Is Your Rental Home Ready for its First Tenants?
July 17, 2017
For many investors, the purchase of rental property has helped them generate passive revenues and improve their financial portfolio in the process. However, as a first-timer, there is a lot to be aware of and that is where the right property management company can play a significant role. One of the most critical tasks you’ll have to face is preparing your newly acquired rental property for its first tenants.
Thoroughly Inspect the Property
First priority is to conduct a thorough inspection of the home and property or hire a professional to do the job. As an inexperienced landlord, it’s best to hire a professional since you don’t want to miss anything or take any shortcuts. Even the slightest detail is important. So examine every cabinet and closet, take photos and videos whenever possible, and leave no stone unturned in the process. The key is to identify any and all problems and address them before your tenants move in. Remember, no home is perfect regardless of how it looks. There will always be something that you’ll need to take care of immediately.
Make Sure Property is in Good Condition
Whenever you first put your home on the market, or you’re in between tenants, keep your rental property in good shape. Anytime you take shortcuts, you won’t keep any tenants too long. This also means less revenue in the future. It’s well documented that occupancy rates decrease when rental homes are not cleaned thoroughly prior to new tenants moving in.
This doesn’t mean that you’ll need to install new carpeting or flooring or upgrade the kitchen cabinets every time your rental home is waiting for the next tenants to start moving in. It simply means that you should address what needs to be done whenever you identify an issue. Don’t procrastinate because it will only cost you money in the long run as you’ll be faced with ongoing maintenance and repairs, a longer vacancy period, and disgruntled tenants.
Good Maintenance Alleviates Move-In/Move-Out Problems
When your rental property has not been maintained and kept in good shape, you’ll actually be penalizing yourself when the new tenants move in. Not to mention the fact that it won’t take them long to discover there are problems that you didn’t deal with before they moved in. If you didn’t deliver the property to them in good condition, you’re not going to be able to charge them for any repairs when they move out since there were pre-existing damages that were left unrepaired.
Having the right property management company, like Austin Fleck Property Management, in place will alleviate any move-in / move-out issues. It will also ensure that your rental properties will always be attended to when the need arises. As they are true professionals, they will ensure that your involvement is minimized and that they handle their responsibility.