Renting Out Your Home in Norman: Everything You Should Consider

Are you thinking of renting out your Norman home but don’t know how to go about it? Then, you’re in luck! In this article, you’ll learn everything you need to know about renting out your house in Norman.

Know Your Responsibilities as a Landlord

Your work doesn’t stop the moment you land a tenant. That’s where the bulk of your responsibilities as a landlord begin. After a tenant moves in, you’ll need to, among other things:

  • Respond to whatever needs they may have, including maintenance requests
  • Respect their peace and quiet enjoyment
  • Enforce the terms of the lease agreement
  • Ensure the property always meets the minimum safety and health standards

Draft a Lease Agreement

A lease agreement is a legally binding document that a landlord and tenant sign. For it to serve its purpose effectively, there are certain clauses that you must include. The following are some of the clauses you must include:

  • Names of all tenants
  • Limits on occupancy
  • The length of the tenancy
  • Details about rent including when it’s due, how it’s to be paid and details regarding late fees (if any)
  • Notice requirement before entry

Including such terms will ensure you offer yourself and your property adequate protection should an issue arise somewhere down the road. Generally speaking, the more detailed a lease agreement is, the better.

If you need help drafting a solid lease agreement, consider reaching out to property management experts.

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Require a Security Deposit

A security deposit provides a financial cushion against damage that may arise from a tenant’s negligent action. These are damages exceeding normal wear and tear.

But while you may have a right to require a security deposit from your tenant, there are rules that you’ll need to abide by. For instance, Oklahoma security deposit laws require that you return a tenant’s deposit within 45 days after their lease ends.

If you fail to do so and wrongfully withhold their deposit, or whatever is left of it, you may be liable to some fines. Including, but not limited too, the original deposit, plus damages and legal fees.

Figure Out the Monthly Rent Price

Here, you’ll want to avoid two potential scenarios: undercharging and overcharging tenants. When you undercharge tenants, you may not be able to maximize your ROI. And when you overcharge tenants, you may have a hard time renting out your Norman property.

To determine the right rent, you can use various approaches. For one, you can use the 1% Rule. The rule states that the rent collected should be equal to 1% of the home’s purchase price. If you bought your Norman home for, say, $200,000, then the right rent should be at least $2,000 a month.

Another approach is to simply hire a professional. This can either be a qualified real estate agent or an experienced property manager.

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Understand Oklahoma Landlord-tenant Laws

The landlord-tenant relationship is governed by many laws. As a landlord, it’s your responsibility to ensure that you are well acquainted with them before renting out your Norman property.

The following are some of the legal responsibilities landlords in Oklahoma have:

  • Abiding by the Oklahoma Fair Housing Act - The act prohibits landlords from discriminating against their tenants based on race, color, religion, nationality, familial status, and disability.
  • Abiding by the Implied Warranty of Habitability - Before renting out your property, you must make sure that your property abides by certain health and safety codes.
  • Adhering to the state’s security deposit rules - As already mentioned, Oklahoma requires landlords who ask for security deposits to abide by certain rules.
  • Abiding by the entry laws - Oklahoma requires a landlord to provide their tenant a notice of at least 24 hours before entry.

Market the Home to Prospective Tenants

Prospects won’t know your property exists if you don’t market it to them. Once the property is ready to be rented out, begin drafting a rental ad. For best results, make sure the ad includes the following:

  • Details about the unique features the property offers
  • Great quality photos and/ or videos
  • A proper property description
  • An attention-grabbing headline

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Once you have it ready, begin the distribution process. You can do this in a variety of ways, including on rental listing websites, social media, community bulletin boards, and using word-of-mouth marketing.

Alternatively, you can also hire a property management company to do the marketing on your behalf. A good company will not only help with screening tenants, responding to maintenance issues, inspecting the property, and collecting rent.

Screen Tenants Thoroughly

This is an area you’ll want to be careful with. The goal of screening tenants should be to find tenants that:

  • Pay rent on time
  • Care for your property
  • Notify you of maintenance issues
  • Renew their lease at least once

To land such tenants, your screening process should be able to check their rental history and credit rating, as well as criminal and employment background.

Hire a Property Management Company

Does renting out your Norman rental home feel daunting? Whether you lack adequate time or experience, a property management company can provide you with all the help you need.

Professional property managers can help you in all aspects of property management. The following are some of the services you can expect:

  • Filling vacancies with great tenants
  • Responding to maintenance issues when they occur
  • Collecting rent when it’s due
  • Carrying out periodic rental inspections
  • Providing financial statements and reports
  • Handle the legal eviction process

Bottom Line
While being a landlord can be a lucrative venture, it does come with a list of responsibilities. For expert help, choose Draper Realty. We have the professional experience and cutting-end resources to handle every aspect of property management!

Disclaimer: This post is not meant to be used as a substitute for legal advice. If you need legal guidance, please contact a licensed attorney.

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