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Make sure the property is clean and tidy
It sounds obvious, but it is surprising how different definitions of clean can be! Windows and bathroom tiles are spots often forgotten by landlords but little touches go a long way to making the property look smart and attractive. If a communal area is shared with neighbours, landlords should ensure that it is clean and tidied before a viewing. First impressions are important and the front door and any garden area should be immaculate.
Spruce up the interior
A short vacancy period can be the perfect opportunity to give a property a facelift. Touching up paintwork on areas such as window ledges and banisters are little details that can make a big difference to potential renters. Stick to inoffensive, neutral colour schemes which appeal to the majority, as bright or unusual colours can be off-putting to tenants.
Screen Tenants
Don't rent to anyone before checking credit history, references, and background. Haphazard screening and tenant selection too often results in problems - a tenant who pays the rent late or not at all, trashes your place, or lets undesirable friends move in. Use a written rental application to properly screen your tenants.
Get it in writing
Be sure to use a written lease or month-to-month rental agreement to document the important facts of your relationship with your tenants - including when and how you handle tenant complaints and repair problems, notice you must give to enter a tenant's apartment, and the like. For what to include in a lease or rental agreement,
Handle security deposits properly
Establish a fair system of setting, collecting, holding, and returning security deposits. Inspect and document the condition of the rental unit before the tenant moves in, to avoid disputes over security deposits when the tenant moves out.
Make repairs
Stay on top of maintenance and repair needs and make repairs when requested. If the property is not kept in good repair, you`ll alienate good tenants, and tenants may gain the right to withhold rent, repair the problem and deduct the cost from the rent, sue for injuries caused by defective conditions, and/or move out without needing to give notice.
Provide notice before entering
Learn about your tenant`s rights to privacy; see Repairs, Maintenance, and Entry to Rented Premises. Notify your tenants whenever you plan to enter their rental unit, and provide as much notice as possible, at least 24 hours or the minimum amount required by state law.
Obtain insurance
Purchase enough liability and other property insurance. A well designed insurance program can protect you from lawsuits by tenants for injuries or discrimination and from losses to your rental property caused by everything from fire and storms to burglary and vandalism.
Research transport carefully
Potential tenants are almost certain to enquire about local transport links. The proximity of a property to local transport networks constitutes an attractive selling point to most people looking to rent. Landlords who are informed about all transport possibilities and can explain these options to people during a viewing can give themselves an advantage in the rental stakes.
Consider lowering the rent
Though many letting property may be reluctant to heed this advice, sometimes landlords can experience long vacancy periods because they are charging unrealistic rent. It should be remembered that a few weeks of a property sitting empty can soon cancel out any gains that they a landlord would achieve asking a higher rental price.
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