Preparing Your New Property for It’s First Renters: Tips for New Landlords

So, you’ve decided to take the plunge and invest in your first rental property. You know the landscape, you’ve done your research, and you have found the perfect rental property to help you realize your goal of becoming a landlord and generating a passive income or adding to your investment portfolio.

However, just because you have a property you can rent out does not automatically mean tenants will be blowing your phone up and wanting to move in. The property’s condition and the rent’s cost are two significant factors that can either attract or deter potential tenants. 

Despite more tenants than ever before looking for rental properties, many factors keep renters from wanting to move into a property, and most of these pertain to the condition of the property as well as the cost of the rent.

If you want to ensure that your new rental is ready for its first tenants or if you need to prepare the property to be habitable, these tips will help you do just that.

Clean It Out

Start by giving the entire property a comprehensive clean, inside and out. This includes the interior, exterior, and ground or yard space. A pristine appearance not only enhances the property’s appeal but also instills confidence in potential tenants about its maintenance, making you feel reassured about the condition of your property.

Engaging a junk removal service can help clear out any mess, while a cleaning service can ensure a deep pre-tenancy clean, guaranteeing the property is sparkling and ready for new tenants. Pay attention to places often overlooked, too, such as cupboards, grout, windows, etc., so nothing will let you down when you interview prospective tenants.

Fix Repairs

Getting those minor repairs carried out to a high standard ensures your new tenants have a functioning home to live in and that you won’t be called out for further damage because the initially overlooked repair has worsened and caused more damage. That leaky faucet, the faulty toilet that doesn’t flush properly, or the door that doesn’t quite close in the frame all might seem like minor inconveniences people can live with, but every time, they will only get worse, and if they don’t initially put people off from moving in then down the line both you and your tenant will experience more problems as the repairs build up.

Fresh Coat of Paint

A fresh coat of paint can make any room look better, and giving the property a makeover can help you boost its profile and make it more attractive. Plus, if you’re using neutral colours, it can give people a blank canvas to see themselves living in and react to the space in a better light. This advice will make you feel optimistic and hopeful about the potential of your property.

You can make your own rules about tenant decor and what they can and can’t do in terms of decorating. Still, painting the walls and ceilings before anyone moves in can instantly increase desirability and give it a fresh new look.

Take Pictures

Taking pictures of the property is essential. They provide a visual record for marketing the vacant space and serve as evidence of the property’s condition before it was occupied. This can be useful for both the landlord and the new tenant.

Take pictures or even videos of the entire property. At the same time, it’s empty to compare to final walkthroughs at the end of a tenancy or to help the tenants retain the living standards and the condition of the property during their item on your property.

Replace Broken Appliances or Add Them

Landlords aren’t required to provide all appliances prior to a tenant moving in, but some appliances are considered essential. Typically, landlords include things like refrigerators or washers and a furnace in their properties for renters to hope they have basic amenities to use upon moving in. If you rent your property with such appliances, you are responsible for their upkeep and any repairs to keep them in a safe working condition. This includes periodic checks and servicing for any signs of wear and tear or faults. However, it’s important to note that this doesn’t cover accidental damage by the tenant, so it’s advisable to have a clear understanding of your legal responsibilities regarding the appliances on your property.

If appliances are already on the property, it is vital that they are serviced and checked as fully working and safe prior to the occupation so that you do not break any laws.

Change the Locks

You don’t know who has keys to the property prior to purchasing it, and as a safety precaution for both yourself and your new renters, it’s a good idea to get the locks changed on all windows and doors so that you can all rest assured that only the legal owners and the current renters have access before it becomes someone’s home.

Understand Its Value

As a landlord, the last thing you should be doing is taking on a property simply to help you pay your bills. there are many reasons why this won’t work: not being able to find tenants for starters or ending up with nonpayers. However, taking on a property to pay your bills will make you a lousy landlord, as the only thing you will be focused on is the money coming in. 

You need to look at the type of landlord you want to be, as this will attract the right tenants. If you see them as a valuable asset to your portfolio, like the property yourself, and see the benefit in having good tenants and are willing others that reside in a habitable home. You will return more value from the experience and the property itself. Well, cared-for tenants with caring landlords who complete repairs on time are more likely to remain in the property longer, care for it better, pay the rent on time, and accept rent increases as your state allows. This makes the whole experience more valuable for you and to them.