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    The Secrets to Renting Your Home the Right Way
    The Secrets to Renting Your Home the Right Way
    The Secrets to Renting Your Home the Right Way
    Ebook64 pages53 minutes

    The Secrets to Renting Your Home the Right Way

    By Ryan Schroder

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    About this ebook

    Getting the right tenant is easier said than done. This book is written to give you a step by step process of making renting a profitable and stress free investment. Whether you own a house that is upside down or you are savvy enough to know that now is the time to invest in real estate, the principles are the same. This book is about the secrets to renting your home the right way as learned by a career property manager and investor.
    LanguageEnglish
    PublisherBookBaby
    Release dateMar 14, 2013
    ISBN9781626753860
    The Secrets to Renting Your Home the Right Way

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      Book preview

      The Secrets to Renting Your Home the Right Way - Ryan Schroder

      yours

      Chapter 1 - Rent Ready Condition

      To know what the right improvements are is to understand the tenant mindset. There are certain improvements known to give you the most bang for your buck. Tenants are not responsible for the cost of the repairs to the furnace or the roof. They don’t find value in your new windows and retaining wall. They care about the way the house looks and this is something that you won’t change once they are your renter. Kitchen, bathrooms, and living areas are what sell your home. Even if your house is old, it can still look its best with the right improvements.

      The three ways to get the best return on investment for your rental are:

      Cleanliness – Your property should truly be sparkling clean. The best prospects have discerning standards. This has a dual effect of setting expectations high with the tenant and showing them just how you do business! Setting the standard early will help you later down the road.

      Paint / Walls – There shouldn’t be wallpaper or vinyl, unless it’s very modern looking. Walls should be patched and sanded prior to painting. Paint colors should be neutral and professionally painted for the highest quality. Don’t try to save money on paint, it will cost you more in the long run. High quality paint is one of the best investments you can make in your property because it covers in one coat and holds up over time.

      Flooring / Carpet – The floors should be at least relatively modern or desirable. Outdated or ugly carpet, vinyl flooring, and other types of flooring can drastically reduce the desirability of a rental. Taking into account that these improvements go a long way and are less costly than others, flooring makes the cut for best return on investment.

      Cleanliness falls into the category of Rent Ready Condition. All rental properties should be both shown and delivered hotel clean. All appliances should be pulled out and cleaned inside, outside, and underneath. All floors should be cleaned. Carpets should be professionally cleaned if not in excellent condition already. For your reference, we have added this simplified checklist.

      CLEANING CHECKLIST

      Living Room

      Clean all blinds

      Wash all windows, sills, and screens

      Dust all baseboards and electrical plates

      Wipe down baseboard heaters or boilers

      Vacuum carpet and any cobwebs

      Wipe down closet shelf, if applicable

      Clean air conditioner filter, if applicable

      Kitchen

      Clean all blinds

      Wash all windows, sills, and screens

      Dust all baseboards and electrical plates

      Wipe down baseboard heaters

      Wash ceiling fan, counter top, and any debris on walls

      Clean dishwasher inside and out

      Clean refrigerator and freezer, inside, outside, and floor underneath. Turn it off and leave the doors propped open. (Defrost with hair dryer if necessary.)

      Clean oven, top of range, under burners, hood, and broiler pans.

      Wipe out all cupboards and drawers inside and out

      Vacuum any dust off ceiling from fan

      Scrub floor, even under appliances, leave appliances pulled out

      Wipe down closet shelf, if applicable

      Replace any burned out light bulbs (refrigerator, vent hood, oven, and fan)

      Bathroom

      Dust all baseboards and electrical plates

      Wipe down baseboard heaters

      Scrub the bathtub, toilet, and sink inside and out

      Clean medicine chest and shelves and closet and/ or cupboards

      Scrub floor

      Clean ceiling exhaust fan, light fixtures, and replace any burned out light bulbs

      Wipe down washer and dryer inside and out, if applicable

      Bedroom

      Clean all blinds

      Wash windows, sills, and screens

      Dust all baseboards and electrical plates

      Wipe down baseboard heaters

      Wipe down closet shelves

      Wash ceiling fans (if applicable), blades, and globes-replace any burned out light bulbs

      Vacuum carpet and any cobwebs

      Storage and Garage Areas

      Sweep out or vacuum any garage / storage areas

      Cleanliness helps to not only set the expectations of how you treat your property and expect them to treat it, but it also makes the property considerably more desirable.

      Be sure to keep the appliances in line with the house. If you have a high end house, high end appliances are expected. If your home is on the lower side of the spectrum, you will not achieve a commensurate return on investment if you over spend on appliances. Generally

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