As a landlord, you may think that you’re obligated to present your tenant with a home that is habitable at the very least. However, you’re perhaps setting the benchmark too low to think along these lines. Landlords should keep in mind that in order to attract and retain good tenants, it is important that their property is well prepared in a presentable manner. Tenants that receive a property that is well maintained and well cared for are more likely to uphold the same standard during the term of their tenancy. Furthermore, tenants will be more inclined to stay in a property for a longer term if they know that their landlord is willing to take reasonable measures to help them maintain the property.
Now, to attract and retain the right tenant, you need to prepare your rental condo accordingly. And, for your benefit, we’ve prepared a comprehensive guide that can help you make your rental condo attractive.
Maintenance
This section concerns itself with the essentials, i.e., the maintenance and upkeep of your property, which contributes to making your rental condo habitable and dependable for your tenants.
Conduct an Extensive Clean-up
It could safely be assumed that a dirty, messy house won’t inspire the confidence of a tenant. While most landlords conduct a cleaning session in their capacity, they don’t make it comprehensive enough to overwhelm the tenant. Besides, extensive cleaning also has its health benefits. Take, for instance, the presence of mold and mildew on carpets and in cabinets can cause health hazards and degradation of our furniture. Thus, it must be dealt with urgency. Regular cleaning not only benefits the tenants but also makes sure your fixtures and the property remains durable and fit for use for the foreseeable future. It is important to ensure that your property is always in showing condition to give every interested viewer the best possible first impression. The cleaner the property, the more comfortable the viewer will feel in picturing themselves residing there for a long period. In addition to the numerous health benefits, a clean property will work wonders in attracting and retaining good tenants.
Check the Fixtures
The passage of time takes a toll on the many fixtures that facilitate day-to-day activities. Take a look at the bathroom. Look closely at the faucets, showers, taps, and tubs to see if they’re working properly. Check if there’s any leakage. There’s nothing more displeasing for a tenant at the start of the tenancy period than fixtures that aren’t functioning properly. Other fixtures that must be looked at include handles, door knobs, electric connections, etc. If the tenant has to deal with the hassles of fixing false fixtures, you may fail to retain them and attract tenants.
Consider a Repaint
How long has it been since you last painted the walls of your property? After the passage of time, it’s common for walls to discolor a little, develop a few holes, chips, etc. So, thoroughly examine the condition of your walls and make the necessary corrections. This will ensure that you make a positive impression in the life of your tenant, which will also make them consider an extension. The buildings built before 1978 pose unique risks due to the presence of lead paint. The tenant must be notified of the special risks posed by lead paint.
It always makes sense to note down or capture the condition of your home. Apart from ensuring that you don’t have to suffer long vacancy periods, you also prevent any disputes related to the maintenance of the home.
Check Your Doors, Windows, and Appliances
Just like the paint and fixtures, time also takes a toll on windows and doors. And, as the landlord, you’re obligated to make sure the doors and windows are operating property. Here, we’re not only talking about the main door and the bedroom doors but also referring to the cabinet doors and patio doors that are equally important. Also, revisit the appliances you had installed ages ago. There’s a chance they’re not in good working order. There might be a need to repair or replace these appliances if that’s the case.
Upgrades
These represent the ‘value additions’ to your rental condo. These upgrades aren’t essential, but they could help you lure tenants. You can also demand a higher rent and potentially higher resale value; should you ever decide to sell the property.
Security Features
Security is a serious matter that should never be compromised. Landlords can take measures to ensure that their property is secure by checking the strength of locked doors, windows, and gated areas. The installation of security cameras or an alarm system can go a long way in making the tenant feel safe in your property. Demanding additional rent seems justified as you’re providing the tenant with the latest security system.
Making Renovations
Not all landlords care about their second property and usually keep it very sparse and basic. But, you have a chance to rethink this approach through before the new tenancy cycle starts. Not only does a more polished rental condo help you retain a quality tenant, but it also justifies the additional rent you charge after the renovation. What are these renovations? Consider replacing some of the old, rusted fixtures or appliances for starters. Furthermore, consider making practical additions such as a kitchen back splash or enhance the lighting. These seemingly minor enhancements go a long way in making the tenancy a fulfilling one for the tenants.
So, as a landlord, how do you go about with the management of your property, while remaining at ease despite the many responsibilities that rest on your shoulder? You enter into a comprehensive property management contract with a property management company like Rental Advisors. Not only does a property management contract help you limit the damage you suffer because of tenant turnover, but it also helps you make sure that the tenant application is thoroughly evaluated and verified. After all, the wrong tenant never does a landlord any good. However, before you proceed with that, make sure you’re thoroughly preparing your rental condo for occupancy.