You have decided to enter the world of rental properties by purchasing your first home. But, do you know what it takes to have the home “rent-ready?” As a Sioux Falls property management company, we have laid out a few basic steps to help ensure your property is ready.
- The goal in preparing a home for rental is to create an environment where the prospective tenants can see themselves living. Put yourself in a prospective tenant’s shoes. First impressions are key, so be sure the outside of the property is appealing. If they were to drive by, is this the type of home they would want to look at?
- Walk through the home and repair anything necessary, starting with safety concerns. Doors, windows and locks should all be in working order. Fix any cosmetic issues, and make sure there are no signs of mold or plumbing problems.
- Make sure all appliances are in working order and have clean filters. All detectors in the home need to be in working condition and have fresh batteries.
- Do NOT market or show the property if major construction and/or remodels are needed. First impressions are key, and prospective tenants do not want to use their imagination as to how the home will look upon move in.
- Paint the property a neutral color- don’t be tempted to just “touch up.” A fresh coat of paint goes a long way when it comes to first impressions.
- Hire professionals to clean the home before showing.
- Remember to upkeep the property while vacant as this adds to curb appeal.
- Determine your rent rates carefully for the area and condition of the home. Too low of a rate eats into your profit margins, while too high rates will cause longer vacancies.
Remember that any money spent on getting the property rent-ready will be worth it in the long run as it will keep tenants happier for longer periods of time, and hopefully less vacancies for your property.
For more tips on getting your rental property “rent-ready,” check out our video, “How to get Your Property Rent Ready.”
Still have questions? Contact our local Sioux Falls property management team (605) 274-7373.