Do you know what it takes to have the home “rent ready?” By purchasing your first home you want to rent out, you have entered a world of possibilities; but investment property ownership also comes with its share of challenges. Real Property Management Corazon has laid out a few basic steps to help ensure that your property is rent ready.
The goal of preparing a home for rent is simple: create an environment where the prospective tenants can see themselves living and prospering. In order to create this, you have to put yourself into a prospective tenant’s shoes. Once you do that, you will be able to see the curb appeal that you need, including:
- Landscaping – plants, weeding, grass
- Hardscaping – sidewalks, steps, ramps
Try not to show the house if there is any construction or major remodeling that needs to be done. This will ruin the first impression of the home because the tenants will not be able to envision themselves there. Think of it this way: for the prospective renter, you are interviewing for the job of landlord! Additionally, renters may not leave the property in good condition when they move out because they will have a hard time “unseeing” any flaws. Inside the home, you want to do the same thing: ensure that potential renters can imagine themselves living, growing, and changing while they are there and leave your property in good condition upon move out. In order to do this, you will have to a few things:
- Repair anything that is necessary, starting with safety concerns.
- Ensure that the doors, windows, appliances, and locks are in working order.
- Fix cosmetic issues.
- Check the plumbing.
- Ensure that all detectors are in working condition and have fresh batteries.
- Make sure there aren’t any mold problems.
- Hire professionals to clean the home and shampoo carpets before showing.
After doing all of that, then you can determine the rent rate for both the condition of the home and the area. If you go too low, you run the risk of attracting the wrong tenants and that will eat into your profit margins, but if you go too high, it will cause vacancies to last longer. Staying too long at the wrong price can actually cause a home to “go stale” on the market – the prospects have all seen it already, and are less likely to consider it again after a belated price reduction.
Remember that any money spent on getting the property rent-ready will be worth it in the long run as it will keep tenants happier for longer periods of time and hopefully result in fewer vacancies for your property.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.