How to Prepare Your Property for the New Year

11
Jan

As we enter a new year, it's common to reflect on the past and make resolutions for the future. 

As a landlord, this is a great opportunity to ensure your rental property is well-prepared for the new year.

To help you achieve a successful and positive investment experience in 2024, we've gathered some expert tips and strategies on how to get your rental property ready.

  1. Familiarise yourself with regulations
  2. Prioritise safety
  3. Give importance to your property’s well-being
  4. Make time for pest control inspections
  5. Conduct market research


THE FIVE TIPS TO PREPARE YOUR PROPERTY FOR THE NEW YEAR

  1. Familiarise yourself with regulations

It is important for landlords to familiarise themselves with the regulations that apply in their locality. 

This is crucial to ensure your property meets the relevant legal requirements. Landlords should have a good understanding of tenancy laws, local zoning regulations, and building codes. 

Compliance with state and federal laws, such as the Fair Housing Act and the Residential Tenancies Act, is crucial. It is important to ensure that rental applications, tenant screening processes, and lease agreements comply with these regulations. 

Before seeking tenants, landlords should thoroughly research the relevant property rental laws in their area and obtain all the necessary licenses and inspections. 

  1. Prioritise your tenants' safety

Prioritising safety and complying with building codes is important before focusing on cosmetic improvements.

State and local governments have established specific building codes that cover fundamental safety standards, including living conditions. These codes are mandatory for landlords and include aspects such as maintenance, sanitation, electrical systems, ventilation, and fire safety. 

Be familiar with the applicable local and state regulations in the location of your property and address any necessary updates to ensure compliance with the law.

  1. Give importance to your property’s well-being

When you're trying to rent out your living space, it's important to make it look as attractive as possible.

One way to do this is by ensuring that it's thoroughly cleaned. This includes considering hiring a professional cleaner to do a deep clean, especially if you have pets or the property hasn’t had a professional clean in quite some time.

They can shampoo and steam-clean your carpets, and clean other hard flooring; making your home smell fresh and clean. If a full paint job is outside your budget, you can still make a big difference by spot-cleaning and wiping down high-traffic areas like the entryway, living areas and hallways.

It is also beneficial to ensure windows, blinds, and curtains are clean, both inside and out. By doing all of this, you'll create an inviting environment that will be sure to attract potential tenants.

  1. Make time for pest control inspections

Taking measures to control pests in your property is important as even the smallest sign of a pest issue can discourage potential renters.

If your property has had issues with insects or rodents in the past, hiring a professional pest control company is recommended. They can help you implement a periodic treatment plan that not only keeps the premises pest-free but also shows your commitment to tenant satisfaction. 

By proactively addressing potential pest concerns, you can enhance your property's appeal and provide a high standard of living for your future tenants.

  1. Conduct market research

Before leasing your property, you must conduct market research to help you determine the current rental price for your home.

This step is crucial to ensure that you're setting competitive rental rates in your area, whilst also maximising your revenue. To begin, assess the suburb and the close surrounding areas, taking note of the unique features that distinguish your property and suburb from others. 

Additionally, consider the proximity of your property to quality amenities such as shops, schools, and transportation hubs. These factors will help you determine the most optimal rental rates for your property.

It's worth considering hiring a local property manager, if you are managing a rental property. While it's possible to manage the leasing process and maintenance yourself, a property manager can bring their expertise and experience to the table, quickly transforming your property into a profitable rental. They can also ensure your property and the tenancy complies with the relevant legislation.

The benefit of hiring a property manager is the flexibility they offer; you can delegate as much or as little of your responsibilities as you prefer. If the idea of turning your rental property into a passive income stream appeals to you, hiring an expert property manager can be a smart choice.

Transitioning your home into a rental property can be both exciting and overwhelming. However, with the following insights, you can prepare yourself well to become a successful rental property owner.

 If you find the idea of professional assistance in renting and managing your property appealing, consider hiring a property management company, like Rent Choice, to simplify the process. Experience seamless property management today by contacting us here.

Sources:

GNP Realty Partners. 2023, April 12. Seven Steps to Prepare Your House as a Rental Property Preparing a Rental Property Checklist for First Time Landlords – GNP Realty Partners

APM. 2023, February 9. How to Rent Your House 2023: The Ultimate Guide How to Rent Your House in 2022: The Ultimate Guide | APM (allpropertymanagement.com)


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