Rental Readiness

Steps to Prepare

By Katrina McDowell on Jun 24, 2023 in News

With high demand for rental properties, standing out from the crowd is essential if you want to be a successful property owner or manager. Learning how to prepare a property for rental is one of the easiest to master, and is also a key still for those considering a career in the property management industry.

Well-presented properties will naturally be far more attractive to potential renters than dark and dingy spaces. To present a property well, do not go overboard with decor or staging, but make sure the property is spotlessly clean before any showings. Carpets should be professionally cleaned, as should windows. Having spotless windows will provide ideal light.

If your property has a yard or garden, you should make it presentable, trim back shrubs, weed the beds, and mow to make the property have curb appeal. If showing a single-family home, grab some vanilla extract and place it in the oven on low heat, which will work better than candles. The entire house will have that soothing smell.

Thorough inspections are imperative. Before your renter moves in, take a walk-through, and analyze if there is any need for maintenance. Inspections have never been easier when using Yardi property management software. Using a phone or tablet, you can perform the inspection while inside the unit and log everything into the system. Take pictures, add notes, and pass or fail each item as you conduct the inspection. Once complete, the inspection is saved in the system for future reference. Staying on top of inspections and maintenance items can help keep the value of your assets high, increase renter satisfaction, and speed up the turn process, allowing you to maximize your rental income.

Next, determine how much you will earn. When pricing your rental, you want to cover your expenses, but you cannot charge an astronomical rate, or you’ll never find any renters. Therefore, it’s essential to do some market research on rent rates. What you can get for rent will determine your profitability. First, study on your own by checking various online sites like Craigslist or Facebook Marketplace. Then, drive around the neighborhood and write down the numbers listed on “For Rent” signs to gather data.

Ensure your property is safe. Health and safety issues include verifying that all the property’s carbon monoxide and smoke detectors are properly working. Be sure they are fitted and tested. Health issues include checking your property clear of fungus or any signs of mold. Mold can be hazardous, especially black mold.

Showing professionalism can go a long way in today’s competitive rental market, which can often be the difference between a rented property and a lengthy void period. Using Yardi for all your property management needs will put your mind at ease and make your rental properties top tier.