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  • Writer's pictureJohn Williams

How to Turn Your Home into a Rental Property

Updated: Dec 29, 2023


A house in Clarksville that is for rent
How to Turn Your Home into a Rental Property

Did you know that you don’t necessarily have to sell your home when you’re moving away? More and more people are discovering that rental properties are an excellent tool to build wealth and passive income. If you’ve made the decision to list your home for rent instead of selling, here are some things you can do to turn your home into a rental property.



1.) Run The Numbers


Before trying to rent out your property, ensure that your home will actually cash flow. Your property advisor can present you with a rental analysis to give you an approximate range of rental rates in the area. From there, you can budget for expenses. From the rental rate, subtract your mortgage payment (if any), vacancy allowance, maintenance and repairs, and management fees. If you’re going to rent out your property, you should be left with a comfortable amount of cash flow after accounting for these expenses.




2.) Prepare Your Home


So the numbers check out … now what? Determine your move-out date and backward plan! In order to have a seamless transition and to minimize vacancy time, you’ll want to get your home as close to “turn-key” as possible prior to moving out. That way, as soon as you move out, you can complete your move-out clean and schedule your professional photographer. Some common items you may want to consider repairing/replacing/updating prior to moving are smoke detectors, carbon monoxide detectors, light bulbs, paint, and carpet. You’ll want to make sure everything is in working condition and clean so you attract quality tenants. By being proactive, you also save time/money by minimizing work orders/expenses after you move out. If you really want to get ahead of the curve, you can even list your property as “coming soon” prior to moving!




3.) Meet Your Property Advisor


While preparing to move, this is also a great time to connect with your dedicated property advisor! They will assist you with planning and will consult with you regarding your maintenance, repairs, and updating. Your property advisor will walk with you every step of the way and will serve as your property manager after you’ve moved. They are responsible for knowing you and your property like the back of their hand. They will do everything in their power to ensure a seamless transition for you - from regular homeowner to the landlord! Your dedicated advisor is an expert in the rental property industry and will help protect your property (now, your investment property!)



In sum, make sure the numbers work first and foremost! Be conservative when running your numbers in order to avoid any surprises and prepare yourself for potential expenses. Next, prepare your property by completing any updates or repairs that are needed. Don’t waste time and try to take care of things once you’ve moved. We all know how stressful and expensive it can be to move! Why not take care of maintenance ahead of time? Lastly, this is a great time to meet your property advisor. They will be there to answer your questions and walk you through your transition!


Ready to meet your property manager?




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