9 tips for getting your property ready to rent

Written by Chris Deziel on December 27, 2018. Posted in appliances, edited, For Landlords, heating and cooling, landlord, Maintenance & Renovations, move-in, Move-in/Move-out, paid, painting, Step 10 - Repair & Maintain

Things to do when prepping a rental A turnover gives you a little time to spruce up a rental in a way you can’t while it’s occupied.

You may not need to do a major cleanup or repair, but you can take care of some of the small but important details that make a rental attractive to quality tenants and ready to rent. You should always make repairs necessary to satisfy habitability requirements, but don’t stop there.

Here are 9 tips for getting your property ready to rent.

4 essential and inexpensive tasks

Once your rental is empty and disrupting tenants is not an issue, seize the opportunity by completing tasks that affect habitability, such as checking the smoke alarms and making sure all the electrical outlets and plumbing fixtures work and are safe. While you’re at it, pay attention to the following four tasks:

1. Test and service appliances

Turn on the oven to verify that the temperature on the dial and that recorded by a thermometer inside are the same.
Check the water heater pilot to make sure it’s steady and blue.
Wash a load in the washing machine and dry it in the dryer.
Clean out the dryer vents.
Perform any repairs that your tests indicate are needed.

2. Clean and deodorize

The entire unit needs cleaning after a lengthy tenancy, but especially the kitchen and bathrooms.

Grease buildup in the kitchen may call for a strong detergent, such as TSP, for removal.
Use liberal amounts of disinfecting cleaner in the bathroom.

Also clean the carpets. Unless the tenants who just moved out were particularly conscientious, they will probably need shampooing.

3. Search for and eradicate mold

Look for mold in the following places:

Dark corners of the laundry room
Bathroom tiles and fixtures
Closets

Scrub mold with soap and water, but don’t try to scrub mold out of drywall. Unless the mold is clearly only growing on the surface paint, the only way to eradicate it is to replace the affected drywall.

4. Re-key or change the locks

It’s a good idea to change locks between tenants. If you can’t re-key the existing locks on the entry doors, replace them. This might be a good time to install keypunch locks that you can simply reprogram during the next turnover.

5 important jobs that may cost a bit

If you’re prepared to devote a modest sum—in the neighborhood of $1,000—toward getting your unit ready to rent, the following items should be high on your to-do list so that you can attract quality tenants who’ll pay top dollar.

5. Paint the walls

Repainting a rental unit before occupancy is a good idea, but it isn’t something you always have to do to get a unit ready to rent. However, painting freshens up the space in a way that cleaning can’t. Professional painting costs from $400 to $700 per room, but you can reduce this cost by more than half by doing the work yourself.

6. Spruce up the landscaping

If you’re renting a detached unit, pay some attention to the lawn, garden, and entryway.

Trim back foliage that covers windows or hangs over the roof
Edge the walkways
Plant a few decorative plants

You might even consider paying a contractor $100 to $150 to paint the front door, which Realtors advise is the easiest and most effective way to upgrade the exterior of a home.

7. Clean or replace curtains and window screens, and wash the windows

Take the curtains down, and put them in the washing machine or have them dry cleaned.
Remove the window screens, and wash them or replace them if they are torn or the frames are bent.
Consider having the windows professionally cleaned to bring light into the house.

8. Service the central air system

A vacancy provides a golden opportunity to bring in a technician to do a furnace and cooling system tune-up. It will include checking the seals in the compressor and blower, replacing the filters, and inspecting for small other small problems that could turn into big ones at some inopportune moment when an emergency repair is the last thing you need.

9. Restore hardwood floors

A floor restoration, unlike a refinish, doesn’t involve sanding off the finish. Instead, you merely scuff up the finish with a floor buffer and apply a refresher coat. It costs a fraction of what refinishing costs and can make a floor in good shape—but dulled by years of traffic—look new again.

Don’t be afraid to spend money to make a unit ready to rent

The amount of time and money you have to invest in getting a unit ready to rent depends on the rental market and the condition of the unit. In a community with rental shortages, you may not have to invest much money or time at all. Things are different in a competitive market, but don’t worry if you need to make a small investment.

By working to attract renters, you’ll reduce downtime and future maintenance costs, thus recouping your investment and keeping your books in the black.

