Leasing your rental property can be a test of patience as well as commercial acumen. You may believe that now is the moment to breathe a sigh of relief and return to generating passive income from your real estate investment after battling to find and secure the suitable renter. Sadly, it is not yet time to calm and relax. You must first arrange your rental unit.
Table of Contents - Getting Your Rental Ready for New Tenants - A Complete Guide
- Tasks to complete before the previous renter vacates the premises
- What to Do While the Apartment is Unoccupied?
- Preparing a rental for new tenants
Preparing your rental property for a new tenant is a very simple procedure if you pay attention to the important elements. You want your unit to make a good first impression on your prospective renter, so make sure it's up to the task of hosting a tenant.
Before, during, and after the prior tenant's move-out, you should complete a number of chores. Working ahead of time while your current tenants prepare to go can help you limit the unit's downtime and the amount of time you're not collecting passive income from the property.
If you hire a property management company to help you manage your rental unit, they may be able to assist you with some or all of the preparation duties required to welcome a new tenant. It's crucial, though, to discuss which tasks are covered in your agreement with your property management so that nothing is forgotten.
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Tasks to complete before the previous renter vacates the premises
You should get started as soon as you learn that one of your tenants is departing. Every day that your residential rental unit is vacant is a day that you are losing money.
Any time you don't have a renter, you're responsible for paying down your mortgage and maintaining the property, thus any time you don't have a tenant results in negative cash flow. If your investment property is vacant for an extended period of time, the negative cash flow may start to hurt your real estate investment business.
Here are a few things you can do ahead of time to minimise downtime and ready your rental property for a new occupant before your former tenant moves out:
Arrange a walk-through
When you receive a move-out notice from one of your tenants, the first thing you should do is schedule a unit walk-through. You'll have to offer a set amount of notice, which varies by province and municipality. During the walk-through, you'll be able to assess the unit's condition.
Hire a cleaner
The next step is to make an appointment with a cleaning service. After a tenant goes out, you should always have a professional provider complete a rudimentary cleaning of each unit. You may have to hire specialised cleaning services depending on the state of the unit.
You can't start working on the inside until the existing tenant has left. You can, however, begin prepping the rental's outside. Start by cleaning up the yard and landscaping, as well as touching up any exterior paint that appears to be in need of some attention.
Wash windows and replace screens
Prior to the previous tenant's move out, you should plan to wash the exterior of the unit's windows and replace the window screens. It may assist you speed up the lease process if the windows are clean and the screens are in good shape.
Replace the air filter in your rental unit
You'll also need to replace the air filter in your rental unit. Because the air filter is usually housed in a shared utility closet in multi-family homes, you won't need to ask the tenants for permission to replace it. If you can't get to the air filter right away, you can at least buy a new one ahead of time.
What to Do While the Apartment is Unoccupied?
Once the previous renter has vacated the property, it's time to get to work on the duties that must be completed before the new inhabitant arrives. As soon as the previous renter vacates the property, begin displaying the apartment. Just make it clear that you're still getting ready to move in. Meanwhile, here are some of the last-minute activities you'll need to complete before your new tenant arrives:
Repair and repaint any damage
As soon as the previous tenant has moved out, do a walk-through of the rental unit. Look for any spots that need to be repainted or repaired, then go to work. It's always a good idea to take care of this before your professional cleaners arrive, so they can deal with any remaining repair debris.
Evaluate cleaning services
After your professional cleaners have completed a basic cleaning, go through your rental property again. If any areas appear to require additional expert care, you may need to contact a more specialised cleaning service provider.
Steam clean the carpets
Before a new tenant moves in, have any carpeting in your rental unit steam cleaned. Carpeting can harbour odours, mites, and other contaminants. Cleaning it professionally before to a new tenant's arrival will help them feel much more at ease when they move into your rental home.
Before transferring a new renter into your residential rental space, re-key your rental unit's locks. It's possible that the former tenant manufactured duplicates of the old keys, which are now floating around. It's usually advisable to have a new lock with fresh keys put before to move-in for your own peace of mind – and the peace of mind of your new tenant.
Taking care of these basic activities can help you reduce downtime in your rental unit and provide a more comfortable and smooth move-in experience for your new tenants. Taking proactive steps to prepare your rental property can help you get the most out of your real estate investment and protect you from the negative effects of negative cash flow.
It's a good idea to create a checklist or have a set of processes in place with your property management company. Standardizing the move-out and move-in preparation procedure for new renters ensures that nothing is forgotten.
Preparing a rental for new tenants
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