PREPARING PROPERTY FOR RENTAL

Being a Landlord implies lots of responsibilities, including preparing your property for rental. So, what to do before your tenants arrive? We bring you five easy tips to steer you in the right direction.

1. Inspection

Do a thorough inspection of the property. Check for plumbing issues and every electrical outlet. Replace windows blinds and carpets or hire professionals to clean them. Don’t forget about painting the walls, a simple coat of paint is always a good idea.

Investing in fixing any problems now will save you time and future troubles.

2. Decided your policy

While you are preparing your property for rental, take some time and draft your policies and rules. Will you allow pets? How much will be the late fee? Think about it and remember if you have any doubts you can always seek legal advice.

3. Marketing plan

Think about how will you advertise your property. If you want to attract the right tenants you must have the right marketing plan. Start by taking good pictures of the property, do this during day and highlight the most appealing features.

4. Add Value

The purpose of renting is to make extra money, so you probably don’t want to spend too much. But being a landlord is a business and requires some investment. Having good-new appliances or even just changing an old bathroom mirror can be an effective way to update a property.

5. Determine the market

Of course, you want to maximize your rental return but have in mind what the local market bears. Compare your property with similar rental properties around you or check with a realtor agent. And like many other markets, the rental business also fluctuates with the seasons, March through August are typically the best times to locate a new tenant.