Thinking of renting out an investment property? If so, the first thing that needs to be done is to ensure that the property is rent-ready. This means addressing your state, county, or city building code requirements, broken or inoperable fixtures, and cosmetic issues that could turn away prospective tenants. If doing it alone, hiring a good home inspector can be money well spent. Additionally, some property management companies also provide this service. Here is the step-by-step process you’ll want to accomplish before you start advertising your rental property.
Conduct an Inspection
The entire property should be inspected, making a list of everything that needs repairing or addressing, from small things like missing lightbulbs to serious issues like old smoke or CO2 detectors if they are required. Then, divide your list into three sections: Must do (e.g. code issues), Should do (e.g. broken door handles), and Consider doing such as landscaping to improve curb appeal. While improving the curb appeal is not required, it may help gain greater rent over others in the area.
Make the Repairs and Upgrades
Next, do all the must-do and should do repairs and upgrades. Hire the necessary professionals to ensure the work is done correctly, which should lessen the likelihood of having to address an issue once tenanted. Look at the “consider doing” list and assess if it’s warrantable. A complete overhaul usually isn’t necessary, but keep in mind that outdated flooring and other signs of wear will impact your potential rent.
As a general rule, you should do your best to bring your property in line with the other rentals in your neighborhood. That will make it easier to attract a good number of prospective tenants.
Address Cosmetic Issues
If you have marks on walls or areas where paint is badly chipped, consider applying a fresh coat of paint as another simple and economical method of making a property seem more attractive to potential tenants. It’s best to go for a shade of white, which comes in many stylish tones these days. Alternatively, look for a neutral color scheme that will make your rental home look bigger, brighter, and more appealing.
Have It Cleaned Professionally
Finally, once the property is rent ready have it cleaned. Very few things will turn a potential renter away from a property quicker than stained carpets and musty smells. This is why you’ll want to have your property cleaned professionally before you list it for rent. You can do this yourself if you know what you’re doing and have a spare afternoon, but it usually makes more sense to have the pros do a deep clean.
If you would like to learn more about what’s needed to prepare a property for rent, please contact us at Opal Estate Management.
