One of the most important steps in running a successful income property is signing the tenant. Having the right tenants can mean the difference between success or complete frustration. If you’ve chosen well, your property will practically run itself.
Landlords/property owners must follow a well planned process. Taking the first couple (and I’ve heard this has been done) to have first and last months rent can cost you money and sleep in the long run. Screening your prospects and proper background checks are paramount.
First, have your unit “show ready”. If it’s already vacant great, you can begin the clean up, repairs or alterations you want to make. Showing your unit before it’s ready can turn off your best prospects.
The next step is to get your advertising out there. Lawn signs aren’t enough. Many people look online for apartments as well as print advertising, learn to use it. If possible have everything set to go at once. This is your Ad’ campaign .
If you haven’t already done this, have your application form for the income property ready to go. Get them to fill it out on site if possible. People forget what they saw or loose the rental application.
I personally like to get a few applications to run them at once. If they’ve left blanks ask them why as this can indicate any red flags right from the start. Too many blanks and I file it under G! It’s a good idea to run a credit check. We want tenants who don't have a lot of outstanding bills or debt . You could find a service or property manager for this /service-packagesex.html, Whomever you have chosen to run the credit checks should help explain what's good or bad about them.
Most homeowners know when it’s time to sell, their home needs to look it’s best. The process of putting your home on display for potential suitors is called home staging. But what if your goal is to get renters into your unit? Many successful landlords will put the time and extra effort to “stage” the unit in the same way you might for listing it on the market. In essence you want to “sell” the unit to potential renters.
It’s helpful for renters to picture themselves living in your space just the same as buying the home from you. So the next step is to figure out what we need to do to put our rental on display.
I believe you should maintain the unit(s) as best as possible while tenants are dwelling there. However when landlords receive notice there will be and upcoming vacancy proactiveness is paramount. People get their first impression of a home when they pull up out front so make sure the landscaping is clean and maintained.
If you have put off any jobs inside, now is the time to bang them off. Baseboards are all on, holes are filled there are no broken steps or hazards. A fresh coat of paint is a low cost way to make your home bright and clean.If you don’t have the time or constitution to scrub the tub and toilet, hire a maid it’s worth the investment.
Glenn Brown is owner of My Rental Unit property management and has enjoyed success with multiple unit investing.