Property Management Kit For Dummies - Robert S. Griswold

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vacating tenant will be cooperative, and after giving proper legal notice to enter, they will allow you access to the rental unit so you can determine what items need to be cleaned, repaired, replaced, or even upgraded. If the tenant doesn’t let you in voluntarily, review the rental unit maintenance records to find out the age and condition of the flooring and appliances so you’ll have some idea of the type of work that may be necessary.

      After you do get access, as you walk through the unit, take lots of notes and pictures showing the current condition and what needs attention to get it ready to rent again. If this task isn’t your strong suit, invite your favorite contractor or interior design expert to join you. Your pictures and notes are the foundation for a detailed plan that can help you attract several qualified prospects who want to lease the unit at the market rental rate you’re seeking. The next sections help you put that plan into place.

      Paying attention to the exterior and common areas

      

A poor first impression of your unit’s exterior is hard to reverse, regardless of how great the inside may look, which is why you want to make a great first impression. To do so, you need to think about curb appeal, the visual attractiveness of your property when seen for the first time by a prospective tenant standing in front of the property “at the curb.”

      To attract tenants who’ll treat your property properly and stay for years, keep the following suggestions in mind:

       Starting at the street, carefully critique your property as though you were entering a contest for the best-looking property in your area. First impressions are critical, and one of the key areas that all prospective tenants see is the entry. Make sure that the entryway is clean, well-kept, and well-lit. Clean the front door, or apply a new coat of paint or stain. Buy a new welcome mat. Remove or replace a broken screen door or mailbox. Add stylish address or unit numbers that denote attention to detail. Also, check the driveways and walkways to ensure that they’re as neat and tidy as possible.

       Make sure that your grounds and exterior areas are sparkling clean and that the landscaping and irrigation are well maintained. Believe it or not, you can renovate your grounds inexpensively by picking up trash and junk, removing weeds, watering the grass, and using the right fertilizer. A nice green lawn. manicured shrubs, and evergreen shade trees enhance any property. Additionally, using flowering plants or perennial flowers is a great way to boost curb appeal and add color that will catch a prospect’s eye. Savvy rental property owners know that landscaping is one of the most cost-effective ways to significantly upgrade a unit.

       Check all patios, balconies, and entryways. All these areas should be clean, and the railings should be solid, secure, and firmly attached. You want to be sure that the entryways are unobstructed by landscaping and other items and that there are no tripping hazards.

       Make sure that the structure is presentable and inviting. Although major architectural changes are often cost-prohibitive, you can do a lot with a little paint, landscaping, and cleanup. These items generally don’t cost much compared with the positive benefits you’ll gain. Some specific exterior improvements to consider are ground-level or hanging planters, brass house numbers with night lighting, awnings, and freshly painted fence or house trim. Examples of exterior and landscaping renovations that can completely change a property’s curb appeal and even reposition tired rental properties include seasonal flowering plants, new shrubs to replace the ones that have become sparse and woody, low-voltage landscape lighting, motion-sensor lights, and new electrical fixtures.

      Making sure that the interior is up to snuff

      The most qualified, stable renters always have choices, no matter how good or bad the rental market is. You’re in competition for these excellent tenants, and you need to make sure that your unit stands out from the rest.

      

Don’t show your unit until it’s completely rent-ready. Prospective tenants often have a hard time seeing a unit’s potential. If you show them a dirty unit, they’ll always think of it that way. Although you may lose a couple of potential showing days by taking time to prepare the unit, you’ll benefit in the long run by signing a more conscientious tenant. Trust me when I say that tenants who are more careful in the selection of their new rental home are planning to stay longer and will take better care of your rental unit — exactly the type of tenant you want.

      CURB APPEAL IN A COMMUNITY ASSOCIATION

      If you own a rental unit in a common interest development (CID), commonly referred to as a community association or homeowners’ association (HOA), the responsibility for the maintenance and repair of the common areas typically falls to the association. Contact the association or its property manager about any common-area concerns you have. The association has a vested interest in ensuring proper maintenance of the premises and maintaining a sense of desirability for owners and tenants, but it may require some persuasion to take action.

      Common interest developments or associations are not-for-profit entities run by volunteer boards of directors who are often reluctant to assess their owners and spend money to upgrade or modernize aging properties. Rarely do you find an association with plentiful reserves and well-maintained property unless it has strong leaders who are willing to make beneficial upgrades a priority. So I encourage you to get involved as a member of the association and use your expertise to demonstrate to the other owners (many of whom may be owner–occupants) that proper maintenance can reduce long-term operating costs and maintain higher property values, which is a concern for all owners.

       When you have legal possession, remove any personal possessions and trash left behind by the previous tenant. Be sure to follow any state or local laws providing proper legal notice to the former tenant and giving them any required opportunity to reclaim abandoned personal property.

       Check all plumbing (toilets, faucets, and supply line and drains) for proper operation. Make sure that nothing leaks, the plumbing has the proper pressure, and everything drains adequately. Make sure that the pressurized supply lines for toilets, washing machines, and ice makers are braided stainless steel of the highest quality and in good condition, because the failure of a pressurized water line is one of your greatest risks for extensive property damage.

       Test all appliances for proper operation. Run the dishwasher through a full cycle, and look for leaks. Be sure that the oven’s drip pan, broiler pan, and racks are included and spotless. If you have a free-standing oven or range, be sure that the anti-tip bracket is installed. It’s also a good idea to pull out each appliance, vacuum the refrigerator coils, wipe down the entire appliance till it shines, and scrub the floor on which it sits, as well as the adjacent walls and cabinet surfaces.

       Try out all hardware. Rekey or change the locks to make sure that they’re operational. Pay attention to all latches and catches, doorknobs and pulls, doorstops, and sliding doors.

       Check all windows, including the glass and insect screens, and window coverings. Verify that they’re clean, unbroken, secure, and properly operational. Test all window locks to be sure they work as well. Check for broken seals between the glass and the frame, scratches on doors and window frames, and condensation stains. Window treatments can make your rental property look great, and your tenant will value attractive, functional window coverings. A wide range of affordable window treatments are available; explore all your options to determine what’s most desirable in your area. Choose window coverings that are durable and easy to maintain and that appeal to your prospective tenants. I recommend moderately priced shutters or high-quality vertical or horizontal blinds because they’re much easier to maintain

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