From Homeowner to Landlord: A Step-by-Step Guide to Renting Out Your Home
With the growing demand for rental properties across Metro Atlanta and beyond, many homeowners are discovering the financial potential of turning their current home into an income-producing asset. Whether you're relocating, investing, or simply exploring new ways to build long-term wealth, renting out your home can be a powerful move—if done the right way.
At Savy Sells ATL, we believe in educating and empowering homeowners through every stage of the real estate journey. So, if you're considering stepping into the role of landlord, here's your comprehensive guide to preparing, marketing, and managing your rental property with confidence and professionalism.
Step 1: Preparing Your Property for Rent
Before you list your home for rent, it’s essential to ensure it's safe, appealing, and competitive in today’s rental market. Presentation matters—and so does compliance.
Evaluate Your Local Rental Market
Start by researching rental rates for similar homes in your neighborhood. Consider square footage, layout, features, and location. Does your home offer a fenced-in backyard, updated kitchen, or walkability to local parks and schools? Highlighting what sets your home apart allows you to market it effectively and price it strategically.
Complete Necessary Repairs and Upgrades
Minor updates can have a major impact. Prioritize repairs such as leaky faucets, cracked tiles, or aging appliances. A fresh coat of neutral paint, updated lighting, and tidy landscaping can significantly boost curb appeal and tenant interest. Aim to create a clean, move-in-ready space that appeals to your ideal renter.
Prioritize Safety and Code Compliance
Rental properties must meet local housing codes and safety regulations. Ensure smoke and carbon monoxide detectors are installed and operational. Address potential hazards like loose railings, mold, or faulty wiring. If your home was built before 1978, you may be legally required to disclose the presence of lead-based paint. Taking care of these details early protects both you and your tenants.
Step 2: Legal and Financial Considerations
Becoming a landlord is a business decision, and with that comes the responsibility of navigating legal and financial matters with care and precision.
Know Your Local Landlord-Tenant Laws
Each state—and often each city—has specific laws that govern rental properties. These laws cover everything from security deposits and lease terms to fair housing practices and eviction procedures. In Georgia, for example, landlords must return security deposits within one month of a tenant moving out. Understanding the legal landscape protects you from costly disputes.
Draft a Comprehensive Lease Agreement
Your lease is your most important legal safeguard. It should clearly outline rent amounts, payment due dates, lease duration, maintenance responsibilities, pet policies, and consequences of late payments or lease violations. While templates are available online, it’s wise to have your lease reviewed by a real estate attorney to ensure it complies with state and local laws.
Set the Right Rent and Security Deposit
Pricing your rental too high can lead to long vacancies; pricing too low can hurt your return. Use data from local comps and platforms like Zillow or Rentometer to guide your decision. Additionally, know your area's regulations around security deposits—many jurisdictions limit how much you can charge and how those funds must be held.
Step 3: Marketing Your Rental Property
A well-marketed rental not only attracts more interest but also helps you secure the right tenants faster. Strategic marketing creates the first impression—make it count.
Write a Standout Property Description
A compelling listing tells a story. Instead of just listing features, help potential tenants envision life in the space: “Enjoy your morning coffee in the sun-drenched breakfast nook or unwind in the spacious backyard overlooking mature trees.” Highlight neighborhood parks, school districts, and proximity to shopping, dining, or public transit.
Invest in Professional Photography
High-quality images are essential in today’s digital-first world. Clear, well-lit, and thoughtfully staged photos showcase your home’s best features and make your listing stand out across online platforms. Don’t underestimate the power of visuals—they’re often the reason a prospective tenant books a tour.
Promote Across Multiple Channels
List your property on popular rental platforms such as Zillow, Apartments.com, and HotPads. Don’t forget about your social media networks and real estate professionals (like me!) who can amplify your reach. Keywords and location-specific hashtags can also increase visibility online.
Step 4: Screening and Selecting Tenants
Choosing the right tenant is one of the most important parts of being a landlord. A strong screening process minimizes risk and lays the foundation for a positive landlord-tenant relationship.
Establish a Consistent Screening Process
Create a rental application that collects key information: employment, income, rental history, and references. Run credit checks, verify employment, and contact past landlords. Consistency is crucial—not only for fairness but also to comply with federal fair housing laws.
Conduct Background and Credit Checks
Screening services like TransUnion SmartMove or RentPrep provide detailed credit and criminal background reports. Look for signs of financial responsibility, eviction history, and any red flags that could affect tenancy.
Communicate Decisions Professionally
Once you’ve selected your tenant, send a formal approval with the next steps (lease signing, deposit collection, and move-in instructions). For applicants not selected, send a courteous rejection and, if applicable, include the reason in line with FCRA guidelines.
Step 5: Managing Your Rental Property
Managing a rental takes effort, but when done right, it can provide steady income and property appreciation. Successful landlords are responsive, organized, and proactive.
Set Clear Expectations for Rent Collection
Use reliable payment methods—online portals like Cozy, RentRedi, or Zelle streamline the process. Specify due dates, late fees, and preferred payment methods in the lease. Keep detailed records for tax and accounting purposes.
Stay on Top of Maintenance and Repairs
Regular maintenance prevents costly issues down the line. Build relationships with trusted contractors for plumbing, electrical, and HVAC services. Schedule seasonal inspections to catch problems early and keep the home in excellent condition.
Foster Positive Communication with Tenants
Open, respectful communication is key to tenant retention. Respond promptly to concerns, provide ample notice for inspections, and stay professional in all interactions. When tenants feel heard and respected, they’re more likely to care for your property.
Final Thoughts
Renting out your home can be an exciting and rewarding venture—one that opens doors to additional income, increased equity, and long-term investment growth. But like any business, it requires knowledge, preparation, and a commitment to doing things the right way.
If you're considering turning your Atlanta-area home into a rental property and want expert guidance along the way, I’m here to help. As a local Realtor who’s deeply invested in helping clients build generational wealth through real estate, I can connect you with trusted legal, financial, and property management professionals to ensure your success.
📞 Ready to explore your next move? Let’s chat:
Savanna Briscoe Boyd – Savy Sells ATL
📱 678.591.9397 | 📧 savannaboyd@kw.com