6 easy ways to get more rent for your home

Written by Chris Deziel on November 21, 2018. Posted in appliances, edited, For Landlords, Maintenance & Renovations, paid, painting, rental improvements, rental maintenance, Step 10 - Repair & Maintain

Make more money with your rentals When renting out a single-family unit, one rule of thumb is the rental price should be a fixed percentage of the purchase price—something in the range of 1 percent for most parts of the country.

Realities of the real estate and rental markets don’t always make it possible to attain that figure, especially in coastal cities. However, if you want to get as close as you can, try making some improvements to your rental property.

Start by using Cozy’s online rent estimation tool to gauge where you currently stand, and you’ll know how far you need to go to get there. You may find you have some work to do to get top dollar, but the improvements you need to make might be easier and less expensive than you expected. The ideal improvements are those that make the most impact on rental value while costing the least to implement.

1. Tidy up the front

Realtors will tell you that giving your home curb appeal is one of the most effective ways to make it attractive for buyers. That’s also true for renters. Here’s what to do:

Mow the lawn.
Trim back the part of the lawn that overlaps the driveway and walkway.
Clean the driveway and walkway with a pressure washer.
Tidy up the garden and hardscape.
Plant some trees and flowers.

You might consider painting the house, but if that isn’t in your budget, at least paint the front door. It’s the first thing people see, and it makes an instant impression.

2. Add light

Darkness makes a room feel like a dungeon, but light opens it up and makes it feel welcoming. Add light to dark rooms by replacing small, outdated sash windows with larger sliding or casement ones.

Home Advisor’s 2018 average cost estimate for window replacement is lower than you might expect, about $500.

If the rental property is a brick building, or if there is some other circumstance that drives the cost of modifying windows out of your budget, you might consider placing a few mirrors in strategic places to augment light. Renters can always remove them after they’ve signed the rental agreement and moved in.

3. Provide quality amenities

Most people don’t want to move into a rental unit with a stove from the 1960s or a washing machine that makes bumping sounds. If anyone does, they won’t pay top dollar, or they’ll end up complaining if they do.

Quality appliances add value in two ways. One, they are more efficient than older, out-of-date appliances, so they cost less to use. And two, most newer appliances are equipped with technology features and smart functions that consumers who pay top dollar for a rental have come to expect.

Pay special attention to the kitchen. According to Consumer Reports, improving the kitchen is the number one way to make a house attractive to buyers, and this can apply to renters as well. Stainless steel is king when it comes to appliance finish, and stone, quartz, and faux marble outrank plastic laminates by a long shot in the countertop category.

Related:

4. Paint the interior and exterior

Painting is the easiest and most effective way to transform a property from shabby to scintillating, thus raising the rental price. Pay attention to both the interior and exterior of the property.

Outdoor colors that blend with the surroundings make a property feel more inviting and comfortable. Inside, it’s all about light. Don’t try to be an interior designer, because your tastes might not match those of your prospective renters. Keep the interior colors neutral and clean.

Related: Paint Walls a Neutral Color

5. Get the property professionally cleaned

A rental property should look and smell clean. The bathrooms, kitchens, walls, and floors should be spotless when you’re showing the property.

Odors left by your previous renters must also be gone.

A coat of paint covers most odors that have accumulated on the walls, but sometimes it takes more than that.
Check for mold and be ruthless about eradicating any that you find. Sometimes, that involves replacing drywall.
Open the windows and leave trays of baking soda in inconspicuous places to absorb any smells left by the previous tenant.
Do not spray fragrance to cover the odors. Many people find them offensive, and some people are even sensitive enough to get sick.

6. Raise the rent price incrementally

Unless the community in which your property is located has rent control, you can raise the rental price after a lease expires or, in most month-to-month rental situations, on 30 days’ notice.

It’s best to make a rent increase in intervals that make sense. Most people who sign a lease expect a rent increase before they sign the next one, and those on a month-to-month rental agreement also expect one periodically. Keep the increase small enough to encourage your renters to stay, and by the time they move out—if they ever do—the rent will have moved that much closer to your target for the property.

The bottom line

If you increase your rental price by a significant amount between occupancies, you should be ready for extra scrutiny. You’ll probably have to sink more of your resources into improvements, and the tradeoff in rent might not be worth it. Limiting your rent increases to keep your current renters not only avoids those extra expenses, but by encouraging them to stay, it creates a neighborhood. That’s what many renters, especially those with families, are looking for.

Let me know in the comments if you’ve used any of these tips to raise the rent, or if you have other techniques that have worked!

