Great! So, you now have a vacant property and you want to fill it. Excellent work! This is no small feat in itself. Take a minute and enjoy the fact that you are now on your way to fulfill your dreams..
One major mistake landlord do that after getting interests to view the vacancy, the show the property in RENT – NOT- READY STATUS, This will cause huge loss and delays the process. Avoid at all cost and make sure to show the suite in RENT – READY – CONDITION, WHAT DOSE THAT MEAN?
Rent Ready Conditions
Let’s start by taking a look at what is needed to make sure your investment is fit for habitation and ready to rent. A new tenant will expect that everything is clean and in good condition; there must not be any outstanding work items to take care of. If you need to paint and decorate it, then get this done first. There is no point trying to get someone to view the property while saying that the stain in the corner will be gone by the time they move it!
At this point, this process is reciprocal, as you will need a ‘baseline’ for what the property looks like before a tenant gets their hands on it. It is only rent-ready when you are satisfied that both will agree the property is ready and you have recorded every facet of every room for both your records and for marketing. A property is rent ready when it fulfills the following requirements;
- The property is well maintained and has no structural, electrical, or performance issues that need to be addressed.
- Paint needs to be new or looking as new as possible so that no one will ever question it.
- Flooring needs to be free from defects where possible; even the smallest blemish will be noted by the viewer. This also goes for sideboards and any other trim.
- Door handles and locks must work as expected without any excessive movement to the mechanism. Something that does not appear trustworthy is going to drive the viewer out of the property quickly. They may expect the neighbourhood to be violent if the exterior door looks and features are damaged. New locks will provide trust that their possessions will be there when they come home and perceived quality will provide an image of a good neighbourhood.
- Window coverings need to be new or look new; if you need to invest in higher quality robust items. For example, plastic window sashes will look cheap and break quickly; higher quality features will last longer and save you time and money.
- All appliances and systems are working as intended.
- The property has been professionally cleaned; it’s worth your time getting stains out of carpets and curtains. Deodorize the carpet and other features by using a truck-mounted steam cleaner; no one wants to smell another person’s musk in a place that they will call home.
- Landscaping must be maintained adequately to show that it is something that is maintained.
- Smoke detectors and fire extinguishers must be installed and working according to fire codes; this may require a fire inspection to be conducted prior to renting. Doing this first saves you paperwork asking for access to the property later. Many smoke detectors are required to be replaced every ten years; this will need to be checked during the initial inspection and monitored accordingly.
- Carbon monoxide detectors will need to be installed and checked according to local regulations.
- Deadbolts will be required on all exterior doors except sliding glass doors.
- Exterior sliding glass doors require a security bar and a functional door lock.
- HVAC filters will need to be replaced.
- Check garage door openers and remotes function as intended.
- Locks will be changed or reset after each resident departs, as well as between each tenant.