HOW TO GET YOUR PROPERTY READY TO RENT

Every property owner has a slightly different interpretation of what is necessary to get a property into condition for placement into the rental market. Entire books have been written on the subject. However, the short example below can quickly sum up the process.

Pretend that you are on a cross-country auto trip. When it’s time to stop for the evening you decide to spend the night in a motel which is operated by one of the many national hotel/motel chains. Why did you pick this particular motel? Probably because it was at a convenient exit from the Interstate and the price was reasonable. What level of comfort do you expect to find at this motel? Will the carpets be brand new? Will the bathroom fixtures be brand new? Will the drapes and covers be brand new? Of course the answers are probably no, no, no and no.

However, will you be expecting the door to the room to open easily when the key/card is inserted? Will the carpets be clean and odor free? Will the walls be freshly painted and scuff free? Will the hot water be hot? Will the bath area be well maintained and clean? Will the heat and A/C be working as expected? Will all lighting and electrical items be in good working order? Well, Mr. and Mrs. Landlord, welcome to the residential leasing business. Yeah, we know that it’s not a Holiday Inn that you are going to be operating, but the principles are the same.

Start your rental off in a clean, well maintained, good operating condition and expect to continue to maintain it the way you would want it if you were living there. What can you expect for doing this is top rental dollar, low vacancy rate and something that the hotel chain can’t expect – tenants who will be more caring, and take pride in their upkeep of the property.

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