The rental business is not always lucrative and is subject to substantial risks. One of the most common difficulties landlords face in their residential investment properties is tenant turnovers. Tenant turnovers are a common occurrence and can be hectic as the landlord is required to do multiple essential things simultaneously.
To help landlords save time and money between tenants, we compiled a list of easy steps you can take to protect your investment property and prevent property damage.
REMOVE THE CARPET
Carpets can be a huge waste of money and are difficult to clean and maintain. They also need to be replaced very frequently and are not durable, especially in units with children or pets. It is also at constant risk of attracting mold, pollen, dust, and other substances to which people can be allergic.
If you have carpet in your rental, consider removing it to avoid carpet cleaning, repairs, and replacement expenses. Your rental’s floor should withstand rough usage and regular wear and tear. Therefore, you can remove the carpet in the unit and opt for vinyl tiles or ceramic tiles for the flooring.
PAINT WITH A SATIN SHEEN
Interior paint with a satin sheen provides a slightly reflective surface but is excellent at resisting mildew, dirt, and stains, lowering the need to repaint walls in between tenants. Other great types of paint for rental properties include semi-gloss or gloss sheens, which can both tolerate getting scrubbed cleaned.
SWITCH TO LED LIGHTS
Your rental should be well-lit with many attractive lights and fixtures, both decorative and useful. However, if you are using old, dated lights, it may cost you a fortune. Instead, you can opt for energy-conserving LED light bulbs. They may be expensive to buy and install, but they are more financially feasible in the long run since they last longer, consume less energy and thus need infrequent replacing.
INSTALL MINI-BLINDS
Walls with windows that have curtains installed are often damaged. The drywall needs frequent repair, and the windows may need replacing due to improper curtain installation. Fixing it consistently also requires a considerable sum. Additionally, mismatched curtains will lend a shabby look to your rental.
To avoid this, you can invest in mini-blinds. Ensure that your unit’s windows are fully covered by installing mini-blinds. They give a polished look to your rental and look neutral due to their semi-transparent, sun-blocking colors. Since mini-blinds are easy to install, your drywall will not require frequent fixing, thus saving you money.
SIMPLIFY YOUR LANDSCAPE
Luscious lawns and colorful flower beds may increase your property’s curb appeal but the upkeep to maintain the beauty costs time and money. If your tenants don’t maintain the grounds, you could spend a lot of repetitive hours re-planting flowers or reseeding a lawn. Unless you plan to always rent to a master gardener, skip the high-maintenance outdoor space for simple, easy-to-manage options. Landlords can also consider including yard maintenance in the monthly rental fee.
MONITOR IMPORTANT APPLIANCES
Service large appliances regularly to prevent damage from poor operation. Trying to save money on appliances can cost you more in the long run when something eventually breaks or requires emergency maintenance.
START MARKETING EARLY
If you are sure about when your rental will be vacant, you should take the necessary steps to ensure that people know its availability. Marketing and advertising at the eleventh hour can cost you a lot of money. However, if you have time on your hand, you can use free marketing services like Craigslist and other social media platforms like Facebook and Twitter.
It is significantly cheaper to spend on advertisements than to have several vacant rentals. You can afford to market the property. However, you cannot afford vacancies in your rental for an extended period.
OTHER TIPS TO HELP KEEP YOUR PROPERTIES SPARKLING DURING TENANCY.
Schedule routine inspections every season. Check-in with your tenants and inspect the unit to make sure everything is in working order. Remind your tenants to keep up with seasonal maintenance.
Provide a small cleaning kit upon move-in- all-purpose cleaner, bleach, and sponges are good items to include. Giving your tenant a welcome package at the beginning of a lease is a great way to establish a good relationship with your tenant from the start and including cleaning supplies helps empower your tenant to keep the property clean. A clean house will help your tenants notice maintenance issues faster and can help prevent pest problems.
Take maintenance requests seriously and respond to them quickly to prevent costly repairs -fixing a leaky sink is much more affordable than replacing the floor due to water damage.
At the end of the day, reducing turnover time and expenses is your goal, so do what you can to achieve it.
Remember that spending the money now and doing things the right way will save you money down the road.