7 Steps to Preparing Your Property to Rent

singleborse kostenlos ab 18 ohne anmeldung Preparing your property to rent can seem like a daunting task, especially if its your first time as a landlord. While it can be challenging, if your methodical and attentive you can get it done.

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  1. Physically Prepare the Property. Chances are if you’re moving out of your home there are a few (ok, maybe a lot…) of projects you just haven’t had time to check off your list. Now’s the time to get those items done. You’ll need to conduct a thorough home inspection looking for both functional and cosmetic defects. You’ll also want to keep an eye out for items that may not necessarily need fixed immediately but that could need attention in the future. Its much easier, and generally cheaper, to address repairs while you are still living in (or at least have unimpeded access to) your house. Ideally you should look to complete these tasks roughly 90 days before move out. This gives you ample time to ensure lengthier projects are completed on time to standard; this also allows you time to ensure repairs are functioning as they should and not just temporary quick fixes.
  2. Prepare the Asset. In addition to ensuring the property is physically ready for tenants, there’s a few other tasks you need to complete before moving forward:
    • Transition your insurance policy from a homeowner’s policy to a Rental or “Fire” Policy
    • Check with any Owners’ Association Requirements for Leasing the Property
    • Review local Landlord Tenant Laws
    • Check with your accountant regarding the implications of transforming the property into a rental
    • Create a Property Information Book with data on major systems and other important records
    • Establish a separate checking account to accept rent and pay any required costs from (you may also need to establish another account to hold security deposits in)
    • Gather any existing warranty data for major items or appliances (HVAC etc.)
  3. Advertise the Property. Once all repairs are completed and the house has been thoroughly cleaned and decluttered you’ll want to take pictures. Its better to have pictures of a nicely staged home than an empty home. However if you’re still sporting furniture from your college dorm its probably better empty. You’ll want lots of pictures showing every room and feature of the house. Next create a descriptive ad on websites like Zillow and Craigslist. Monitor these ads daily for feedback. If the ad has been up for over a week or two and you haven’t received any calls its most likely priced too high.
  4. Show the Property. When you prepare to show your property it is always worthwhile to pre-screen the callers to ensure they understand how much rent is, the pet policy and any other specific requirements or restrictions like lease length required. Its also a good idea to require the prospect to call or text you an hour before the showing appointment to confirm they will be making the appointment. If possible, have a friend or relative present when you show the property. Most likely your prospect will be looking at more than just one property so they may not make an immediate decision, either way it is a good idea to have an application form with you to give to the prospect and explain how the move in process will work.
  5. Screen and Accept the Tenant. Once you receive an application back from a prospect its very important to stick with the screening criteria that you have established. It may be tempting to accommodate a prospect that “seems nice” or “trustworthy” but this is where costly mistakes are easiest to avoid. Its better to have a property vacant for an extra week or two than to lease to a bad tenant. Promptly notify the tenant of acceptance or denial.
  6. Sign the Lease. NEVER rent a property or conduct a move in without a fully signed lease! You’ll want to spend the extra time and money to obtain a quality lease rather than something you find online. Leases are very location specific-what may be great in one location won’t hold water in another. Go through the lease line by line with the tenant to ensure they understand it. The Lease establishes the standards for the tenant.
  7. Conduct the Move In. NEVER conduct a move in without a signed lease or before receiving CERTIFIED funds. Certified funds can be cash, money order, or a chaser’s check. While you may accept personal checks for future months’ rent, you should never accept them for a move in. Prior to meeting the tenant you should conduct a thorough inspection (with pictures and/or video) to document the pre-move in condition of the house. You’ll also want to explain where breaker boxes, water shut off valves, and other key items are in the house.

hook up kamloops This is a brief overview of the steps involved in renting your property. We’ll take a closer look at each one of these steps in future posts.

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