Are you waiting for your property to increase in value before selling? Maybe you are holding on to it for your retirement. Whatever your case, renting out your investment property in the meantime can prove lucrative. That’s if you know how to optimise and manage your rental returns. This article will discuss how to prepare your property for rent.
A considerable amount of thought should go into property management before you begin marketing your property for rent to the local market. That’s because a thoroughly presented rental featuring in-demand features and amenities can help you source quality tenants that will look after your investment well.
Hence, before you open your doors to property hunters, ensure you follow these property management steps below on how you can prepare your investment property for rent and make the most out of your return on investment. You can also hire a property manager to help you in the process.
Here are some practical steps that the team at Ray White Smithfield have put together to assist you in preparing your investment property for rent.
The ideal place to prepare your property for rent is with your investment property’s curb appeal. That’s especially true, as most prospective tenants will build an opinion about your property by the way it looks from the outside.
Please note that first impressions always matter, particularly when people consider where they wish to live. Hence, take time to make an excellent first impression of your property. Give your potential tenants a reason to organise an inspection and see your property. Give them reasons to get thrilled about your investment property. The best property curb appeal could tap into their emotions and help them feel happy about renting your property.
Are you managing to rent out a single-family home? Maybe it’s a building with a large outdoor space. As a landlord, make sure you pay attention to the grass and the garden. You like to keep it healthy and mowed. If there are bushes and trees, ensure they’re properly pruned and trimmed.
It is critical for your dwelling and its outside space to be tidy. Get rid of any trash or debris and look for eyesores such as broken furniture or old junk. Clean up everything when you are listing a property. Ensure your property’s front door and walkway are clean, clear, and easy to see.
This is a procedure professionals perform when evaluating the investment property or preparing your property for the rental market. The concept is to enter the investment property through the front door and look around from that point of view.
As you are standing at the entryway, you should not see any debris or spider webs. Likewise, there should not be any insects rushing to hide. If you are preparing your property for rent and notice unwelcome pests, it’s best to hire a pest control company to help remove the bugs.
The paint should look fresh, the carpets clean, and everything must smell and look right before you start looking around. You will then walk the wall. Begin from the right or the left and follow the walls through the property until you have performed a complete circle and end up back at that front door.
That offers you the chance to check every inch of the home or the apartment.
The next thing you need to consider is to make a list of the things you may have observed while doing the above step. For example, maybe the air filter was caked with dust, or the safety switch has been burned out. Keep a checklist with you as you walk the walls, allowing you to keep a careful record of the things you come across that need attention.
Taking photos as you go is an excellent way to make before and after comparisons.
Ensure you are reducing the amount of time you are arranging your rental property. By minimising the number of days you have contractors or repair work conducted, you can save time and money and start renting your property sooner.
Go to the store with your list and collect everything you need. However, only make the repairs yourself if they’re things you know how to do.
Do you have an old air conditioning unit or fridge that is ancient and keeps breaking down? Don’t spend more money on the repair. Instead, buy a new one. New products come with very attractive warranties these days, and you are sure to save money in the long term by upgrading failing appliances.
Most items purchased for your rental property are also tax-deductible, meaning they will reduce your taxable income at the end of the financial year.
Further, you’ll have a brand-new appliance that will appeal to potential tenants when they’re viewing your listing and visiting the property. Check each light system, water efficiency, light fittings, dripping taps, windows, blinds, and other details.
Ensure it’s ready for tenants to view. You’ll catch even the minor problems by walking the wall. You don’t want to be called over to your property within the first 30 days to fix something that you could’ve fixed before your tenants moved in.
What’s more, you want to reduce the vacancy period of your rental property to be proactive with these repairs, including fixing the light fittings or water efficiency in your property.
As a landlord, always be careful. It keeps your tenants happy before they rent and move in, and you build a good relationship throughout the tenancy.
Cleaning is vital when you are getting your real estate property rent ready. It must be clean and free of debris and dust when you are walking the walls. After all, you don’t like any stains on the floor, blinds or the carpet.
You can hire a cleaning company to do a deep clean. These professionals will pull the appliances away from the wall to clean and dust behind and under them. You would be shocked at the dust and crumbs that can gather around such appliances.
The initial cleaning is vital, but you also like to clean after the work is finished. Further cleaning will be needed when you have repair workers coming and going through the property. Not paying attention to the cleaning means it will be harder to rent your property for top dollar.
Take note that good tenants won’t be eager to move into somebody else’s dirt.
The above steps are vital, and they will help keep you from losing precious money and time. Remember that a properly maintained and ready to let will rent right away to better tenants and for more money. Don’t you have the time or the resources to assess your property for rent? Before listing it, make sure you work with experts like a property manager who has expertise in this field. Ray White Smithfield are your trusted team in Property Management in Cairns and surrounding suburbs. Discover today how you can achieve higher rents, have better quality tenants and not have to manage or think about your rental property.
Check out our other article about moving in Cairns