Placing a property on the rental market can be stressful. Whether you're getting your property ready to lease for the first time or between residents, a few simple inspections and measures should be taken to ensure you're protecting yourself and making the property as pleasant as possible for your future residents.
Find the right property manager/broker
Finding the right property manager/broker for you and your rental property is half the battle. Once you have an understanding of the fees, property manager/broker's resident selection criteria, and what duties and protections the property manager/broker will be responsible for, making your selection should be simple.
One thing to note is that most property management companies take a percentage of the monthly rent. If your property is on the more expensive side, ask for a cap on management fees.
Insurance
Rental dwelling insurance is a good idea. Knowing that you have a reliable back up in case things go south with your residents or disaster hits is peace of mind.
When shopping around for insurance, make sure that you are covered for lost rent. Many of us wouldn't be able to pay the mortgage for an extended period if residents stopped paying rent.
Next Brick Property Management customers can pick a plan, which includes- Property Damage Protection, Resident Eviction Protection, and Rental Income Protection.
Clean
If the previous residents have not left the place as clean as it was at move-in, deduct money from the security deposit and hire a professional. There is nothing more annoying than moving into a new home and have to clean as you unpack.
General wipe down of surfaces isn't going to please new residents. Ensure the oven is spotless, the garage/workshop/shed is ready to be used for storage, blinds are clean and operational, and carpets are steam cleaned.
Repairs
Before putting your property on the rental market walkthrough and see what needs repairing. Now is the time to fix any issues.
Anything from missing cabinets handles, to a broken letterbox, or is the place looking tired and it needs a coat of paint?
If you're not able to look through the property yourself, have your property manager/broker walkthrough, and compile a list of what should and what could be improved. A few small updates will not only make tenants feel more comfortable but will often increase the rent.
If the previous residents left property damaged, you might be entitled to security deposit hold back. The best is to speak to your property manager/broker about damage and holding back on the security deposit to pay for repairs.
Appliances
If you have appliances in the property such as an oven, stovetop, dishwasher, washing machine, dryer, etc., make sure they are all in good working order. Record exact details of items and when they were last serviced/check over and have these to hand in case anything is to go wrong.
Anyone that has rented understands the pain of moving into a new place. Promises made by property manager/broker or property owner that are not fulfilled. It isn't very reassuring. It can make residents resentful and feel undervalued. By giving your residents the best possible experience, you can expect the same at the end of their tenure.
Disclaimer
The views, information, or opinions expressed in this blog post are for general information purposes only and should not be relied upon. We have not taken into account specific situations, facts, or circumstances, and no part of this blog post constitutes personal financial, legal, or tax advice to you. You should seek advice from a licensed professional regarding financial, legal, or tax situations.
