Before placing your property on the rental market, there are a few important steps that must be taken. Following these steps is essential to avoid the nerve-wracking expense of a long vacancy period, so take the time to make sure your property is attractive, functional, and correctly priced.
Property Condition
Before you begin advertising your rental property, conduct a complete inspection. Make sure you walk around both the inside and the outside of the property, taking detailed notes about what needs to be repaired, replaced, or updated. Do not place a rental property on the market that still needs work; the prospective tenants that find the property ready for move-in will be left with poor first impressions.
Make sure that your rental property has all appliances in working condition; clean and functional windows; and plumbing, heating, and cooling systems that have been serviced and cleaned. Check for any postponed maintenance that may need catching up. Look for caulk that needs to be touched up in the bathrooms, leaks under sinks, and trees that need to be trimmed back from the roof or sidewalk. Ensure that every aspect of your property is in great condition to avoid tenant complaints and guarantee recommendations.
Curb Appeal
Curb appeal is very important as the first impression prospective tenants have of your property. Your property should be neatly landscaped and appealing from a distance. The exterior paint should be pristine, the lawn should be mowed, bushes should be trimmed, weeds should be pulled, and the driveway should be clear of debris. You don’t want prospective tenants to have any reason to drive past your rental unit.
The interior of your rental property should also be professionally cleaned. Carpet should be steam-cleaned and free of odor or stains. All appliances, windows, and closets should be empty and neat. Your rental property should also smell great—nobody wants to move into a place with a suspect odor. To secure the perfect tenants, attention to the presentation of both the interior and exterior of your property is crucial.
Pricing
Before placing your property on the rental market, the last essential task is the ideal pricing of the property. If you price your rental property too high, it will result in long vacancy and lost money. If you price your rental property too low, it will result in a decrease of your cash flow and limit the return you can earn on the unit. To find the best price, study the local rental market to get an idea for what similar properties in your area have recently rented, then set the price accordingly.
A professional property manager can be an invaluable resource when it comes to preparing your property for the rental market. For any questions, please contact 208.properties today.