The Ideal Investment Property at the Shore: Part 4 of 4
Four Parts of an Ideal Investment
Part 4: Rental Ready
This is pretty much the final step when investing in a Rental Property. Preparing the IP no matter how big or small for the Rental Season. Once you’ve “settled” on your new investment property you’ll need a checklist to follow to insure a successful rental season:
- Cleanliness: Be sure to hire a reputable Cleaning Company to handle the change overs between tenants. Develop a trusting relationship because they are the set of eyes viewing your property after each and every tenant and will most like be the ones reporting any damage created that would affect the return of the security deposit.
- Décor: Don’t get too personal or too cluttered. Not quite “Less is More” but be specific with a theme and don’t become too attached with any one piece. The idea is to decorate with an inviting flow into each space. Keep it simple and unique.
- Necessities: There are definitely some necessities to include as a standard in any rental property which include but are not limited to: Fully Equipped Kitchens (Dishes, Glasses, Mugs, Silverware, Pots, Pans, Coffee Maker, Teapot, Ice Cube Trays, Microwave, Trashcans, Fire Extinguisher, etc) Cleaning Supplies, Vacuum, Iron & Ironing board, T.V.’s with Cable & Movie Channels, DVD player and most importantly, WIFI. Additional items to include in the beginning of the rental season are extra lightbulbs, batteries, flashlight, trash bags, paper products, toolbox & sewing kit. (*Optional: a Guest Book)
- Photography: Once your IP is cleaned and decorated, hire a professional photographer to take the photos which will be used to market your rental property online and can be shared on Social Media. All the rooms must be in showing condition. If you choose to take your own photos just make sure you turn lights on and open blinds/curtains to make the rooms appear bright. In the bathrooms, make sure the toilet seats are down and open shower curtain slightly to expose interior bath & shower tile. Stay out of the reflection of mirrors. Keep in mind most tenants choose their rental property based on the photos online. Take the time or spend the money to make them look perfect and you’ll separate yourself from the competition.
- Exposure: Now it’s all about getting your IP out there for all the potential tenants to view. Do your homework and enlist the services of multiple Real Estate Brokerages who specialize in rental properties (offer your photos if need be). This will ensure exposure on their websites and within their inventory. Real Estate companies will charge a commission only if they rent your IP but confirm this commission rate and the details before signing a Rental Listing Agreement. A Realtor can also pull comparable properties to give you an idea regarding the rental rates which are classified by weekly, monthly, seasonally & daily. You may also consider renting the property on your own through numerous websites for owners like Airbnb.com or vrbo.com where you’ll pay a hosting fee rather than a commission.
This is the most exciting purchase you can make to generate income so enjoy the process even though at times it can get stressful and hectic. In the end the goal is to have an investment property creating memories for you and your guests.