Renting out a property can be a simple way to get an extra source of income every month. It also helps you grow your money, as your property’s value will increase over time. But before listing your house for rent, it’s best to prepare for possible eventualities.
Setting aside savings to cover unexpected repairs or upgrades is a must. Plus, you’ll need to understand your duties as a landlord.
The responsibilities and rights of landlords are different in every state. Oklahoma is a landlord-friendly state. Still, there are some things you should learn if you’re planning to rent out your house in Tulsa, Oklahoma.
Understanding Your Rights as a Landlord in Tulsa
According to Oklahoma Statute Title 41, landlord-tenant relationships are established even without a written lease. As long as tenants pay rent promptly, landlords have a wide range of rights. This includes the following:
- Raising rental prices without notice or justification.
- Receiving payment or deducting money from the security deposit for damages beyond normal “wear and tear.”
- The right to enter the property upon at least one day’s notice or without previous notice in case of an emergency.
- Evicting tenants for non-payment of rent, lease term violations, or end of the lease. And evicting tenants without notice if they’re involved in illegal activities.
If your rights as a landlord are violated, Oklahoman law is there to help you. For example, Oklahoma’s small claims court allows rent-related cases. However, it’s always better to contact a professional for guidance.
Understanding Your Responsibilities as a Landlord in Tulsa
Keeping your property in good shape will attract renters and increase its value. Some simple things you can do are deep clean your home, make necessary renovations and ensure all appliances work correctly. It’s also important to understand your state’s legislation for landlords and tenants.
According to OKLaw.org, Oklahoma landlords must maintain the property in livable conditions. This includes keeping all common areas clean and sanitary. Landlords are also in charge of any repairs that may come up.
The responsibilities of landlords vary depending on the type of property they own. For apartments, landlords must provide trash containers and removal services. They should also provide running water, hot water, and heat. For single-family homes, landlords are only in charge of essential repairs. As tenants typically pay for utilities and trash removal services.
In addition to this, Oklahoma landlords must provide the following disclosures when listing a property for rent:
- If there are any concentrations of lead-based paint. This applies only to houses built before 1978.
- If the property has been ever involved in the manufacture of methamphetamine drugs.
- If flooding has affected the property in the past five years.
Listing and Marketing Your House for Rent
After ensuring your property is in its best shape, it’s time to list your house for rent. You can do this through a wide variety of listing portals. While some of these websites are free, others might require payment. To attract more potential tenants, it’s best to list your property across as many sites as possible.
To create an effective listing, start with an attractive title that gives an idea of what you’re offering. Then, you’ll have to write an informative description that’s four to six sentences long.
Add key information such as rent price, number of bedrooms and bathrooms, location, and amenities nearby. Lastly, add high-quality photos that showcase the best attributes of the property.
Advertising your listing is essential to reach more potential renters. Social media is excellent for this.
You can also post advertisements on well-known sites or in your local newspaper. Another option is to hire a real estate agent, although you’ll have to pay them a commission.
Choosing the Right Tenants
You have to choose the right tenants to avoid issues like late or missed rent payments or complaints. Tenant screening is the best way to do this. You should add the basic requirements tenants should meet to your listing.
This can include a minimum credit score, proof of employment, and paying the security deposit and first month’s rent upfront. To save time, you can use tenant screening services to help you with this.
You’ll want to make sure you’re choosing trustworthy renters. Because as a landlord in Tulsa, you must provide tenants with the names and contact information of all property owners and managers.
Hiring a Professional to Manage Your Rental Property
Managing a rental property can be as time-consuming as a full-time job. Landlords have to deal with tenants every other day, from handling complaints to collecting rent. They also have to manage the property.
This includes performing routine inspections and handling all kinds of repairs. This, along with managing the finances of a rental property, can be too much for one person.
Hiring a property management company is a simple way to get most of the load off your plate. These professionals will handle the daily operations of your rental property, so you don’t have to.
Their services include listing and marketing the property, tenant screening, and writing lease agreements. They can also collect rent and handle all property maintenance and repairs.
Your time or effort won’t go to waste with a property management company. You’ll be able to enjoy all the benefits of renting without the hassle.
Hiring a property management company is one of the best investments you can make as a landlord. This way, you’ll reap all the benefits of owning a rental property with little to no effort! Reach out to the experts at Keyrenter Tulsa to see your property reach its full potential, while saving you time and stress!