“To stand out, you just need to do a few things others are not willing to do.” –Michael Hyatt
There has been no question that renting out one of your unused properties is an excellent avenue for real estate investment. However, with a myriad of rental properties in almost every nook and cranny in the city (from condo units in Avida Towers Centera to apartment units elsewhere), how do you ensure that your rental property makes the cut and gets selected? Remember, every single day that you have a vacancy at your rental property is considered a loss of potential profits. However, while tenancy is mostly a hit or miss thing and has more to do with your luck in finding tenants than anything else, there are ways of ensuring that your rental properties would entice tenants to rent it out.
Apart from being situated in proximity to schools, offices and entertainment hubs, it pays to prepare your rental properties for occupancy by tenants. So, if you have been thinking of renting out any of your properties, here are some tips that would not only help you navigate through the process but make it a bit easier as well.
1.) Start the process at least six weeks out
Of course, if you are getting ready for tenancy, a little work goes a long way to ensure that the home is ready for occupants. Apart from ensuring that the home is rental-ready, you would also want to present it at its best before you even start giving your prospective tenants a tour of the home. Take note; most tenants start scouring the neighborhood for potential homes at least a month prior to their move. So, start at the earliest possible time.
2.) Spruce it up
Of course, part of beautifying your rental properties as well as making an excellent first impression on your prospective tenants is to make sure that the unit you are presenting to them is clean. Apart from cleanliness, you should also invest a little in giving it a little touch-up. Spend some time and money in applying a fresh coat of paint on the walls, incorporate fresh flowers into the home, get rid of the clutter and organize. Remember, tenants, are more inclined to rent a unit that is not only well-prepared but clean as well.
3.) Change your insurance
Whatever existing policy you have might not be sufficient enough to cover you should you become a landlord. So, before signing a lease, it is best if you find time to down with your insurance agent and discuss what available coverage options you have. Ask them about their landlord’s policy which is also known as a dwelling policy and update your existing coverage.
4.) Do not overlook legal technicalities
Before drafting your lease contract, research the existing laws of your area first. Chances are you would be required to obtain licenses and permits. Furthermore, you would also need to undergo an inspection. In most areas, tenancy is considered a business which would inevitably require a license from you—regardless of whether it is only for a single property or a series of properties. Learn the requirements of being a landlord and tenancy before renting out your home to mitigate the risk of getting into legal snarls.
5.) Decide if you will accept pets
Know that even though you will have more prospective clients should you accept their furry friends as well, there will also be some tenants who would not be so receptive to sharing a roof with four-footed creatures. However, ensure that you and your tenant are on the same page when it comes to pet policies. It would not hurt to make sure that he or she is a responsible pet owner as well. Your pet policies should be in place in order to prevent costly damage, noise and other pet-related problems. Moreover, you can then decide whether you will charge pet rent or fees.