REI Wealth Monthly Issue 10 | Page 12

LANDLORDING 102 – PREPARING THE PROPERTY FOR A TENANT KAREN RITTENHOUSE • Have clean carpets—nothing torn—and new vinyl where needed. Always replace torn, stained, stretched, or faded vinyl. • Bathrooms and kitchen should sparkle, including appliances. • Replace all burned-out light bulbs. • Become your prospective resident. Call and visit rental homes and apartments in your area to see what your competition looks like. Basic repairs and updates • If your property needs updates, the time to do them Have friends or neighbors come by your property to give their feedback. is before and between tenants. When the property is vacant, see what needs attention and take care of it. No matter how large or small the needed Know your competition repairs are, it’s always easier to do them on a vacant property. This also shows your tenants, from the beginning, that they’ll be working with a landlord who cares. When they see how you What prices and amenities are being offered? One free month’s rent, free cable, water included? What can you do to compete? expect the property to look, they’re more likely to maintain your standard and know what you’re Basic to-do’s before you begin your looking for if you complain about theirs. marketing: To get that property rented 1. Curb appeal. No matter what the season, have the yard mowed, trimmed, and neat Make sure prospects can reach you, or someone and have anything dead removed. It looks working for you, anytime they call. The worst use more inviting to prospects and, if the of your marketing dollar is to get the phone to ring property looks like it will take a lot of work and then not be available to answer it. to keep up before they’ve even walked through the door, they’re already discouraged. Have your properties 100 percent ready before showing them. Having a property that is repaired and clean is just as important as price in getting them rented. 2. Front door. At the very least, make sure it’s clean. Make sure storm doors are clean