Questions from a first time landlord

[Amit M.]

I will be renting out for the very first time this summer. I had a few questions on how to go about it:

1. How to determine what's a fair rent to charge?

I use listings in Zillow as a reference, but, they are inconsistent. Also, I had made several improvements to the property as it was my primary residence. I am not sure how to value those improvements. Is there a good reliable source or service that can help me determine a fair value ? Zillow seems to have this service. Has anyone used it ? Does it estimate well ?

2.  How to find good tenants?

Any recommendations on a good place to list the rental ? Does Zillow work well? Any advice on services available to screen the applicants?

3. How to draw up the lease agreement?

Any recommended services for this ? I looked at Rocket Lawyer. Does that work well ?   How I do I ensure that the general upkeep of the property is enforceable in the lease ? For example, I have a beautiful backyard. I can add in a free gardner service at my expense to preserve the value. However, since the tenant pays for water they may choose to turn off the sprinklers. Can I somehow enforce that the lawns and the yard need to be maintained ?

4. How much security deposit ?

What's a reasonable security deposit ? Typical seems to be 1 or 2 months rent. I feel a lower deposit will attract more applicants upfront. 

Any other pitfalls to avoid ?

Thanks

AM

[Eliott Elias]

Hire a property manager. They can answer all those questions for you.