By purchasing your first or additional home(s) that you want to rent, you have entered a world of possibilities, but investment property ownership also comes with its share of logistical requirements. Do you know what it takes to have the home “rent-ready?” Real Property Management Stellar has laid out a few basic steps to help ensure that your property is rent ready.
The goal of preparing a home for rent is simple: create an environment where the prospective tenants can see themselves living and prospering. In order to create this, you have to put yourself into a prospective tenant’s shoes. And, Owners have an obligation to ensure their property is safe and well-maintained. To begin, curb appeal is a key component to preparing your home and may include:
● Landscaping – plants, weeding, grass
● Hardscaping – sidewalks, steps, ramps
Try not to show the house if there is any construction or major remodeling that needs to be done. This may impact the first impression of the home because the tenants will not be able to envision themselves there. Again, ensure that potential renters can imagine themselves living, growing, and enjoying your home while they are there and leave your property in possibly better condition than they found it upon move out. In order to do this, you will have to ensure a few essentials are in place:
● Ensure that all fire alarms and smoke detectors are in working condition and have fresh batteries
● Hire professionals to clean the home and shampoo carpets before showing
● Repair those areas that are necessary, particularly with a focus on safety
● Ensure that the doors, windows, appliances, and locks are in working order
● Make sure there aren’t any mold issues
● Check the plumbing, particularly the toilets
Upon completion, then you can determine the rent rate based on both the condition of the home and the area. If you go too low, you run the risk of attracting the wrong tenants that will eat into your profit margins, but if you go too high, it will cause extended vacancies.
Remember that any money spent on getting the property rent-ready will be worth it in the long run, as it will keep tenants happier for longer periods of time which will hopefully result in fewer vacancies for your property. Please Real Property Management Stellar to receive a complimentary Rental Market Analysis of your property and a follow-on “on-site” evaluation.