For many years, I handled only ONE furnished rental home - the owners lived at the property Jan thru May and then moved NORTH and I leased it to incoming UVA professors and "tween" home owners who had sold their current home while building their new home in the area.
Now, I have several and I need to change my owner presentation slightly because of the uniqueness of the renting of a FURNISHED property.
First * someone has to do an inventory of the furnishings. I prefer that the owners do this; however, time and distance may mean that I do it. I write the inventory for each room and then photograph furnishings in each room. I send the photos AND a hard copy of the inventory to the owners. A printed copy of the inventory will be attached to the lease and signed by residents.
Second * I suggest that all personal items be removed. Owners with valuables should remove them * many times silver and small valuables can be kept in a lockbox at a local bank and the cost deducted for tax purposes * or store them. I've built owner walls in unfinished portions of the basement or garage and stored them in these owner LOCK OUT rooms along with valuable furniture pieces.
Third * the owner's insurance agent should be consulted and coverage updated depending on the owner's plans and other real property locations. The inventory I provide may be necessary for this purpose.
Fourth * UTILITIES! It costs $$$MONEY to change utilities and many furnished property prospects expect the rent to include them. Keeping the utilities on in the owner's name and including these costs in the rent is the EASIEST and BEST way to handle this so that heat is kept on in the winter and so the home is READY when the owner returns.
Fifth * Rental prospects have different expectations for a FURNISHED property * somewhere between a HOTEL where they expect DAILY maid service and a BUSINESS environment where they expect 24/7 access for issues. I explain these limits early in the renting process so that they can communicate with the proper services should anything be disrupted.
At move-out, I request that the FURNISHINGS be replaced in the rooms per the inventory * this is a BIGGIE when doing a check out with items that have been moved around * AND that the property be cleaned professionally so that items are less likely to be damaged
Furnished Townhouse available March thru December * $2,295.
LARGE Furnished Home near UVa Med Center Available June 1 * $2,595.
This aspect of the property management field can be lucrative AND rewarding and I believe there is a need for this type of rental property as the SURGE of rental residents moving into areas increase.
Comments(14)