Preparing Your Rental Property for Potential Tenants
Whether you list your rental property with a property manager, or manage it yourself, there are steps you need to take to prepare your rental property for potential tenants.
Contact your mortgage and your insurance company and make the necessary changes. There is usually a charge with the mortgage company to make the changes. Once the property is rented, don’t forget to contact your utility companies to have them taken out of your name.
You need to make sure that the property is properly maintained. Any maintenance problems should be fixed. Make sure there are no safety issues with the property. Check for leaks in pipes, and update any fixtures, appliances and lighting that may need to be updated. Check the hot water tank, heating and air conditioning should be checked as well. Clean out the air ducts and air filters, and if there is a fireplace, make sure that the chimney is cleaned. Make sure that everything is functioning properly.
You will want to give it a fresh coat of paint, neutral colors are recommended and keep it simple. If the carpets are dirty, you will need to clean them, or consider replacing them. If you are replacing the flooring, consider neutral colors and materials that are easy to maintain. The property should be completely cleaned.
The grounds of the property should be cleaned and maintained as well. You may want to remove any high maintenance foliage or gardens. Make any repairs to the outside of the property as well. A fresh coat of paint will make the property much more appealing to potential tenants. Make sure there are no holes in the window screens and that all windows are operating properly.
If you are leasing the property furnished, be sure that all the furniture is clean. Check to ensure that all electronics are working. The furnishing should be sturdy and easy to clean and maintain.
All smoke detectors should be operating correctly. There should be a smoke detector on each level of the dwelling. You may want to also consider a Carbon Monoxide detector. You will want to make sure that the property is in complete compliance with your local code enforcement. If the property was previously rented, you will need to change out all the locks on the property. Be sure to keep a copy of all keys.
You will want to record the condition of the property before it is leased. Take a video or pictures of all the rooms and don’t forget to include the outside. Create an inventory of all the appliances, and any furniture you are leaving with the property.
Set a price that is competitive the other rental properties in your immediate area. Once the property is ready to show, begin your advertising. Your rental property is now ready for potential tenants.
Make sure you completely check out any potential tenants. You will need to run a credit and background check on everyone who is going to be living on the property. This will help protect you and your property.
If you hire a Denver property management company, they can handle many of these steps for you.