There are a lot of new real estate investors buying rental properties and hoping to make a lot of money. The rental market is very hot right now and there is a shortage of units for rent all over the country. If you have just bought a property or already have one and are about to let it out again then you need to make sure it is ready.
The way you get your rental ready is going to have a big effect on how much money you will make from the unit going forward. It is best to get it rented out on its best foot so you can be sure that it will go well for many years to come. In this article, we will go over how you can get a unit ready to be rented out by the next tenants.
Table of Contents
1. Give it a deep clean
If the property has been lived in previously then it is surely in need of deep cleaning. This isn’t just tidying up. It needs to be professionally cleaned so it is like it was never lived in before. There should be no sign of the previous tenant in the form of stains in the carpet or grease around the stove.
Make sure to hire a company that will come and do a steam cleaning on the carpet so there are no allergens left behind and that it looks and smells brand new. Then, replace some of the fixtures around that will make it so that there is nothing to suggest the unit is a bit tired. For instance, after cleaning the carpet you should check out the MDF Store and get some new architraves and skirting boards.
2. Hire a property manager
A property manager is going to cost you a bit of money but will pay for itself over the years. Before you put your property up for rent it is a good idea to hire one. They will first make sure that the property is being properly marketed. They will find the right people to send in applications.
Then, they will screen your applicants to make sure that the wrong tenants are not picked. The wrong tenants will cost you a lot of money both in terms of repairs if they don’t respect the property and also in eviction costs.
Once the property is rented out then they will be the ones to make sure that maintenance is being done and that repairs are made when needed.
3. Upgrade the appliances
New appliances will make your life as a landlord much easier. Old appliances are often breaking down which costs you money to fix and can even deter good tenants from staying. If you buy new appliances you are giving yourself peace of mind as well as savings since they will be under warranty. You will also keep good tenants since they appreciate a modern property.