Many homeowners planning to move to a new home choose to rent out their current home rather than put it on the market to sell decide to go the rental route for the monthly income source or because the house isn’t market-ready just yet.
Whatever your reason for renting out your home, you’ll need to get it tenant-ready. That means making it as appealing as possible to attract high-quality tenants and maximize the amount of rent you can charge. Obviously, you’ll want your home to be in top condition when prospective tenants come to view it. Below are 6 tips to making sure your property is rent-ready.
Start with curb appeal
The impression prospective tenants get when they first arrive at your property is important when it comes to attracting desirable tenants. If the outside of the home is neglected, they’re probably not going to bother seeing the inside. Curb appeal is key to making a great first impression. Tenants look for unobstructed, well-lit entry, a tidy lawn, and trimmed bushes. Colorful flower beds are a plus. Touch up trim and shutter with fresh paint and power wash the front porch if needed.
Tend to any needed repairs
Appliances, bathroom fixtures, kitchen cabinets, loose doorknobs---make sure everything in the house is functioning properly before you begin to show it to prospective tenants. Even if you promise to fix something before the tenant moves in, you’re likely to turn off at least some potential renters if the home isn’t in move-in-ready condition. Inspect your property thoroughly, checking for leaks, locks that don’t work, malfunctioning lighting and other potential issues. Make sure the house is spanking clean. Whatever you need to do to present your property in spic-and-span shape is worth the effort to attract quality tenants.
Before you list your property for rent or start showing it to potential renters, hire a professional cleaning service if you don’t have time to do it yourself, and have the carpets steam cleaned. Make sure the home is deep cleaned so that sinks and tubs shine. Once the home is immaculate, keep it that way so you can show it with confidence.
Consider making minor updates and upgrades
While you don’t need to remodel the bathroom or kitchen or install stainless steel appliances and wood flooring, you may need to make some minor upgrades to give the home an updated appearance. Hang new blinds in the windows, update interior walls with a trendy paint color such as a soft shade of gray. If the old carpet is worn or stained, replace it. Carpeting is inexpensive, and potential tenants don’t want to worry about their children crawling around on a dirty floor.
Small cosmetic changes like these can have a big impact on how much monthly rent you can get for the property.
Before you advertise your home rental, you will need to price it competitively for your market. Don’t guess at what you think the rental price should be. Research other similar home rentals in your area to determine the right price. Pricing it too high can leave you with a vacant property for a long stretch of time. Pricing it competitively can increase your pool of potential renters, allowing you to select the best possible tenant.
Marketing your rental home
Once your house is ready to show and priced right, the next step is to attract qualified tenants. Advertise online on popular sites for rental seekers, making sure to include high-quality photos of the home’s interior and exterior spaces. Hiring a professional photographer is worth the price for photos that stand out among your competitors. Consider placing a “for rent” sign on the lawn with your contact information to catch the attention of passersby.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property managent.