RENOVATE
Since you will be using your investment as a rental property to be occupied by tenants (and not you and your family!), the primary goal of your renovation is to stay within budget, while also being able to attract tenants. By making strategic renovations you can achieve both. Here are some common upgrades:
MARKETING
Following the renovation, you’ll need to market your rental(s) to find qualified tenants. Here are some tips to generate applications:
- Have a professional photographer photo your listings
- Write a short, descriptive copy that illustrates the unit’s benefits to the renter
- Post and syndicate your rental on as many listing websites as possible. Brokers can help.
TENANT SCREENING
Applicants will need to be screened to ensure you find qualified tenants who will pay their rent on time.
Here are some helpful guidelines:
- Require ALL potential tenants to fill out an application and evaluate their applications against your predetermined criteria
- Run a credit & background check on all applicants
- Require documentation to validate the applicant has the resources to pay their rent every month
LEASING
Once you’ve decided on an applicant, have them sign an annual lease. Walk the new tenant through the property. Verify its condition before move-in and make yourself available to answer any questions. You’ll also be able to hand the keys over to the new tenant and welcome them to your rental community.