8 Tips for Getting Your Property Ready to Rent

1. Decide who will manage the property

Deciding who will manage the rental property is one of the first major decisions to make. However, it is not etched in stone. If you decide to try renting out the place yourself and find it not conducive to your life, you can hire a property management company. When choosing a property management company, it’s important to consider their availability, fees, and services. There are misconceptions owners have about renting their home, and starting with a good property manager is always an important first step.

2. Safety first

Under Washington law, landlords are required to keep the premises fit for human habitation. This law encompasses a large array of home repair projects and safety issues for tenants. Examples cited within the law include ensuring structural components of the property are in working order. Landlords must ensure that there are locks, carbon monoxide and smoke detectors, and that major electrical and plumbing fixtures are in working order, just to name a few. 

If you choose to be the landlord, it is important to have a good working understanding of landlord-tenant laws in your state in regards to safety. If hiring a property management company, it is important to ensure they also follow applicable laws.

3. Make repairs and check all major appliances

While preparing a house for rent, make any necessary repairs to the property before renting it out. This could be something as simple as repairing a broken fence to fixing a leaky roof. Your home should be in good working order.  Also, check any heating and cooling systems as well as any other large appliances to ensure they’re working properly. No one wants to deal with a broken refrigerator or a late night call about water damage.

4. Clean, clean, clean

Cleanliness impacts the condition of the home, and helps make a great first impression when potential renters are viewing it. To ensure your property is spotless, make sure every nook and cranny is clean. Base boards, windows, carpets, and light fixtures are all good places to start.  Property management companies may hire a cleaning service to conduct a deep move-in/move-out clean. The exterior of your home should also be well maintained.  So, time to mow the lawn, rake those leaves, and/or prune those trees.

5. Pictures matter

Once your property is ready for rent, photos are a key component of marketing your home and tracking its condition. Be sure to keep a visual and written record of your property's condition before and after tenants. Additionally, new tenants should complete a move-in condition report. The photos will also be useful for ensuring both parties agree on the condition of the home.  Some property management companies may include professional photos as part of the services they offer to market your property. Pictures really provide a first impression since most renters view homes online, and you want to make sure you're accurately capturing it.

6. Properly price your home

If you don't want your investment property to sit on the market, you need to make sure you price it correctly. Of course, you also want to rent it for the highest possible rate, but a data-backed approach is key.  Knowledge of the local housing market is a definite value of a property management company. They can properly price your home because they're keenly aware of rental rates by zip code, and they know about the current supply and demand in your area. Watch our brief video to learn about Kitsap County's rental market. If you have any questions, you can contact us. One of our Property Managers would be happy to speak with you.

7. Carefully screen applicants

When it comes time to select applicants, a property management company can be beneficial in ensuring all Landlord-Tenant laws are followed. If you are managing the property yourself, it is important to familiarize yourself with and follow all Washington state laws and federal laws such as the Fair Housing Act. 

8. Prepare a system for tracking income and expenses

Once you've found tenants, it’s time to create an income and expense tracking system for tax purposes. Windermere Property Management offers clients a tenant portal and owner portal. If you’re managing the property yourself, there are Excel worksheets and other online financial platforms for tracking purposes. 

Deciding to become a landlord is a personal and financial decision. Renting out your home can be an incredible asset to your investment portfolio, if done correctly. Whether you want to take the challenge on yourself or you want to work with a company like Windermere Property Management, following these tips will help you achieve success