Did your tenant recently move out of your rental property?
When a tenant moves out, you have to start actively searching for a new tenant to fill your vacant unit. A vacant unit provides no income, so it's important that you make your property rent-ready so that it looks attractive and appealing to new prospective renters.
In this article, we are going to take you through 8 tips on how to get your rental unit "rent-ready."
Let's get started!
Tip #1: Give your property a thorough cleaning.
When trying to get your property rent-ready, cleaning is critical. Quality tenants will never be willing to move into someone else's dirt. So, if you don't pay attention to the cleaning, you risk having a longer vacancy.
Your property should be clean and debris-free inside and out.
While you could do it yourself, hiring cleaning experts is advisable. Professional cleaners will have the proper tools and equipment necessary to carry out the cleaning to the highest standards.
Tip #2: Make all necessary replacements.
Is your 20-year-old refrigerator regularly breaking down? Do you need to repair it every so often?
Consider replacing outdated and old technologies and appliances that often break down. Buying new appliances will cut down your maintenance costs and ensure great energy savings. Not to mention, it will also make your home look more attractive.
Common things you should check include:
- Air conditioning and heating units
- Washers and dryers
- Lighting fixtures
Once you check every item and appliance in the property, you can make a judgement of what is worthwhile keeping and what needs replacement.
Tip #3: Improve the curb appeal.
The curb appeal is also important when it comes to getting your property rent-ready. This is particularly important as most tenants will form an opinion about your property based on how it looks from the outside.
A good place to begin is the landscaping. Make efforts to invigorate it. Keep the grass mowed and healthy. If there are overgrown trees and bushes, trim and prune them as well. The last thing you want is having overgrown branches covering the windows or dropping onto the roof.
Tip #4: Repaint the property.
A fresh coat of paint can do wonders to the look and feel of your property. If the walls look old, bare and dirty, chances are that they could be costing you a tenant. Fortunately, for a $25 can of paint, you could entirely transform the outlook of your home.
When choosing paint colors, make sure to go with neutral ones. This is because neutral colors leave room for personalization. Remember, different tenants will have unique preferences. As such, more general designs will ensure the home has greater long-term appeal.
Tip #5: Replace or re-key the locks.
Making your property rent-ready also involves making adjustments to the locks.
You have two options:
- Replace the locks entirely.
- Re-key the locks.
Generally, most landlords usually go with the latter option as it's relatively inexpensive. Replacing locks, on the other hand, is quite expensive – more so if it involves multiple units. That said, it's usually the best option when looking to upgrade your property's security.
Tip #6: Inspect the property for mold.
Mold can pose a health hazard, especially for people with allergies, asthma, or lung illnesses.
As a result, no tenant would be willing to risk their health by renting your property. So, to avoid that predicament, have your property inspected for mold.
According to mold experts, mold thrives in areas that are moist, humid and dark. Such areas include:
- Under wet carpeting.
- Around windows that leak.
- Around air-conditioning units.
- Behind walls that also house plumbing.
- Underneath or behind refrigerators.
- Underneath kitchen and bathroom sinks.
- In flooded basements or cellars.
If you suspect you have mold after your investigation, hire expert help as soon as you can.
Tip #7: Know how much to charge as rent.
Once you've got the basics covered, move on to the next stage – determine how much rent to charge your tenants. The right rent will attract the right renter. Charging the wrong rent, on other hand, can be terrible for your investment.
So, what is the best rental price? Well, there isn't a one-size-fits-all answer. You'll need to consider various things, such as your property's market value, comparative units in the area, and the location.
Tip #8: Know how to find a good tenant.
In an ideal world, a tenant would always pay their rent on time, treat the property like their own, and renew their lease multiple times. However, the reality is much different. That's why savvy landlords always insist on having prospective tenants undergo a thorough screening process.
A thorough screening process checks for things like a prospective tenant's creditworthiness, income, as well as their rental, employment and criminal backgrounds.
There you have it – 8 tips for getting your property rent-ready. If you find this process daunting, State Property Management LLC can help. We are a licensed and registered real estate corporation specializing in managing long term investment rental properties in Central Florida, Orlando, and its surrounding areas.