Getting your rental property ready to rent after your tenants move out and before marketing your rental home to potential tenants is a vital step that should never be overlooked. Making a good first impression by showing a clean rental property with working systems and appliances will help minimize vacancies and bring top rent amounts. It will also set a good precedent with your tenants by encouraging them to follow your lead in caring for their new home. As you read the following four steps to preparing your rental property for the next tenant, you will notice that enlisting the expertise of a property management company will save you time, money and ensure your rental home is ready to attract high-quality tenants.
Always make necessary repairs to your rental properties before beginning to market those properties to potential tenants. Having a property management company handle repairs necessary to rent your property will pay off because they have established relationships with reputable vendors, which will save you money and ensure that your repairs are done right. Red Door Company also helps our clients by determining which repairs are a necessity and creating a list of priorities, in particular for landlords who are on a tight budget.
When prepping a home for market, there are a number of items to inspect in order to determine if they need to be repaired. Below, you will find a list of some, but not all, of these items. Feel free to contact us to discuss our list of items we inspect when preparing our clients’ rental properties for the market:
- Walls and Ceiling
- Doors and Hardware (Latches and Locks)
- Windows and Hardware (Locks and Lifts)
- Cabinet Doors, Drawers and Hardware
- Closets and Hardware
- Toilets, Tubs and Showers
- Window Screens
- Plumbing / Electrical / Heating and Air Conditioning
- Exterior (Siding, Roofing, Patios, Decks, Railings, Etc.)
- Steps and Stairs
- Smoke and CO Detectors
Before cleaning, first remove any items left behind by previous tenants. Make sure you clean the kitchen, bathrooms, windows, appliances and carpets thoroughly. Do not, however, focus all your efforts on the interior and forget to take care of cleaning up the exterior of your rental property. To prep, your rental home for the market, remove all exterior debris from the property, clean the gutters and roof, and cut and trim the lawn and landscaping. One way your property management company can help you save money is by advising you whether to clean, repair or replace everything from the light fixtures to the flooring.
Vacancies between tenants are an excellent time to update items that experience wear and tear and important systems that keep the home running. This is the ideal time to address areas that are in disrepair or those that are in need of constant repair to keep them in working condition. Updating items may cost more up front, but this investment will pay off in the long run by saving money on maintenance and repairs. Property management experts will help make suggestions about updates that will attract high-quality tenants. Something as simple as new appliances or upgraded fixtures can contribute to attracting ideal tenants. A property manager will also have a sound understanding of which updates and amenities are “hot items” for tenants in today’s rental market.
Establishing a rental property marketing strategy will save you both time and money. It is important to have an insider’s understanding of the local rental market and the ability to perform an in-depth market analysis to set the right dollar amount for rent. Once you have a clear picture of the market, the next step is to create visually appealing marketing materials and promote your rental property through the right channels. These measures should be done while you are repairing, cleaning and updating the property to get it on the market as soon as it is ready to rent. Utilizing the expertise of a property management company during this step can mean the difference between your rental property sitting vacant for months and eating away at your finances or filling your rental property quickly and with high-quality tenants that will maximize your rental income.
As you can see, the four steps to preparing your rental property for a new tenant and putting it on the rental market involve a series of many smaller steps. Many landlords find these steps complicated and costly, which leads them to take shortcuts. Any experienced landlord can tell you that shortcuts always end up costing more in the long run.
Contact Red Door Company, and our property management team will help you cut through the confusion and save money when getting your rental property ready to rent.