Is Your Rental Property Rent Ready?
By purchasing your first rental property, you have entered a world of possibilities; but rental property ownership also comes with its share of hardships. Do you know what it takes to have the home rent ready? Real Property Management Chicago Group has laid out a few basic steps to help ensure that you can get your rental property rent ready.
The goal of preparing a home for rent is simple: create an environment where the prospective tenants can see themselves living and prospering. In order to create this, you have to put yourself into a prospective tenant’s shoes. Once you do that, you will be able to see the curb appeal that you need, including:
- Landscaping – plants, weeding, grass
- Hardscaping – sidewalks, steps, ramps
Try not to show the house if there is any construction or major remodeling that needs to be done. This will ruin the first impression of the home because the tenants will not be able to envision themselves there. Additionally, the renters may not leave the property in good condition when they move out because they will have a hard time unseeing any flaws. Inside the home, you want to do the same thing, ensure that potential renters can imagine themselves taking care of your rental property while they are there and leave your property in good condition upon move out. In order to do this, you will have to a few things:
- Repair anything that is necessary, starting with safety concerns.
- Ensure that the doors, windows, appliances, and locks are in working order.
- Fix cosmetic issues.
- Check the plumbing.
- Ensure that all detectors are in working condition and have fresh batteries.
- Make sure there aren’t any mold problems.
- Hire professionals to clean the home and shampoo carpets before showing.
After doing all of that, then you can determine the rent rate for both the condition of the home and the area. If you go too low, you run the risk that you may be selling yourself short and eat into your margins, but if you go too high, it will cause vacancies to last longer and every day without revenue affects your bottom-line much more than a price cut to make your property marketable.
Remember that any money spent on getting the rental property rent ready will be worth it in the long run as it will keep tenants happier for longer periods of time and hopefully result in fewer vacancies for your property.
If you’re still not sure where to start, a professional Chicago property management company like Real Property Management Chicago Group can help! Contact us today to learn more about what our experienced and professional maintenance vendors can do for your rental property.