Get Your Property Ready To Rent
Considering renting out your home but feeling overwhelmed by the to-do list? It's a common sentiment. From getting your house to a rentable condition to lease agreements, it can be quite the process. Here are eight essential tips to get your property rental-ready:
Choose Your Management Approach: Deciding who will manage your property is a pivotal step. You might start by handling things yourself, but it's good to know you can switch to a property management company later if needed. When considering a management company, there are a few major things to consider. We broke down the pros and cons of hiring a property management company. For first time landlords, it's a smart move to begin your rental journey on the right foot with a reliable management partner.
Prioritize Safety: Safety is paramount when renting out your property. State laws vary, but most require landlords to maintain a safe living environment for tenants. This means ensuring everything from locks to smoke detectors is in top-notch condition. By prioritizing safety, you're not just meeting legal obligations, but also providing peace of mind to your tenants. Failure to create a safe and habitable living environment can open you up to unwanted legal action. If you’re unsure of your homes legal safety compliance, we strongly recommend to reach out to a licensed property manager for guidance.
Address Repairs and Appliances: Before welcoming tenants, take the time to address any necessary repairs and check all major appliances. A well-maintained property not only attracts quality tenants but also reduces the likelihood of unexpected issues cropping up later. From fixing leaky faucets to ensuring the HVAC system is running smoothly, a proactive approach to maintenance sets the stage for a positive renting experience and can help minimize unexpected repairs.
Focus on Cleanliness: A clean home is a happy home! Prioritize cleanliness by conducting a thorough deep clean before showing the property to potential tenants. Pay attention to every nook and cranny, from baseboards to windows. Don't forget about the exterior too – a tidy lawn and well-maintained landscaping enhance the overall appeal of your property.
Professional Photography: Photos are worth a thousand words, especially in the rental market. Capture your property's best features with high-quality photographs. Before tenants move in, document the condition of the property with detailed photos. This not only helps in marketing your property but also serves as a visual record in case of any disputes later on.
Price Appropriately: Pricing your rental property appropriately is essential to attract tenants and minimize vacancies. Property management companies offer valuable insights into local rental rates, helping you determine a competitive price point. By leveraging their expertise, you can strike the right balance between maximizing rental income and ensuring your property remains attractive to potential tenants.
Screen Applicants Carefully: Screening applicants is a crucial step in finding reliable tenants. Property management companies can assist in this process, ensuring that you comply with landlord-tenant laws and fair housing regulations. By carefully vetting applicants, you can minimize the risk of rental-related issues down the line and foster positive landlord-tenant relationships.
Track Finances: Establishing a system to track income and expenses is essential for effective property management. Whether you opt for a tenant portal provided by a property management company or manually keeping track by hand, maintaining organized records simplifies tax reporting and financial planning. By staying on top of your finances, you can make informed decisions and ensure the long-term success of your rental investment.
In short, making sure that your property is ‘rental ready’ can be a convoluted and arduous process and often for everyone. If you have any questions regarding your self-management, or are looking to consult with a local and licensed property manager - give us a call! Our team is ready and able to help you navigate any challenge when it comes to renting your property.
