When you have a vacancy, it’s important to reevaluate your listing. Of course, the point of listing your property is to find a tenant as soon as possible. Vacancies can be expensive, hurting your bottom line.
However, if you don’t take the time to get your vacancy ready before listing, it may take a while to find a tenant. Plus, if your property isn’t up to par, it could make finding a tenant difficult.
You don’t want to find just any tenant, though. Making the wrong decision could result in missed rental payments or property damage. That’s why it’s essential to take the time to really prepare your vacancy before listing it. Make sure you do the following things before you proceed.
Have us prepare a rental analysis to determine the rental rate
It can be difficult to determine the right price for your rental unit. The problem with guessing is you could end up listing it for the wrong price. The right price will help you cover costs and bring in income, whereas the wrong price could turn away tenants or make it difficult to turn a profit. That’s why you need to find the fine line between too high and too low.
Thankfully, we can run a rental analysis for you. This analysis compares properties that are similar to yours within the same area. It allows us to determine a good price for your rental unit based on location, amenities and the square footage.
Make sure your property is clean inside and out
When it comes to cleaning your rental unit, don’t just “sweep it under the rug.” You want to do a thorough cleaning of the property in order to fill the vacancy successfully. This means taking time to clean every room from top to bottom and cleaning up the exterior as well.
Check the walls in every room. If you see holes or scuffs make sure to take care of them. If water and elbow grease aren’t enough to make a significant difference, you may want to repaint your rental unit’s interior. This might seem like a lot of additional work, but it’s sure to pay off in the long run.
Nest, check the flooring in rental unit. You may need to mop, sweep or vacuum each room. You may even need to restore or replace certain flooring. Although it’s an investment up front, installing new flooring is a great perk to list when you market the property.
Clean every inch of the property. Make sure that cobwebs are removed, check appliances (and under them) for dirt and debris, inspect the light fixtures and thoroughly clean the sinks, bathtubs, and shower. Also, scrub the bathroom thoroughly, including the toilet, floorboards, and medicine cabinet.
Don’t forget to make sure the outside looks good as well, especially since curb appeal is the first thing a person sees when they pull up to your property. Make sure the landscaping is well-maintained and that the patio or porch is in good condition. If the lawn furniture is old or damaged, consider replacing these items as well. You could also add a welcome mat at the entrance for a nice, welcoming touch.
List out any upgrades or repairs that will be done if not yet completed
You’ll want to look over the property to see if there are repairs that are needed. Do whatever upgrades or repairs you can before listing the vacancy. These will be great points to put on the listing to help you successfully rent out the property. Also, keep a list of possible things that the rental unit may need in the near future. You always want to be aware of where your property currently stands.
Before you rent to a new tenant, you will need to change out the locks. It’s also not a bad idea to add additional security such as an alarm system or CCTV cameras. Tenants will appreciate the added element of safety.
You can also update the cabinet handles, faucets and light fixtures to give the apartment a modern feel. These are little updates that can go a long way toward upgrading the attractiveness of the property.
Last, but not least, check over the property to see if there are other upgrades or repairs that need to be made prior to filling the vacancy. You may want to add more caulking around sinks, showers and/or tubs. You may also want to replace the shutters or curtains. Also, take a look at the front door, does it need a fresh coat of paint or replacing?
Take time to prep your property before you list it. Not only will this help you find the right tenants, but it can also help you fill the vacancy faster and retain these tenants for longer. If you’d like additional help preparing your property, marketing it, or managing it, contact us at PMI Richmond.