Physically owning a rental property in Reno, Nevada is only half the battle. The other half is getting it rent-ready. This means ensuring it’s spotless, attractive and complies with habitability laws.
Sure, tenant turnover is bad for your rental business. It means you won’t be receiving as big of an income at the end of the month. While also spending money on advertising your property.
However, it also provides an opportunity for you to revitalize your property’s appeal. Now, no major repairs may be necessary, but you can help make your rental property more appealing by dealing with the important details.
As you already know, as a landlord you are directly responsible for adhering to Nevada’s habitability laws. That is, making sure your rental property follows Reno, Nevada health and building codes.
But should you stop there?
Obviously not! The rental market is extremely competitive. And, as a savvy property investor, it’s in your business’ best interest to stand out.
So, in this article, we share with you 7 tried-and-tested tips to get your property ready to rent.
1. Carry out a property inspection.
Conduct an inspection immediately after the tenant leaves. The goal here is to make sure the past tenant left your property in the same condition as when they found it.
If they’ve caused excessive property damage, then hold them liable by deducting the appropriate costs from their security deposit.
So, what should you be in the lookout for when your tenant moves out? The following are some examples:
- Missing or broken mini-blinds or curtains
- Clogged sinks or drains due to any stoppage
- Chipped and broken enamel in sinks and bathtubs
- Shower mold due to lack of regular cleaning
- Broken doors, or ripped off hinges
- Chipped or gouged wood floors, or excessive scrapes from pet nails
If the renter is responsible for any of these damages, hold them accountable. However, note that damage resulting from normal wear and tear are yours to handle. Examples include loose door handles, dirty grout, and a couple of small stains on a carpet.
2. Spruce up your Reno rental property.
High-quality tenants have high expectations. They want to live in a home that makes them happy. So, as a landlord, your goal is to meet these expectations. Here is what you can do to help:
- Paint your property. Paint can go a long way in refreshing your property. It can give your lifeless property character and superior visual appearance. What’s more, the paint is not very expensive.
- Give your property a thorough clean. Clean the floors, windows, and blinds. Also, remember to give your carpets some good shampooing to rid them of stains. A clean presentation will be sure to help attract potential renters.
- Take care of your property’s landscape. Curb appeal is very important in renting out income properties. Try planting a few decorative plants, edging the walkways, or trimming back the foliage that covers windows or hangs over the roof.
3. Get rid of worn-out appliances.
Yes, a thorough clean can help make your property shine. But some appliances are just too old to fix. There is only so much you can do if your refrigerator, stove, or dishwasher constantly looks grimy. It might be time to replace them.
You should also consider replacing furnishings that have become too old. You can, for example, only clean a mattress so many times.
With new appliances and updated furnishings, you’ll have an easier time convincing prospective tenants to rent your property.
4. Make your rental property pet-friendly.
No doubt Americans love their furry friends. In fact, as much as 86% of Americans have a pet, according to a survey conducted by the American Pet Products Association.
With a pet-friendly property, you’ll be able to access a larger tenant pool. Making the process of finding a tenant even easier.
Admittedly, allowing pets has its own set of cons. For instance, you could experience an increase in property damage, as well as noise.
However, these are challenges that you could easily solve by having a detailed pet-policy in place.
Your policy should outline several key things. Such things include the type, weight, and the number of furry friends you allow. It should also mention the pet deposit associated with having a pet in your property.
5. Charge the right rent amount.
Charging the right rental rate is key to a successful rental business.
Price your property too high, and it will only make it more difficult for you to find a renter. And, you probably know how frustrating a vacant property can be.
Conversely, undercharging your tenants will mean leaving money on the table.
Finding the sweet spot is vital!
So, how do you charge the right rent amount? Well, there are two ways to go about this.
One, by hiring a local real estate professional to do it for you, like a property manager. The other way is to go the DIY route. If you choose this route, then you’ll need to conduct thorough market research in the area your property is located.
6. Thoroughly screen all tenants.
The goal of screening prospective tenants is to separate the qualified ones from the unqualified. It’s every landlord’s dream to rent to a good tenant. That is, one who cares for the property, pays on time, and rents long-term.
Although, finding a good-quality tenant isn’t that easy. You’ll need to have a foolproof screening process.
A few things are necessary when it comes to a thorough screening process. That includes checking the potential renter’s income, rental history, credit history, and employment.
7. Have a detailed lease or rental agreement.
There are important clauses that your Reno, NV rental agreement should always include. Such clauses include the pet rules, the use and return of security deposits, and rent-related details.
If you need help drafting your lease or rental agreement, consider hiring a real estate professional.
There you have it. Seven tips on getting your rental property rent-ready. Remember, you’re losing money every day your Reno property stays unoccupied.