Do you have an investment property ready for new tenants? Follow this guide to get the most out of your real estate investment and ensure you attract great tenants.
Investment properties can be a great source of income and long-term wealth. However, in order to attract and retain high-quality tenants, it’s important to properly prep your property for tenancy. Here are some tips to help you get started:
- Clean the property thoroughly
Before your new tenants move in, make sure the property is clean from top to bottom. This includes everything from the floors and carpets to the walls and ceilings. If necessary, hire a professional cleaning service to get the job done properly. A clean property not only looks good but also creates a positive impression on your tenants. - Make necessary repairs
Check the property for any repairs that need to be made. This may include fixing leaky faucets, replacing broken windows, or repairing damaged walls. Addressing these issues before your tenants move in will ensure that they have a safe and comfortable living space. This also shows that you care about their well-being and are committed to providing a high-quality living environment. - Paint the walls
If the walls are looking dull or outdated, a fresh coat of paint can make a big difference. Choose neutral colors that will appeal to a wide range of tenants. This will also give the property a clean and polished look. - Check the appliances
Test all appliances in the property to ensure they are in working order. If any appliances need to be replaced, now is the time to do it. This includes everything from the refrigerator and stove to the air conditioning unit and water heater. Providing well-functioning appliances makes it easier for tenants to settle in and feel at home. - Install smoke detectors and carbon monoxide detectors
Make sure the property is equipped with working smoke detectors and carbon monoxide detectors. These should be installed in every bedroom, in the hallway outside of sleeping areas, and on every floor of the property. This is not only a legal requirement in most places, but it also ensures the safety of your tenants. - Check the plumbing
Test all faucets and toilets to make sure they are in working order. Look for any leaks or drips, and repair them as necessary. A well-maintained plumbing system will prevent future headaches and expenses for both you and your tenants. - Consider adding amenities
Adding amenities like a washer and dryer or dishwasher can make your property more attractive to potential tenants. However, weigh the costs and benefits before making any major purchases. Consider the potential return on investment and whether the added amenities will make the property more appealing to the target demographic. Not sure what to consider? Check out this list from apartments.com for the most-searched amenities by renters. - Hire a property management company
Consider hiring a property management company to take care of the day-to-day tasks associated with managing your investment property. This can include collecting rent, handling maintenance requests, and dealing with tenant issues. A property management company can save you time and reduce the stress of being a landlord. This is especially beneficial if you have multiple properties or live far away from your investment property.
In conclusion, prepping your investment property for tenancy requires attention to detail and a commitment to providing a high-quality living environment for your tenants. By following these tips, you can attract and retain high-quality tenants, which will ultimately lead to greater long-term success for your investment property.
If you prefer to take the hands-off approach to your investment properties, don’t hesitate to reach out to us at North Pacific Property Management for a free consultation. Our staff is comprises of real estate professionals that truly understand the needs of real estate investors. We speak from experience when we say that hiring a property management company to handle your investment properties can be the single most important investment you make for long-term ROI other than the property itself.