If you have lived in the house for a while, there may be broken or worn out items that you have overlooked. Safety issues and even legal issues should be resolved before you put your house on the market. It is in your best interest to do some preparation before you post the “for rent” sign.
Repairing structural or system defects should be at the top of the list. Tighten handrails, repair steps, and remove hazards inside and outside the home. Make sure all heating, plumbing and electrical elements are up to code. Elevated decks, railing, flooring and framing should be inspected by a Class A contractor for structural safety. Your goal is to have all systems running smoothly and efficiently.
Pay special attention to regularly used appliances such as refrigerator, stove, microwave, washer, dryer, etc.. These appliances receive heavy use daily and should be in good working order. Bathrooms, toilets, showers and tubs should have a clean appearance and be free of mildew. Replace missing tile grout and re-caulk tub and shower with a fresh bead of caulk. Is your carpet stained or worn? Cleaning the carpet, or if necessary replacing it, will freshen up your home. Make sure there is at least one working smoke detector on each level of the home and replace old batteries with fresh ones.
Make sure the property has a clean and tidy appearance inside and out. Remove all personal items from the interior and exterior of the home and yard. Take cans of old used paint to the dump along with yard waste and other items that are not needed. Clean out the garage and sweep away dirt and cobwebs to make the space fully usable. Improve curb appeal by trimming shrubs and bushes and touching up peeling paint on the house or porch.
When thinking about whether to make an improvement or an upgrade to your potential rental property, consider the competition and the price range of other rental homes in your neighborhood. Think about who your target tenant will be. Your location along with the price will be the deciding factor in who will be interested in your house. Will you attract university students, a family with younger children, or singles? You don’t want to over-improve your home and price yourself out of the rental market in your area.
Lastly who will service and manage your home? Do you plan to manage the property yourself or employ a management company? If you are managing the property yourself, you will be the sole contact for the tenant – collecting rent, performing regular property inspections, routine maintenance, and emergency repairs. Hiring a property management company will relieve you of these responsibilities and partner with you to make your investment profitable.
In this job profession it is a business service that is designed to help assist owners in supervising their commercial properties. A commercial property manager may have several jobs but essentially they are the ones that will take care of details that are related to the following:
• Upkeep of the buildings on the property such as making sure that the lawns are mowed, any repairs needed are done promptly
• Checks out and qualifies potential new tenants who want to rent one of the commercial buildings or stores
• Oversees the leasing of sections of the property such as retail space in a mall
• Collects the rent from tenants on behalf of the owner
A commercial property manage involves overseeing any type of commercial property from multi-storied office buildings to retail space. Many times property owners will use a commercial property management firm to hand all the day-to-day details of operating the property so it frees up the property owners time for other aspects of business. The firm that is managing the commercial properties is generally granted the authority to make any decisions that will impact the amount of income the owner receives from their property. Hiring the right management firm can often lead to securing the best rental rates for the space and having a lower turnover of tenants.
One thing that is the responsibility of a commercial property manager is to screen potential tenants by accepting their application and then doing a background check. If the tenant is approved to rent a space then the manager will prepare the lease. For the duration of the lease the manager will make sure that the tenant is provided with all the responsibilities and benefits that are listed in the lease agreement, including the rental amount, when it is due, etc.
The commercial property manager will also serve as the liaison between the tenants and owner. If the tenant has any problems or needs repairs to their space they will see the manager who will take the necessary steps to resolve the issue or have what is wrong repaired. It is the manager’s responsibility to resolve the matter to the satisfaction of the owner and the tenant. If the tenant is not paying the rent as outlined in the lease or doing anything that is not in the lease the commercial property manager will be the one that is responsible for delivering the eviction notice. Each jurisdiction or state has their specific regulations in regards to eviction. When serving an eviction notice the manager must be sure that they are following every step in the process to the letter. This makes sure that everything is done legally and the tenant cannot complain they were evicted illegally.