Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
Making your rental units appealing can seem tricky. Luckily, if you plan ahead carefully, you and your potential tenants will be extremely satisfied. Additionally, don’t forget that the more you invest in the property beforehand, the more it will pay off in the long run. In order to help you with this, we have singled out 7 steps that every landlord should complete before the tenants move in.
1. Cleaning the rental
First things first, no one would want to move into a dirty apartment. Therefore, it is crucial for you to clean it up or hire professionals to do the job for you. This is particularly important if there were previous owners living in the unit and they left a lot of furniture and other items behind. Additionally, if the apartment you want to rent has just been built, don’t forget to strike a deal with the contractors on whether they will include cleaning in the price so that you can have tenants move in as soon as the construction is finished.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
More and more apartment hunters are looking for places where they will have as many amenities included in the lease agreement as possible. Therefore, aside from providing your potential tenants with a heating system and hot water, you should invest in essential appliances like a dishwasher, washing machine, dryer and a microwave. This may seem as a considerable investment, but don’t forget that these little details really matter. Furthermore, if you have an old heating system, make sure that the filters are clean and that it functions properly in every room. Lastly, if possible, you should provide your tenants with a parking space, since this can often be a deal-breaker.
3. Safety issues
Another important item on the list of your responsibilities is to make sure that your renters are provided with a safe place to live in. For this reason, it is crucial to repair any damage that the property has, including broken doors, windows, roof, etc. Apart from this, you must make sure that fire alarms are placed inside every room above the entrance door except in the kitchen. Furthermore, you can’t let anyone move into your rental property before hiring professionals to inspect the electricity connection for potential issues. Only when you have a confirmation that the property is safe, you can move on to renting it.
4. Storage space
As time goes by, your tenants will need increasingly more space to store all their possessions. For this reason, you should invest in large walk-in closets for the bedrooms where the tenants can keep their clothes and personal belongings. On top of that, a pantry room separate from the kitchen would be a huge plus as well. Finally, if your property comes with a spacious garage, make sure to clean it out so that the new tenants can have it ready.
5. Pet policies
Nowadays, there are many people who look for pet-friendly apartments, but not all landlords would agree to accept them, since pets can potentially cause damage to the property and be a nuisance to the neighbours. However, allowing them inside the unit means that you can charge the owners additional fees, even up to between $200 and $500 per month. All in all, allowing pets attracts more potential renters and represents a good business opportunity, but you should make sure that your neighbours agree to this in advance.
6. The lease agreement
As you move onto the signing part of the renting process, it becomes increasingly important to draft a quality lease agreement which will adhere to the needs of both you and your renters. We strongly recommend consulting a real-estate lawyer who will make sure that there are no legal issues with the agreement which could potentially result in lawsuits. Finally, once the draft of the agreement is done, you should cover every section of it together with your tenants. This way, you will be able to discuss some possible alterations and make sure that both sides are fully content.
7. Collect first and last month’s rent
Finally, once you have completed the abovementioned points, make sure to collect the first and last month’s rent prior to your tenants moving in. Additionally, don’t hesitate to ask the tenants to pay a security and cleaning deposit as well. This way, in case something goes wrong before the lease period has expired and they need to move out, you’ll be on the safe side. Lastly, if the tenants are not able to pay first month’s rent up front, take this as a warning that they will probably be late with their future payments as well.
As we can see, preparing your units for rent is not so difficult after all. All you need to do is follow these easy steps and we guarantee you that both you and your tenants will be extremely happy. Good luck!
Faith is a writer, seeking beauty everywhere she goes and finding it in art, nature, family, work and home. Passionate about just living life to the fullest, she’s into home decor and healthy lifestyle, trying to be the best version of herself and make her surroundings match.