Becoming a landlord is a great way to earn some passive income, but it’s not an easy job. The idea of being a landlord and renting out your properties can be daunting in the beginning. But the more you do it, the easier it becomes. You just need to become a good landlord.
And a good landlord is someone who cares about their tenants, who knows how tenants think and what they expect from their rental. The first step in becoming a good and successful landlord is getting your rental ready for new tenants.
So, to help you on your journey to becoming a brilliant landlord, here are 6 tips to get your property ready for tenants.
1. Inspect the place and try to think like a renter
Once you get to the property you plan to rent out, do some inspecting first. Whether you already had tenants or you just got the place, doing the inspection is a good first step toward making sure that the place is rent-ready.
Check everything in the apartment, and look for any potential damages or health hazards. Floors, windows, and walls are the places where the damages are most frequently seen. Also, mold, rot, and insects – these all count as health hazards. The place won’t be rent-ready unless you deal with these problems.
Also, when you intend to rent out your property, you need to put yourself into the tenant’s position. What would you like to see and what do you find important in a place that you want to live in.
2. Do all the necessary improvements
After the inspection has been done, it’s time to patch up all the damages and get rid of all health hazards. Even if the place was in good shape, there’s always space for some improvement.
Check out what adds the most value to the rental property or what’s popular in the current rental market. Those things usually include new floors, a kitchen or bathroom remodel, or in the best case a simple paint refresh.
Since bathrooms and kitchens are the greatest selling points, investing in them is a smart move. However, remodeling these rooms is quite expensive, so a good solution would be to do slight changes that would make the most impact. For example, change countertops, replace fixtures, or simply do some small tweaks.
3. Perform deep cleaning
Dirty and cluttered apartments are a big no-no for potential tenants. To make sure that your place is rent-ready, the next step is to make sure that the apartment is clean. And when we say clean, we mean squicky clean from top-to-bottom.
Getting the place ready between tenants needs to be done quickly so that you can list your place faster. You can help yourself out and hire professional end-of-lease cleaning services.
With cleaning services, you won’t have to move a finger and the place will be clean and ready faster than you can imagine.
4. Replace appliances and furniture
This is an optional step. If you think that appliances and furniture in your apartment are still in good condition, you don’t have to do this. On the other hand, if the furnishings in the place you’re planning to rent out are dated and in poor condition, maybe it’s time to replace them.
Keep in mind that potential tenants will be looking at furniture and appliances, just as much as they’ll be looking at the overall state of the apartment. And often, dated furniture and appliances are the deal-breakers.
So, it wouldn’t be a bad idea to invest in some new pieces. And yes, furnishings are expensive, but if you’re creative enough, you can find good pieces in thrift shops or flea markets and update them. That way, you’ll be saving some money on furnishings and still replacing old ones.
5. The exterior of the property
First impressions can be everything in real estate. Many landlords put all their efforts into updating the interior and they completely forget about the exterior and curb appeal.
Updated curb appeal can raise the value of the property quite a bit and it can also make the rental property more attractive.
Regardless of how small the area in front of the rental property is, you should always find ways to enhance it and make it more aesthetically pleasing. You can always paint the front door, replace the lighting fixture, add some flowers, make sure the grass is taken care of, and so on.
6. Decide the rent and list the rental property
Once the place is completely rent-ready, you can decide the rent price. If the place has been updated, it’s logical that you will raise the rent. But, you’ll need to do some research and find useful information about the rent prices, local rental market, local building laws, and so on.
The biggest problem with rent is finding the middle ground – you don’t want to overprice the rental, but you also don’t want to underprice it, either. That’s why doing market research or talking with real estate experts can help you put a good price on your rental.
And there you have it, all the necessary tips that will help you prepare your rental property for new tenants. Keep in mind that this whole process can be time-consuming and stressful, not to mention, expensive, but in the end, it will pay off.
