Effectively renting a property means you have to get it ready for the rental market. Today, we’re discussing how to get your home ready to lease. You’ll want to evaluate the property for its condition and feature characteristics, and how they apply to market desirability and demand. You also need to take care of maintenance issues.
Maintenance Issues Affect Your Bottom Line
Take care of any repair issues that will affect your expenses and income. Repeated maintenance issues are costly and time consuming, not to mention frustrating and inconvenient to your tenants. When a home continues to have nagging problems, it will cost you money and increase your chances for turnover.
Make a thorough inspection, and create a punch list of items that are not in order or may become an issue in the near future. Completing these things prior to leasing out the home will save you money. You’ll avoid multiple trip charges and you’ll take advantage of efficiency of scale. The contractor will be working on everything at once. You’ll also have a happier tenant who is more likely to stay in the property longer. Repairs are larger and more costly if deferred maintenance creeps up on you and those issues go unaddressed.
Property Condition and Characteristics
Evaluate the number of bedrooms and bathrooms you offer, and how it applies to your current market. Would it be beneficial to your net income to finish off some space in the house or reconfigure your layout to improve your cash flow? Think about how your home’s features and décor relate to what tenants currently want. Perhaps it would rent faster or for more money if you made some minor updates.
Never underestimate the power of clean. Beyond running the vacuum into all the little nooks and crannies, you want to really present a clean, sparkling home. Tenants appreciate a clean property, and they are willing to pay for it.