Are you planning on turning your home into a rental property? If so, you’re making a smart choice! Now is a perfect time to own rental properties, especially in the Monterey County area where demand for rentals remains at an all time high.
In this article we will share with you several tips you should consider following which will help you to turn your home into a ental property.
Stock Up on Air Filters
Your next hard-knock landlording lesson: Most tenants won’t do anything for your property unless you make it unbelievably easy for them. Stock up on the right size of air filter, and place them right next to the filter slot. Then, write down the exact filter size, write it on a sticky note, and put it on the refrigerator with the words, “Please remember, every 3 months!” You might go so far as to set a reminder in your smartphone calendar to contact the tenant.
An independent and intelligent person might wonder, “Why do I need to write the filter size in several places and remind the tenant to change it?”
Because otherwise, someone will find a way to mess it up.
Protect Your Hardwood Floors!
If you have hardwood floors, they probably won’t look the same after your first set of tenants moves out.
With that said, there are a few things you can do to try and protect them. First and foremost, write a very explicit clause into your lease agreement requiring renters to put felt pads on all furniture feet before they move in.
But like we just outlined, you need to make it easy on the renters if you want any hope of compliance. Buy a pack of felt pads (with a variety of shapes and sizes), and hand it to the tenant when you sign the lease package. Reiterate verbally the requirement that they put felt pads on all furniture feet, and tell them the first pack is “on the house.”
As importantly, it makes it a lot easier for you to deduct money from the security deposit if they damage your floors. Wrap up that discussion with. “Believe me, I’d much rather have the property back looking like this than keep your deposit.” Friendly, but still a reminder it will cost them if they ruin your gorgeous floors.
When Replacing the Carpets, Think Defensively
Sure, those light Berber carpets might brighten up the room, but the slightest stain stands out like an escaping convict in a prison spotlight.
Consider mid-tone carpet colors, and talk to your carpet company about what they offer that hides wear and stains well.
One other trick is to spring for a plush, thick pad, but install lower-grade carpeting. A plush pad makes even cheap carpeting feel softer and richer, and doesn’t need to be replaced between each tenancy (like carpets often do).
Brainstorm Low-Cost, High-Glamour Touches
If you had $200 in your pocket to spend on boosting your property’s asking rent, how would you spend it?
Think outside the box on this one. You want either uncommon upgrades that you can brag about in the listing or upgrades that add charm, luxury, or a certain je ne sais quoi.
One idea is smart home tech. It’s still uncommon enough to add a luxury flare to a rental listing, and most smart home upgrades cost less than $200. On the downside, it’s one more thing that can break, and older renters may be more irritated than impressed.
I personally like installing quirky, charming hardware on kitchen and bathroom cabinets and drawers. For example, in my old home (which I converted to a rental property), I noticed the powder room sink was seashell-shaped. I decided to go full-kitsch: I installed seashell cabinet knobs, hung small shore-themed decorations, and painted the walls a breezy blue. The stone tiles on the floor were already sand-colored.
It may sound tacky on paper, but it was routinely described as “adorable!” by visiting women. (I think I heard an approving grunt once from a male friend, but I can’t be sure.)
People love little touches and details. Sure, everyone covets the big-ticket items like gleaming marble countertops, but little touches like memorable cabinet knobs go a long way in adding charm. They’re also priced with a single digit, rather than four.
Contact 36 North Property Management
Hiring a property management company will ensure that you rent your property for the correct market rent and save yourself the time, money and hassle of managing that property yourself!
Our company has over two decades of property management experience in the Monterey County area and the skills that you nee to ensure that your property gets rented fast.
To learn more about the property management services we can offer you contact us today by calling (831) 484-4604 or connect with us online by clicking here!