EP 103 | Preparing Your Rental for the Market

For this episode, instead of the usual Highest and Best episode we release on Wednesday's, I decided to do an #AskMarcAnything episode. As a property manager, many landlords will ask me how to properly prepare their rental to list on the market. It's very similar to preparing your home to sell. In this episode, I break down some techniques and give you tips on how to prepare your rental property whether it is a single family home, condo or multi-family building.     RENTING OCCUPIED OR VACANT Always Rent Vacant Property is empty, appears bigger No mess or personal distractions to prospects Awkwardness of walking into random people's home Allows for simple and good looking 3D virtual tours Allows for staging Easy for prospects to measure Easier to show = More showings = If more demand then higher price Occupied By Owner Sometimes due to budget or other reasons, cannot vacate prior than being on market If you have a manager, leave during showings Similar to selling home Allow flexible showings times If not flexible on time, create open house blocks Occupied by Tenant Reduce turnover by showing a rental occupied by tenant Troublesome if tenant refuses entry = notices = will you evict? Difficult setting up showings Same issues as previously mentioned with owners CURB APPEAL AND INTERIOR APPEAL Curb Appeal Lawn - Cut It Landscape - Keep landscape looking good. No need for big upgrades Trend is moving to low maintenance Drive up to other rentals or homes for sale, take photo and compare to your home Exterior of building Windows/Doors/Garage Doors and anything visible Multi Family (MF) - Building appearance to neighborhood Interior Appeal If vacant, look at needed repairs Colors - Dont forget paint job and neutral colors Staging Matching Look - Cohesive Matching features - fan in each room? Cable in each room?   PROPERTY CLEAN UP Exterior Cut the lawn & handle landscaping Trim bushes and cut back tree branches Schedule landscaping as owner - avoids violations & headaches Garbage/debris cleaned up Replace anything missing - garden lights/backflow caps Interior If occupied, clean up all mess (clothes, toys, counters, etc) If tenant occupied, difficult - cant force cleanliness Broom swept condition is good enough, full cleaning prior to tenant Light bulbs   HOMEOWNER ASSOCIATIONS