One of the most important questions that we get as a property manager is “Jeffrey… Silvino… what do I need to do to get my property rent ready?” In short, the standard answer is The Turn Process. The process of getting a property rent ready is known as The Turn Process and it includes three steps:
Addressing a Maintenance Checklist… and
Performing a Move Out Cleaning
However, as great as this is to get the property rent ready, this is the minimum needed in order to make the property presentable to the marketplace. Please note that there are both property systems and amenities that need to be serviced and/or replaced over time. In a perfect world, the budget would be such that all the items could be addressed right away. However, being owners ourselves, we know first-hand this is not always realistic. Let's be honest, you bought the property as an investment. Yes, the property requires an influx of cash from time to time. But as an owner, you must pick and choose which projects to do and when. The following are additional property systems and amenities that would need to be addressed. After completing a walk-through, we can help provide more context as far as when to get these completed.
HVAC
Whether the property has both heating and air conditioning or just heating, the HVAC system needs to be serviced on an annual basis to maintain the longevity of the system. Industry best practices are to do an HVAC Annual Tune-Up to address any possible concerns early.
PLUMBING
Having a working plumbing system for the property is key to not only maintaining happy residence but keeping up with the maintenance needs of the property. The following are three items that are recommended.
Sewer Line Inspection: One of the most common issues can be with the drain system. It's easy to fix the visible items that you can see, but when was the last time you took a look at the condition of your drains? Common drain issues are broken drains, root intrusion and buildup. By taking the time to put a camera down the drains, you can see the condition and address any possible issues prior to it becoming a major problem. This allows for basic repairs if needed or bigger projects such as re-drains.
Re-Drain: Depending on the age of the property and type of material for the drains, it may or will be needed to replace all the drains.
Re-Pipe: Depending on the age of the property and the condition of the water supply lines, a re-pipe may be needed. Old pipes are more susceptible to pinhole leaks and, depending on the situation, it may be worth replacing the pipes.
FLOORING
Does the property have a carpet? One of the best investments that you can do as an owner for the marketability of the property and long-term value is to change the flooring from carpet to solid surface. For rental properties, luxury vinyl planks are ideal as they are a good value long-term. In addition, with carpet having a five-year depreciation schedule, it is a component that may need to be replaced every couple of years making carpet an ongoing expense for an owner.
FIREPLACE
Fireplaces are a beautiful amenity to a property and are a focal feature for residents to experience. However, given that it utilizes fire, this can be a possible safety concern. If the property has a fireplace, best practices are to have it inspected by a licensed fireplace vendor to make sure that it can be operated safely. They do require chimney sweeps from time to time to make sure that they are kept clean.
TERMITE
Termites can cause a lot of damage over time to properties if not addressed. Best practices are to obtain a termite inspection where a vendor will do a walkthrough looking for termites and showcase a report of where the termites are found. In general, there are only two solutions:
Spot Treatment
Tenting
KITCHEN REMODEL
Is the kitchen original? If the kitchen is original but functional, the property can be rented. However, over time, the property becomes less and less competitive as other rentals in the marketplace that are either newer or have been fully or partially remodeled will have newer looking kitchens. Some projects include sanding and painting the cabinets, replacing the countertops, or doing a full kitchen remodel. This project is usually best done at vacancy.
BATHROOM REMODEL
Are the bathrooms original? They say that cleanliness is next to godliness and if a bathroom is clean, it will rent. However, similar as with kitchens, over time the property will become less and less competitive as well as rent on the lower end of the market range in pricing. Some bathroom projects include re-glazing fiberglass, which is a way of painting it to make it look nicer or doing a remodel to replace fiberglass with tile.
MATURE LANDSCAPING
With single-family residences, one of the key amenities can be mature landscaping. Mature landscaping includes trees, palm trees, tall hedges, tall bushes, etc. These can add a lot of character and privacy to a property. However, if not maintained, they can become overgrown and become an eyesore. Best practices are to maintain the landscaping, but with certain items, annual trimming is key to having the property showcase as best as possible.
CONCLUSION
Going through The Turn Process will help an owner get the property rent-ready as soon as possible. However, having a strong game plan in place to address the above categories over time is key for long-term stability of the property and to maximize rental value.
