Due to work, travel, and transfers, the tenant's tenure is quite short these days. Tenants come and go. When your tenant moves out, you must search for another tenant and fix one quickly. Else there will not be any income coming from a vacant property.
Here we give tips on making your property rent ready to look appealing to prospective tenants.
Advertising the availability of your property with good photos increases the chances of getting a tenant quickly. Ensure you put the proper keywords while describing your property so that the search engines will show your listings on top when someone searches for rental properties. You can also spread the word and use your community chat platforms to inform you that your premises are available for rent. Taking referrals from an existing client is also a good idea.
Give your property an exhaustive cleaning. Ensure your property is clean and debris-free. While you can do the cleaning, you can also hire professional cleaners who will do a thorough cleaning. They will come equipped with the necessary tools and cleaning agents to give them a clean, sparkling look.
Have a cleaning checklist for cleaning. For example, bathroom cleaning should address leaning the toilet, shower, faucets, sink, floor, walls, cabinets, and mirror. In the kitchen, you should pay attention to counters, shelves, sinks, floors, and chimneys. The key areas you should focus on include walls, windows, ceilings, and closets.
Giving the property an appealing impression can fetch you tenants, quickly. Giving a fresh coat of paint, updating the gadgets, and changing the furniture are some ways to give your place a makeover. It will signal to the prospective tenant that the property is well maintained with care. When choosing paint, you should go with neutral ones. Neutral colors allow personalization, and it helps tenants with unique preferences to customize it to suit their needs.
If you are offering fully furnished property, try changing the furniture, lights, carpets, curtains, and blinds. Look for damaged door knobs and non-working fans and change them, too.
You should inspect the premises thoroughly to evaluate any damages before renting it out and after the tenant moves out. Create a checklist and keep it, so you're not leaving out anything. Keep receipts for the work done so that when there is damage, you can claim it from the tenant.
When renting out a property, especially in a furnished status, you will have to repair the existing items or replace some of them, depending on the condition of the equipment/appliance.
A non-working chimney and an old air-conditioner are cause for concern. Depending on the energy efficiency, cost of repair /replacement, and expected warranty period. Once you check every item and appliance, you can decide what is worth keeping and needs replacement.
Determining how much rent to charge is a crucial decision. The right rent will help get the right tenant. A low rent means you are losing out on your investment. Arrive at the rental by comparing similar properties, locations, and market values.
Different states have various laws on tenant verification. It's always better to do a background check and insist on a police verification certificate to rule out a criminal background.
Once everything is discussed and a decision arrives, you need to execute a rental agreement. While the common practice is to go for an unregistered rental or lease agreement, many Indian states have made it compulsory to register the agreement.
