When you’re getting your property ready for the rental market, we always recommend that first, you do a lot of research and see what other properties are doing in the area. You want to know what kind of rent they’re asking and how the properties look. Take a close look at what the kitchens and bathrooms look like in other properties for rent. You are looking specifically at the level of repairs and remodels that are happening in the market. This will help you decide how far to go in making upgrades to your own property.
Check Habitability Issues
When it comes to basic requirements, one of the main things you need to do is to check habitability issues. Ensure that heaters are working, your windows and doors lock, and there is no mold or water intrusion. You need to make sure that the roof is intact and that you have smoke detectors and carbon monoxide alarms, especially if you have gas appliances.
Create Curb Appeal
You’ll need to create a budget for your upgrades and updates, and most people pour the bulk of their money into bathrooms, kitchens, and flooring. Those things are important, but save a little money in your budget to bring some curb appeal to your property. Look at other properties and know your competition. The landscaping has to be attractive when potential tenants approach the house.
Timelines are Important
Realize that time is of the essence when it comes to turnovers, vacancies, and getting your property on the market and available. We had a property owner go with another contractor rather than the one we wanted to use, and the timeline did not work out to the owner’s benefit. The contractor spent three months on a two-week job. That’s a lot of lost rent just because the project dragged on longer than it should have. Take care of these things quickly so you can get that property on the market, especially while it’s hot.