15 Dec When is your property rent ready?
Have you ever heard the saying “you only get one chance at a first impression?” I have found that it rings true in most every situation, especially when it comes to marketing your real estate property. This post was inspired by my friend and mentor Scott Taylor, who shares his knowledge and insight through the 15-Minute Landlord series. You can visit http://www.tfmll.com for more information.
Before marketing your property, it’s important to take a good, hard, cold, dispassionate look. If you only get the one chance to make that stellar first impression, shouldn’t it be the best one you can make? Why spend your time and money if you can’t show your property in the best possible light, the first time?
This also goes back to a previous blog post where we discussed ways in which you view your investment. Does it exist solely as your home or do you view it as part of your investment portfolio? Have you properly capitalized it for maximum return? If you would like to do so, the following tips will probably help you get started.
- Put on a fresh coat of paint
- Clean or replace old carpet due to wear or style
- Install appliances when the old ones are missing modern features or are out of style
- Repair doors and windows that won’t close, or lock properly
- Install window coverings
- Professionally clean the interior and windows.
- Clean up the landscape and trim trees
- Wait until you lease the unit to do any or all of the above
- Keep your furniture in the unit because you either don’t want to store it or you think it will add value
- Use bright vibrant colors on walls and carpets; use earth-tones and neutral colors.
- Use a spare bedroom to store your personal belongings (until the tenant moves in)
- Advertise until the unit is Rent Ready
For every un-repaired, un-replaced, non-painted surface or fixture, you are leaving $$$$$ on the floor. If this property is to be a true investment and source of income, you can’t afford to lose any money with negligence.
MPS portfolio average unit rent is $4,500/month. The differential in rental value between an average property and one that is well maintained is at least 10-15%. A well maintained unit in first class condition will rent much faster in the marketplace. Simple math: Property in average condition will give up $400-500/month in value. That’s $4,800-6,000/year. Waiting to properly prepare the unit can cost one month of unnecessary vacancy; $4,500. Together that equals about $10,000. How much would you invest in your property to get back $10,000 in the first year?
If this post sparked your interest in real estate investing or made you wonder if your property is rent-ready, please get in touch. We’d love to speak with you and help you through this process.
We offer years of experience and expertise and are committed to providing you with excellent professional property management services. Contact us for details at 310-220-4495 or visit us online.