Nowadays, homeowners are making extra income by renting out their properties. The key to successfully renting out your property is to properly prepare for renters to move in.
You want your rental space to be functional yet attractive enough for people to move in. Making sure the property is safe is also important, especially for renters with children. If you want people to occupy your property sooner than later, here are some general guidelines you can follow to quickly and successfully prepare your home.
Properly Preparing for Renters
You never want to have vacancies as a landlord. Therefore, you have to think about what your clients value most. When potential renters search for somewhere to live, there are some characteristics they look for, including:
- How the property looks/curb appeal
- How functional is the property and are there amenities
- A reasonable price point
Keep these in mind when maintaining your property, especially when you’re in a hurry. If you don’t know where to begin, there are tips that make your renovation experience easier.
Tips to Prepare your Home
Inspect for mold.
Mold is hazardous to the health and physical structure of a building. Inhaling mold, which are the black spores that accumulate in places with large amounts of moisture, can lead to skin irritation, trouble breathing, compromised immune health, and even death. Vulnerable people with autoimmune disorders have heightened negative reactions.
As far as infrastructure goes, the presence of mold means that it’s penetrated the foundation of your building enough to cause severe damage. In some cases, the damage can lead to the building falling apart.
Before allowing people to rent your space, you should get a mold inspection. Not only will an inspection keep the families safe, you can save yourself time and resources in later repairs.
Replace old locks.
You want your residents to feel secure. Old and faulty locks are a liability you want to avoid. Even working locks should be changed between tenants to avoid re-entries. For instance, the previous tenant can make a key and have access to the property when they move out.
If you don’t want to change every lock on your property, you can always re-key them. Not only does this cut costs, it gives your tenants peace of mind that strangers cannot walk into their home unannounced.
Curb appeal can be an asset or a deal breaker when it comes to attracting new tenants. Since it’s the first thing they see before stepping on the property, poor landscaping may turn them off from entering entirely.
Hire a professional landscaping team to maintain your lawn. If you currently have landscaping equipment, consider hiring professionals for an upgrade. Many people water their lawns with sprinklers that aim upwards. For healthy and strong roots that grow thick grass, you’ll need downward spraying sprinklers.
It’s also important to eliminate overgrown shrubbery. Have the professionals trim bushes that cover the windows. The same applies to large branches that can damage your roof.
Inspect and service your home HVAC system.
Having a working HVAC system is paramount, especially in extreme weather conditions. Even if you have never had tenants before, you should have someone inspect your heating, ventilation, and air conditioning system at least annually to ensure it functions at full capacity.
Everything from dust accumulation to exhaustion-related issues are taken care of prior to allowing tenants to move in. Minimizing the problems and neglecting your system can lead to high servicing costs and customer complaints in the future.
Create a great lease and get insurance.
Want to avoid a high tenant turnover and attract clients willing to rent your property for years? Create a great lease. A lease agreement is a legally binding contract between the property owner and the person leasing the space. As the property owner, you come up with the amenities that your potential tenants will have access to on a monthly basis for a set price point.
For example, you can make it easier on your tenants by including some utilities in their lease agreement. Other amenities can be perks like a parking space. These paired with a decent monthly rate will increase your number of interested clients.
Since you’re renting your home, you’ll want to invest in some insurance coverage in case of emergencies. In some cases, you lessen your number of interested tenants when you don’t have rental insurance. If you’re unsure about the amount of coverage you need for your rental property, speak with a professional insurance agent as soon as possible.
Solo vs Team Effort
Although you could save money by handling all of the rental properties responsibilities, you should entertain the thought of hiring some help. For one, you need lots of time to address potential tenant concerns. If you’re busy or don’t live close to the rental property, hiring a team can take some of the pressure from you.
Use an auction application.
Auction applications give landlords an opportunity to get the largest return of investment on their property. If you offer great amenities and a fabulous location, potential tenants will try outbidding each other for the space. In addition to using pre-existing rental auction apps, you can also customize your own. App development services offer instructions that landlords of all experience levels can understand. If necessary, you can also hire someone to assist you.
Renting your home can be a prosperous business venture. For the greatest return of investment, you’ll have to prepare your home for renters in a timely manner. Whether you do the work yourself or hire a team, your reputation on how well you accommodate guests will impact your business.
Therefore, thoroughly follow these steps to ensure a positive landlord/renter relationship. If you’re lucky, you can expand your business from one property to a myriad of rental spaces.
Read Also: 13 Reasons to Hire a Real Estate Attorney