Have you just purchased a rental property? Or decided you want to rent out your home this summer? Whether you are renting to students in a university town, or a basement apartment to a recent college grad. You will want to make sure that your investment properties are ready to be rented so that issues don’t arise.
If your rental property is in another city or you are going out of town. If problems come up while you are away can become a big hassle. Take the proper steps before renters arrive. You can ensure that your property is livable and properly prepared for new renters.
Advertise your Investment Properties Early
To start, you’re going to need to get renters, which means advertising. Depending on where your rental property is located, you may be posting advertisements in the local paper, social media or popular rental websites. If you work with a REALTOR®, they can help find renters in your area. REALTORS® even know the proper channels to take to get you renters that have been appropriately approved. In some cases, they may already have renters in their network who they simply need to call.
By advertising early, you can ensure that your investment properties won’t be sitting vacant. Your property is only going to be making money if there are renters present. Depending on how long you want to be renting your property; you will have to make sure the tenants are committed to the proper duration. If you specify this duration in the advertisements. The renters you choose will know the situation and you won’t be left with vacancy.
Before renters come, you should always have simple repairs completed. You can bring in a home inspector or perform these yourself. These repairs could cover anything from piping fixes to door and window leaks or water damage. Usually, a home inspector will be able to assess the entire property and make sure that it will be in good living condition by the time renters arrive. They may outline work that needs to be done and then hire additional contractors to perform the work.
If you work with a REALTOR®, they can organize local contractors for you so that you can sit back and let your property generate income without having to do too much of the groundwork. Make sure that you get this done at least a month before you decide to have renters, so it is done on time. Once your property is fit for a living, you’re going to have to get it cleaned.
Before you can rental a property, it needs to be cleaned. A cleaning guarantees that traces of past tenants are eliminated, leaving a fresh space for the next renters. If you have had renovations and repairs done, it also eliminates the chance of any hazardous construction material being left over. Renters need to get a good impression of you. If the space is unclean or areas are skipped over, they will not want to continue renting from you. They may even post complaints online.
Over time, this can ruin your reputation as a landlord and decrease the amount of money you can charge per month. By keeping your investment property in tip-top shape, you can count on a hefty rent coming in each month as tenants will be able to live peacefully, knowing that issues won’t arise unexpectedly.
It is always best to contact a REALTOR® local to where the investment property is located. They can ensure you have tenants when you need them and that all the necessary steps are taken to get the property in excellent shape before the renters arrive.