Whether this is your first rental property or you’ve had a history of irresponsible tenants, having a strategy and checklist to prepare your rental and target your desired tenant is the key to success. As with any endeavor, if you don’t have a plan, be prepared to take what comes your way. If your unit is a private home, townhouse or condominium, these recommendations apply to each. Follow these strategies and you’ll consistently have rental checks clearing the bank. Prepare your unit for rental.Start outside with lawn care, shrub trimming and ridding the lawn of any weeds or debris.
A fresh doormat and newly painted front door will go a long way to making your unit attractive to tenants. On the interior, confirm that all appliances and the HVAC are in proper working order and have been well maintained. It’s cheaper to schedule this in between tenants than the cost of emergency repair – not to mention inconvenience to tenants. Repaint the entire unit it needed.
Power clean the kitchen, bathrooms, floors windows and blinds. Rest assured all this work will pay off handsomely. The better shape a unit is in on move in day, the better care the tenants will take of the property. This is your goal. The type of rental property you have and it’s location will determine your target market. If you have a downtown condo, chances are your target market is young professionals. A three + bedroom is the suburbs near a quality school is more apt to attract young families. Focus your marketing efforts to attract the demographic that your unit is most likely to appeal to.
There are a myriad of websites on which to list the unit as well as local real estate agents and university or hospital housing departments. Secure a designated mobile number to use for listings on websites. Interview your prospective tenants, check credit and rental history and secure at least one month rental as a security deposit as well as the first month rent. Agree on payment times and methods – online banking, cash or check. This should be in writing. After completing these tasks, complete a lease and provide any assistance available from the homeowners association on move in day. Securing quality tenants is a two way street. Fulfill your responsibilities and promises made as landlord and your tenants will fulfill their commitment to timely payment of rent and proper care and maintenance of the unit. Good luck!