rel="nofollow" href="#fb3_img_img_b533e99d-6755-5a88-9ddc-dc5e1bf9cd7e.png" alt="Bullet"/> Examining and assessing the exterior and interior of your rental property
Properly preparing your vacant residential rental property for its new tenants is critical to your overall success as a rental property manager. Because vacant rental units don’t generate rental income, you need to fill your vacancies with good, stable, rent-paying tenants as quickly as possible. How, you ask? By making sure that the interior, exterior, and grounds of your vacant units are clean and in rent-ready condition when you show them to prospective tenants.
In this chapter, I show you how to look critically at the exterior and interior of your property to formulate a plan for preparing the unit. I also help you figure out what needs to happen, when it needs to happen, and whether you’re better off hiring outside contractors to assist you in your preparation efforts.
Viewing Your Rental Property from a Prospective Tenant’s Shoes
First impressions are huge, which is why you want to make sure that your prospect’s first impression of your property is a positive one. If the property’s exterior and grounds don’t look nice, your prospect won’t even bother to see the interior — where you’ve just installed new appliances and the latest in high-quality wood laminate flooring and solid-surface countertops. Similarly, a prospective tenant’s positive first impression of your property’s exterior soon disappears if its interior isn’t just as sharp and well maintained.
Ideally, your vacating tenant will be cooperative, and after giving proper legal notice to enter, they will allow you access to the rental unit so you can determine what items need to be cleaned, repaired, replaced, or even upgraded. If the tenant doesn’t let you in voluntarily, review the rental unit maintenance records to find out the age and condition of the flooring and appliances so you’ll have some idea of the type of work that may be necessary.
After you do get access, as you walk through the unit, take lots of notes and pictures showing the current condition and what needs attention to get it ready to rent again. If this task isn’t your strong suit, invite your favorite contractor or interior design expert to join you. Your pictures and notes are the foundation for a detailed plan that can help you attract several qualified prospects who want to lease the unit at the market rental rate you’re seeking. The next sections help you put that plan into place.
Paying attention to the exterior and common areas
To attract tenants who’ll treat your property properly and stay for years, keep the following suggestions in mind:
Starting at the street, carefully critique your property as though you were entering a contest for the best-looking property in your area. First impressions are critical, and one of the key areas that all prospective tenants see is the entry. Make sure that the entryway is clean, well-kept, and well-lit. Clean the front door, or apply a new coat of paint or stain. Buy a new welcome mat. Remove or replace a broken screen door or mailbox. Add stylish address or unit numbers that denote attention to detail. Also, check the driveways and walkways to ensure that they’re as neat and tidy as possible.
Make sure that your grounds and exterior areas are sparkling clean and that the landscaping and irrigation are well maintained. Believe it or not, you can renovate your grounds inexpensively by picking up trash and junk, removing weeds, watering the grass, and using the right fertilizer. A nice green lawn. manicured shrubs, and evergreen shade trees enhance any property. Additionally, using flowering plants or perennial flowers is a great way to boost curb appeal and add color that will catch a prospect’s eye. Savvy rental property owners know that landscaping is one of the most cost-effective ways to significantly upgrade a unit.
Check all patios, balconies, and entryways. All these areas should be clean, and the railings should be solid, secure, and firmly attached. You want to be sure that the entryways are unobstructed by landscaping and other items and that there are no tripping hazards.
Make sure that the structure is presentable and inviting. Although major architectural changes are often cost-prohibitive, you can do a lot with a little paint, landscaping, and cleanup. These items generally don’t cost much compared with the positive benefits you’ll gain. Some specific exterior improvements to consider are ground-level or hanging planters, brass house numbers with night lighting, awnings, and freshly painted fence or house trim. Examples of exterior and landscaping renovations that can completely change a property’s curb appeal and even reposition tired rental properties include seasonal flowering plants, new shrubs to replace the ones that have become sparse and woody, low-voltage landscape lighting, motion-sensor lights, and new electrical fixtures.
Making sure that the interior is up to snuff
The most qualified, stable renters always have choices, no matter how good or bad the rental market is. You’re in competition for these excellent tenants, and you need to make sure that your unit stands out from the rest.
CURB APPEAL IN A COMMUNITY ASSOCIATION
If you own a rental unit in a common interest development (CID), commonly referred to as a community association or homeowners’ association (HOA), the responsibility for the maintenance and repair of the common areas typically falls to the association. Contact the association or its property manager about any common-area concerns you have. The association has a vested interest in ensuring proper maintenance of the premises and maintaining a sense of desirability for owners and tenants, but it may require some persuasion to take action.
Common interest developments or associations are not-for-profit entities run by volunteer boards of directors who are often reluctant to assess their owners and spend money to upgrade or modernize aging properties. Rarely do you find an association with plentiful reserves and well-maintained property unless it has strong leaders who are willing to make beneficial upgrades a priority. So I encourage you to get involved as a member of the association and use your expertise to demonstrate to the other owners (many of whom may be owner–occupants) that proper maintenance can reduce long-term operating costs and maintain higher