How to test appliances before a tenant moves in

Written by Chris Deziel on August 13, 2018. Posted in appliances, edited, For Landlords, landlord, Maintenance & Renovations, move-in, paid

Landlords don’t have to supply appliances, but most do. After all, appliances make rentals more attractive.

If you furnish appliances, you’ll want to make sure they’re in good working order. You probably also want tenants to be able to use them to make their lives more comfortable and enjoyable.

Appliances don’t last forever, so when you’re getting ready to welcome a new tenant, test appliances to make sure they’ll last. Like people, appliances get sick, and when they do, they display recognizable symptoms. Looking for these symptoms when you test appliances usually doesn’t require any tools.

How long should appliances last?

The dryer

The dryer is the appliance that can cause the worst problems because it can overheat and start a fire. According to FEMA, dryers cause 2,900 fires in the U.S annually. After making sure the vent and lint trap are clean, dry a load of clothing you’ve just run through the washing machine and conduct these simple tests:

Turn the dial to manual and make sure the dryer starts. Check for excessive vibrations or squeaks, which could mean the drum belt is loose.
Set the timer to 60 minutes or the drying cycle to “Normal,” time how long it takes for the dryer to shut off. It will be 60 minutes if the manual timer is working. The timing is variable for an electronic dryer, but it should be close to 60 minutes.
Take out the clothes and feel how dry they are. If they still feel wet, the vent line could need a deeper cleaning. If you’re sure the vent is clean, it’s time to call a pro to check the burner or heating element on the dryer.

The washing machine

Like dryers, washing machines often malfunction because something in the outlet hose is blocked. In this case, the outlet is inside the machine, and you may have to have it professionally removed. But first, you need to know it’s there.

Do a load of wash and make sure the machine drains properly.
This test might also reveal strange sounds that could indicate a loose belt or a problem with the motor.
Doing a load of wash also gives you an opportunity to test the controls. If you hear any sounds, the machine vibrates excessively, or the controls don’t work, call a service pro. Most problems are fixable.

The refrigerator

Refrigerators also have moving parts, but they may make noise when they malfunction, and since a refrigerator is always on, you can probably hear it. The sounds are a warning to call a repair pro or get a new fridge. The gaskets, fan, and refrigeration system itself are also important.

Open and close the doors to check the gasket seal. You should feel a slight pull on the door when it’s almost closed. Replace gaskets that are torn.
Put a thermometer inside the fridge and turn the control to mid-range. Come back in 12 hours and check the temperature. It should be 40 degrees Fahrenheit. If it isn’t, turn the control to cold and check again in another 12 hours. Suspect a problem with the refrigerant if the temperature doesn’t reach 40 F.
Look for water on the ground or in the refrigerator compartment. It can indicate problems with the refrigerant or the controls.

The water heater

Turn on the hot water at every faucet and check the temperature.
Take a careful look at the color of the water. Cooler-than-expected water or a yellow or brownish tinge point to sediment and rust in the water heater.
Get it flushed before tenants move in to avoid water quality problems and premature water heater failure.

The kitchen stove

The kitchen stove is probably the easiest to test.

Turn on each burner or heating element in turn and make sure it provides maximum flame or glow when the control is turned up all the way.
Set the oven to cooking temperature–about 400 degrees—and place an oven thermometer inside. Wait for it to reach the target temperature.

The other stove features are optional. They don’t have to work as long as you disclose that fact to the tenants.

Look for gas leaks

As you test appliances, be sure to listen for leaks coming from those that use gas. It’s a good idea to do a bubble test on each gas connection.

Make a 50-50 solution of dish soap and water and spray some on each connection.
If you see bubbles on any connection, tighten the connection.
If you can’t stop the bubbles, get a licensed gas technician to service the connection.

Check the lights, plugs, and smoke detectors

An outlet tester will come in handy. Plug it into each outlet to check for power.

Test GFCI outlets by pressing the bottom button on each one and verifying that the power goes off, and then press the reset button on the top to make sure the tester lights up again.
Turn on each of the lights to check for burnt-out bulbs.
Press the test button on each of the smoke detectors to make sure the alarm sounds.

Give yourself time

As you test appliances, you may find problems that require professional repair. Give yourself time to make these repairs by conducting the tests at least a week before occupancy. That way, everything will be shipshape when tenants move in, and if anything goes wrong, it won’t be your fault.