Today, we’re going to help you get your home ready for the rental market. The first thing you need to do is to have a great home inspection. Don’t take any shortcuts with this process; it’s important to be detailed. Take photos and video if you can, and look in every cabinet and closet. Open all the doors and find out exactly what the needs are on your particular property. Every home will have some basic needs, and we recommend taking care of them right away.
Keep your home in good shape between tenants or when you first put it on the market. If you take shortcuts, you’re going to have a short term tenant who is grumpy and less satisfied. You’ll also get less rent coming in down the line. We have seen homes that were only briefly cleaned between tenants and each time a new tenant comes in, the occupancy rate goes down. You’re always going to have to do things to market your property for the rental or the sales market.
This does not mean you need to put down new carpet and update the cabinets in between every tenant, but do those things when they’re needed. Don’t wait. It will cost you money, and you’ll also have a longer vacancy, disgruntled tenants and continual needs on the property.
You penalize yourself when a tenant moves in and the property isn’t in good condition. The tenant will know that, and on their own property inspection they’ll note that the property was not delivered to them in good shape. Then when they move out, you won’t be able to charge much for repairs because any damages were already pre-existing. That’s going to hurt your cash flow.
In our experience, keeping your property in good shape, even between tenants, means it will always be ready for the rental market. This small investment will maximize your return and benefit you in the long term.
If you have any questions, please contact us at Paramount Property Management & Realty. We’d be happy to help you get your property ready for the market.