You might have considered renting out your second home or a string of properties to generate a second income with the profits. But with every major city rife with rental opportunities—from unoccupied condominium units to simple one bedroom flats, how do you ensure your properties maintain a competitive edge against these other rental units? You might have a BGC condo for rent, but so do other landlords in different areas of the city, so how do you ensure that yours will not only be considered but ultimately chosen? Well, you can begin by adequately preparing the house or unit for rental and make sure your tenants get a warm reception the day they move in. Before renting you can also check net effective rent for better understanding.
If you are looking to rent out your home, here are the ways you can prepare it and make it ready:
1. Inspect your home
Before renting your homes, ensure that you thoroughly inspect every nook and cranny or crevices it might have. If you find any major problem or potential problem that might arise then immediately address it accordingly. Problems would include sagging or clogged gutters, leaking faucets and pipes, faulty electrical outlets, roof leaks and burnt-out light bulbs. Lastly, check your floors to make sure they are still in working order.
2. Thing of the safety of your tenants
Tenants will not only be more receptive to renting from you, but would also feel more at ease if they know they have a safe place to live. In this regard, as their landlord, you should ensure that the rental area is secure and safe. Smoke detectors should be in good working condition and emergency items such as a fire extinguisher should be immediately available in the vicinity.
3. Clean up
Your rental properties should be presentable as nothing will deter a prospective tenant more than a filthy and grimy place. Ensure that you have the windows, floors and blinds cleaned. If you have any carpets installed, make sure that you remove the stains by using shampoo. You can then repaint your walls to make rooms pop out and seem brighter and a lot cleaner.
4. Evaluate your furnishings and appliances
Depending on your lease agreement, furnishings can be included or excluded. However, if you choose to include them, it is also your duty to ensure that they are in good working order and are clean. If there are any appliances you do not want stolen or damaged, then remove them. While offering fully furnished rental homes would allow you to jack up the rental price, it can potentially cost you with the maintenance, frequent repairs and even replacements. So, weigh your options and decide whether renting out fully furnished is the best tack for you.
5. Determine how to manage renting out your house
Before renting out, you need to determine how you would be able to manage renting out your house—if you choose to do it yourself or with the help of a management company. If you wish to do it on your own then you should secure a legal lease document which you and your tenant can use and base on. However, if you need some help then do some research and thoroughly search whatever medium you can and find a reputable property management. While they will typically charge you somewhere between 4% to 12% of the monthly rent of their services, you are assured that prospective tenants are screened, repairs are managed, rent is collected and evictions are handled as needed.
