In the current real estate market, many home sellers out of necessity have become landlords. If you are considering renting out your home, getting your property "rent-ready" as quickly as possible is essential to success in maximizing your rental income and finding a quality tenant in the shortest time possible.
When it comes to rental homes, you should consider the following:
- When leasing a property you only get one chance to make a good first impression. It is essential that the home look as good as possible before marketing of the rental begins.
- A rental in good physical condition will attract better quality tenants, who will pay higher rent and present fewer problems.
- Vacancies are expensive! Some maintenance costs can be recovered, but not vacancy - once it's gone it's gone. A lost month's rent cannot be recovered.
In preparing your property for rent, inspect the home and note any repairs that may be needed. This includes appliances, plumbing and A/C systems, which must be up to code and in good working order. Broken windows, doors, cabinets and fixtures should also be repaired or replaced. Next you will want a fresh coat of paint followed by a thorough cleaning including floors and rugs.
Curb appeal is as important in a rental as a sale, so make sure the lawn is cut, shrubs trimmed and outside repairs completed. Patios, sidewalks and driveways should be power washed and the roof inspected by a professional roofer.
If there is a homeowners association, make sure to complete any required forms and obtain an application along with a copy of the rules and regulations for the tenant. You will also want to make sure you have gate clickers, garage remotes, pool and mailbox keys ready to go. If you are working with a Realtor®, he or she will need these items with the signed rental listing agreement.
Getting your rental property "rent-ready" will ensure you procure the best tenant, for the most rent in the least amount of time!