Getting a property ready to become a rental can be an intimidating task – but with the right approach, a little elbow grease and a plan you can have a home ready for the rental market quickly and effectively. In this article we’ll explain some of the most important steps and tips to rent a property.
Make any necessary repairs
Before listing your property for rent, it is important to make any necessary repairs to ensure that it is in good condition. This includes fixing any leaks, repairing any damage to the walls or floors, and making sure all appliances and fixtures are in working order. Not only will this make the property more attractive to potential renters, but it will also help to prevent any problems from arising during the tenancy. The worst is to have a renter in the property when fixtures, plumbing or the water heater begins to leak. This not only causes issues for the renter but it leads to costly repairs from water damage that could have been prevented by replacing plumbing before you rush to place the house on the rental market.
Clean the property thoroughly
Cleaning the property is crucial to making a good impression on potential renters. This includes deep cleaning the bathrooms and kitchen, dusting and vacuuming the entire property, and making sure that all windows and mirrors are clean. It is also a good idea to have the carpets professionally cleaned. Not only will this make the property more appealing, but it will also help to remove any lingering odors or stains. If your property was previously a rental you may need to get rid of items left behind by the previous renters. There are several options for getting rid of unwanted items, from junk removal companies, donation centers that offer free pickups and of course, recycling options. Most city trash services provide “bulk trash” pickup days and often times you can contact your city’s trash service and schedule a curbside bulk trash pickup. If you’re a realtor or property manager there are several services that tailor themselves towards supporting you with “trashout” services to ensure removal of all left behind trash, junk or large items.
Paint and decorate
Giving the property a fresh coat of paint can make a big difference in how it looks. You may also want to consider updating the decor to make the space more appealing to potential renters. This can be as simple as replacing old light fixtures or as extensive as remodeling the kitchen or bathrooms. It is important to keep in mind that you want to appeal to a wide range of renters, so it is best to stick with neutral colors and decor that is not too personal. You can even repaint your cabinetry if they are out-of-date. Updating the property’s cabinetry is a great way to increase rental value even if you can’t afford to install new cabinets.
Take high-quality photographs
High-quality photographs of the property are crucial to attracting potential renters. Make sure to take pictures of each room, as well as the exterior of the property. Be sure to show off any unique features or amenities that the property has to offer. It is also a good idea to have a virtual tour or video of the property, which can be posted on different platforms, such as rental listing websites, social media, and local newspapers.
Price it correctly
Be sure to price the property correctly, taking into account the local rental market and the condition of your property. Research comparable properties in the area to get an idea of the going rate for rent. It is also important to consider the cost of repairs, cleaning, and any other expenses that you have incurred in getting the property ready for rent.
Advertise the property
Advertise the property on different platforms, such as rental listing websites, social media, and local newspapers. Be sure to include detailed information about the property, including the number of bedrooms, bathrooms, and any other amenities it has to offer. Also, include high-quality photographs, virtual tours or videos, and any other relevant information.
Screen potential tenants
Screen potential tenants by checking their credit, employment, and rental history to ensure that they are qualified and reliable. This can be done by running a credit check and asking for references from previous landlords. It is also a good idea to conduct an interview with the potential tenant to get a sense of their personality and lifestyle.
Prepare lease agreements
Prepare a lease agreement that clearly outlines the terms of the rental, including the rent amount, security deposit, and any other important details. Be sure to review the lease agreement with the tenant and have them sign it before they move in. It’s also important to have a clear communication with the tenant, regarding their rights and responsibilities as a tenant, and your rights and responsibilities as a landlord.