My friends like to joke that my husband and I are on the path to becoming professional landlords. When we got married, we decided to buy a townhouse together and rent out the condo I lived in when I was single. But now that we have a one-year-old son and enough toys to stock the entire neighborhood, things are a little snug. If we sold our townhouse right now, it would be a miracle just to break even. So, we’re thinking of turning our place into a second rental property while we upgrade to something bigger. Because we’ve been through this process before, getting ready to rent a property doesn’t seem so daunting. Here are a few steps we’ll make sure to take this time:

1. Stick to those you know

Before we rented out the condo, my first instinct was to post ads anywhere and everywhere—Craigslist, our local alternative newspaper, the coffee shop around the corner, you name it. But I soon realized that I wanted some connection to our renters. We began reaching out to friends who (we hoped!) would point us toward reliable tenants. When that didn’t work, we sent emails to coworkers and tapped into our social media networks to cast a wider net. Over the years, this strategy has worked fairly well. Also, the interview process and background checks are very importantOur tenants have been awesome, and we have yet to encounter major problems with rent payments or property damage.

2. Find a Jack of all trades

As a landlord, you’ll have the inevitable leaky faucets and broken fixtures to deal with. But after weeks of tracking down a hodgepodge of electricians, plumbers, and miscellaneous maintenance workers, it became apparent that creating my own team of experts wasn’t the most practical approach. We’ve found it makes more sense to have one well-rounded handyman who can tackle a number of problems around the property. Since this person will be spending a lot of time at your rental, be sure it’s someone you can trust. Try asking around for recommendations or looking at websites like Angie’s List for local reviews.

3. Keep yourself covered

There are specific policies tailored to the risks landlords face. Many of these policies not only cover property damage but can help you recoup rental income lost as a result of that damage.

When we first rented out the condo, I figured our homeowners policy would safeguard us in case of any damage to our place. However, I learned that there are specific policies tailored to the risks landlords face. Many of these policies not only cover property damage but can help you recoup rental income lost as a result of that damage. In addition, they can help financially protect you if someone gets injured on your property. We haven’t needed to make a claim yet—knock on wood!—but it helps us sleep at night knowing we’ve covered our bases.

4. Make plans to check in

Your renters may be very considerate, but they won’t care for your property like an owner would. Little things like a small leak may go unmentioned until they turn into a massive flood. That’s why it’s important to check in from time to time and see whether anything needs to be taken care of. While we never show up at the condo unannounced, we do make an excuse to visit at least once every few months. Our handyman replaces the HVAC filter a couple times a year, so my husband or I often accompany him so that we can take a look around. One time, we located a small mold growth that could easily have turned into something much worse. Though being a landlord isn’t always easy, you can reduce your number of headaches with a little planning. While we know there’s anything but smooth sailing ahead, being a landlord isn’t nearly as hard as we thought it would be.

We polled Coldwell Banker Real Estate Facebook fans, who are primarily real estate agents, with the question: “Has a buyer ever asked you about any 'green features' a prospective home may have?” 20 percent responded yes. On coldwellbanker.com, there are currently 129 homes with the term “eco friendly” in the listing description. Clearly, green living is something buyers and sellers are talking about, and we expect that it will continue to grow with time. However, to some homeowners, the idea of going green is fraught with concerns about spending more as first thoughts often turn to the installation of expensive items like solar panels. And, in some cases, they are correct; not all green updates make sense.

What buyers will pay for

Before making any improvements, it is important to understand what prospective buyers want and, even more so, what they are willing to spend more on. Buyers value green improvements that make a home healthier, more comfortable and—here’s the kicker—they’re highly interested in upgrades that will save on operating costs. While the average U.S. household spends nearly $1,900 a year on utility bills, water and energy-efficiency are tangible benefits that are easy to measure. In fact, the U.S. Department of Energy says a green home can cut consumers’ bills by 25 percent! Buyers might be more willing to spend on an energy-efficient home because they know that they’ll be saving money on operating costs in the long run.

Where to start

Energystar.gov is a valuable resource for homeowners and sellers looking to make a start. This website suggests ways of making a home more energy efficient with products and appliances that can help to reduce high energy bills, improve comfort and lessen the environmental impact.

Big ticket upgrades, big impact

As much as half of the energy used in your home goes to heating and cooling. An inefficient heating system not only leaves your pockets empty, it leaves your family shaking during the winter months. If a heating system is 25 years or older, it’s time to replace it. And while a high-efficiency furnace with installation could run upwards of $3,000, it’s an update that buyers will appreciate as it isn’t generally a favorite on their “to do” list when they first move in.

Small improvements, still important

There are many other smaller green improvements that, over time, can make a big difference. For instance, installing a programmable thermostat is an inexpensive green improvement that can save up to $150 annually. Another competitive edge a seller can give their home against other homes on the market is upgrading showerheads, toilets and sinks that are 20 years or older. According to Frontdoor.com, federal standards now require that these fixtures use less water. An upgrade to a low-flow toilet can also trim about $90 a year off a water bill.

Energy audit

Prior to putting a home on the market, you might also consider getting your home audited by the HERS Index, a rating system that verifies a building’s energy performance and is recognized by the federal government for tax incentives, mortgage loans and investor certifications. Having a good score on the HERS index can improve the value of your home to green-minded buyers. Of course, there are many other energy-efficient improvements to consider:

• Plant trees near windows to provide shade, reduce the need for interior cooling
• Replace old light bulbs with ENERGY STAR-qualified bulbs (this can save more than $40 over each bulb’s lifetime)
• Seal air leaks around windows and doors to prevent energy losses

If your home is currently on the market, or if you’re getting ready to put it on the market, it is important to do everything you can to give it a competitive edge. Selecting some, or all, of these eco-friendly home improvements can give buyers peace of mind knowing they won’t have to invest time and money in putting together and operating a more efficient, lower impact, more comfortable home.

Guest blogger Lindsay Listanski is the social media manager for Coldwell Banker Real Estate, a leader in full service real estate sales.