By purchasing your first rental property, you’ve entered into a world of possibilities but along with investment property ownership comes a certain share of hardships. Do you know what it takes to make homes “rent-ready?” Real Property Management Investment Solutions 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 residents can see themselves living and prospering. In order to create this, you have to put yourself into a prospective resident’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 residents will not be able to envision themselves there. Additionally, the 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 by ensuring that potential renters can imagine themselves living, growing, and flourishing while they are there so they will leave your property in good condition upon moving out. In order to accomplish this, you will need to do 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 the above suggestions, 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 residents and that will eat into your profit margins, but if you go too high your vacancy duration will last longer.
Remember that any money spent on getting the property rent-ready will be worth it in the long run as it will keep residents happier for longer periods of time and hopefully result in fewer vacancies for your property.
If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!
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.