Preparing your property for the rental market is an essential first step in renting it out to qualified tenants. You’ll need to conduct an inspection to see what shape the property is in. Make a list of the work that needs to be done, complete that work, and then do another thorough inspection.
Once the property is clean, empty, and functioning well, it’s time to begin your marketing process. We have some tips on how to prepare your home for the rental market quickly and effectively.
Work with Professional Columbus Property Managers
It’s important to move quickly when you’re preparing your property for the market and the next tenant. You don’t want to lose a lot of money on vacancy. At Solutions for Real Estate, once we get approval from the property owner to do the necessary work, we average 24 days to complete it and make the home rent ready.
Many owners we talk to think they can do all the work themselves, from inspecting to finding contractors to putting the house back on the market and finding a new tenant. But, it’s difficult to move fast as a self-managing landlord. In fact, the average turn for an owner is 150 days.
There’s a lot of money lost between those 24 days and 150 days. A professional property manager in Columbus can do it quickly because of experience and vendor relationships. Working with professionals can actually save you money on those vacancy expenses. Losing rent for four months will hurt your ROI a lot more than paying a small property management fee. Think of it as an investment in your property.
Preventative Maintenance is Critical
Doing preventative maintenance throughout the year and conducting annual inspections can help minimize the costs that will come up during turnovers. It’s an opportunity to maximize the future income on your asset.
Invest in a fresh coat of paint, a good deep cleaning, and make sure that all functions throughout the home are working properly. This can save you a ton of money on service requests that could come up after the move-in. If you get into the habit of ignoring small, current problems, you’ll find those minor issues will only lead to larger and more expensive problems that can’t be ignored later.
Working with Qualified Vendors
Our process includes a move-out inspection and quotes from a pool of qualified contractors who specialize in investor turns. Having the right contractor can make or break you when you’re preparing your property for new tenants. When you allow your property management company to take over the turn process, it will ensure that the turn is being monitored for time, quality, and cost.
Spend your money on the right things. Update cabinets, install new countertops, provide better light fixtures, or add a backsplash. These things will earn a larger return on investment and higher rents.
Quality tenants are attracted to quality products. Contact us at Solutions for Real Estate. We can help you get your property rent-ready and be certain that the property is perfect for the next tenant.