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!

Staple supplies for landlords to keep on hand

Written by Chris Deziel on July 19, 2018. Posted in edited, For Landlords, landlord, Landlord Tips, Maintenance & Renovations, paid, painting, rental maintenance

If you’re a landlord who wants to run a tight ship, you need certain supplies on hand to deal with common situations.

These supplies include tools and maintenance items, paperwork to make your life easier, spare keys, and a way to remove unauthorized padlocks and chains.

Tools and supplies for basic maintenance

Your toolbox should include the basics:

Hammer
Saw
Tape measure
Screwdriver
Power drill

For small electrical repairs:

Multimeter
Wire splicing tool
Utility knife

For plumbing repairs:

Two pairs of locking pliers (One pair is for holding the pipe while you tighten a leaking fitting with the other.)

Besides tools, you’ll need a few supplies to complete repairs. If you keep an inventory of a few basics, you can complete simple repairs efficiently without repeated trips to the hardware store. The list isn’t long. It includes:

An assortment of screws and other fasteners
Wall anchors
Electrical tape, duct tape, and plumbing tape
Carpenter’s glue and 2-part epoxy

Supplies for painting and cosmetic maintenance

When a tenant moves out, you almost always have to do some painting to make the rental ready for a new tenant. Keep the following in your paint closet:

Touch-up paint
Brushes
Rollers

The painting job inevitably involves a certain amount of wall repair. So it’s a good idea to also keep the following supplies in your paint closet so you can make these repairs quickly and minimize downtime for the rental:

Drywall joint compound
Drywall tape
Spackling compound
Patching compound
A four-inch putty knife and a 6- and 10-inch drywall knife
A paint scraper

Cleaning tools and supplies

Cleaning is an important part of the turnaround process, so your supply closet should include the following:

Mop
Assortment of rags and sponges
Bucket
Vacuum cleaner
Spray bottle that you can fill with vinegar (comes in handy for cleaning hard water streaks from the bathroom walls and shower door)
Squeegee

In addition, it’s a great idea to keep the following supplies in the cleaning closet:

Ammonia
Bleach-based cleanser
Dish soap for delicate cleaning jobs
Enzyme-based drain cleaner for slow drains
Scouring powder
Vinegar and/or hydrogen peroxide for disinfecting
Window cleaning fluid

Paperwork to keep in your file cabinet

Your file cabinet should include the instruction manual for each of your appliances, as well as a copy of the warranty (if it’s still in effect). Besides these, it’s a good idea to keep the following paperwork:

Copies of lead paint and other disclosure forms that you are required to supply to new tenants
Fact sheets about the rental that include safety information and important phone numbers that you can supply to tenants
Ready-to-fill-out leases and/or rental agreements.

Prepare for lockouts

It’s good practice to limit the number of keys you give out, and it’s an even better practice to have at least one spare set for each rental. Keep the keys in a place you can access quickly, and a late night emergency call from a tenant who has misplaced keys will be less of a bother.

Tenants who lose keys sometimes use their own locks to keep doors and other parts of a rental unit secure. It isn’t unheard of for these unauthorized locks to remain when the tenants vacate the premises. Keep a pair of bolt cutters in your toolbox, and you can remove them.

Consolidate all your supplies in one place

Not all landlords do all their own maintenance and repairs, but if you do, consider investing in an inexpensive used vehicle in which to keep supplies (except paperwork). This is a great idea if you have multiple units. You’ll always have the things you need right at hand, and you won’t have the hassle of organizing materials each time a job arises. You’ll save time and money, and every little bit helps to keep your rental operation in the black.