If you're considering renting out your property, here are a few key steps you can take to prepare your home for tenants.
1. Clean and declutter:
Before you start showing your home to potential tenants, it's important to give it a deep clean and remove any clutter. This will help your home look its best and make it more appealing to potential tenants. Having an open clean environment will allow potential tenants to see themselves in the home.
2. Paint and deep clean the floors:
A fresh coat of paint can do wonders for the look and feel of your rental property. Evaluate the carpeting to see if it needs spot cleaning, a deep cleaning or possibly replacement. Deep cleaning wood or vinyl flooring so it shines can really make a tenant feel like this home is a safe, clean place to live.
3. Make necessary repairs:
Conduct a thorough inspection of your property and make any necessary repairs or upgrades to ensure that it is in good condition. This might include fixing leaky faucets, repairing damaged walls or flooring, or replacing outdated appliances. Check the weather striping on the windows and doors and fix any noticeable caulk issues.
4. Install safety features:
To keep your tenants safe, install smoke detectors and carbon monoxide detectors. In Maryland, many counties and cities require these detectors to be installed, working and tested every 6 months for the safety of the tenants. Consider installing fire extinguishers in the kitchen as 49% percent of all house fires start in the kitchen.
5. Check and update appliances:
Make sure that all appliances in on your property are in good working order, and replace or fix any that are outdated or not working properly. No one wants to rent a home only to find out that the freezer only partially works or that the washing machine needs to run 3 times to get the clothes clean. Repairing or replacing appliances that aren’t working properly will help to reduce maintenance calls, maintenance costs and improve the tenant /landlord relationship right from the start.
6. Landscaping and exterior upkeep:
Maintaining the exterior of your property is important for both curb appeal and safety. Make sure the sidewalks, driveways, and other outdoor spaces are in good condition. Fill in cracks, fix uneven stairs, take care of any potential tripping hazards.
7. Determine rental rate:
Determine the market rate for rent in your area, taking into account factors such as the location, size of your property, and any amenities it may have. Taking into account the local housing market is important as well. Are housing sitting on the market for a long time? This could indicate that tenants have more options to consider buying. Is inventory low causing more buyers to struggle to buy? Low inventory can push rental rates up because of the increased demand. Using a “What’s My Rental Worth” analysis done by a professional real estate agent can help to pinpoint what the local market looks like.
8. Write a lease agreement:
Create a written lease agreement that outlines the terms of the tenancy, including rent amount, security deposit, and lease length. Make sure to include any rules and regulations you may have for your tenants, such as restrictions on smoking or pets. Having an agreement is imperative to protect your rights as a landlord and to establish the rules the tenant will need to follow.
If you have questions or would like to discuss property management services for your investment property, give us a call at 443.252.3385 or email us at info@bluedoor-pm.com today!
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