Expectations of Homeowners when renting their property

Dawn's picture

Ok, so the idea of renting your home to complete strangers can be a bit scary, right? Especially if you've lived in this home, or maybe even raised your children here. There’s a total emotional connection. Think about all the blood, sweat and tears you've put into your home to make it yours, all of life’s milestones you’ve cherished there. Detaching yourself from the emotional connection is one of the hardest parts but in order to be successful, you've got to start thinking like an Investor. After all, you are one! In order to make this business venture work, there are steps you need to take to ensure you are getting the highest market rent possible for your property. This doesn't mean moving all your belongings out and shutting the lights off. Your home is your most valuable asset, and maintenance is key. You know the old saying you get what you pay for? Well its pretty much the same in the property management business, the way you keep your home will reflect the kind of tenant it attracts. So now that you've decided you are ready to rent, its time to make your property rent ready! Here are some must-dos in order to get your maximum potential rental income and ideal tenant….

~ Check all fixtures and appliances are in working order, and replace any burnt out light bulbs
~ Have the carpets professionally dry cleaned
~ Have your AC unit and Hot water heater serviced
~ If the walls and paint have seen better days, a fresh coat can make all the difference
~ Hire a cleaning company to do a deep cleaning
~ Replace all air filters
~ Power wash the homes exterior
~ Get rid of ALL personal belongings/furniture. Chances are if its something you don't want, tenants wont either
~ Remove all garbage and ensure the garage has been cleaned out
~ Return all cable boxes, modems, or leased equipment
~ Clean up the yard, weeds, and flowerbeds
~ Have a pest company spray for pests inside and out
~ If you don't have window blinds, putting them up would be a good idea. That way you know the job is done right. Make sure there are no broken or missing blinds/vertical panels
~ Ripped screens in windows and doors could lead to unwanted pests. Rescreening is fairly inexpensive and will help alleviate future problems
~ Make sure you have working smoke detectors

Your ultimate goal is to retain your tenants, hopefully forever. The more you show you take pride in your property, the more likely your tenants will too. Being proactive and keeping up with issues will not only benefit you in the long run but will establish a positive, open line of communication between you and your tenant.

Written By: All County Southern Shores Property Management June 2018