success. Get in touch to learn more about our professional property management services!
