Make your rental property Rent Ready. A simple guide for the new investor.

1. Rent Ready eBook 2009 STONE CREEK REPAIR AND MAINTENANCE
Making Needed Improvements for
Residential Rental Properties
www.stonecreekrepair.com
Do you want to obtain…..
More Rental Income per Unit?
Get Better Qualified Tenants?
Sign Longer Term Leases?
Spend Less Money on Damages?
Achieve a Higher ROI?
If you answered yes to any of the above….read further!
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2. Rent Ready eBook 2009 STONE CREEK REPAIR AND MAINTENANCE
As the rental market becomes more competitive, owners of investment properties must change the way they maintain,
improve, and market their investment real estate. This eBook is targeted to the “New Investment Property Owner” as
well a refresher guide for the experienced investor as a guide to what improvements are required, those that are
optional and those that will drive increased rent and quality of renters.
The Basics
As a landlord, you should maintain and update your property as necessary and appropriate to obtain and keep a good at
or higher than market rent and credit worthy tenants with as much longevity as possible.
If your property is in disrepair, you will miss out on the good tenants who have more choices, are more selective and just
want a nice clean place to live that is close to schools and shopping. The amount of money you may pay to keep your
property looking clean and neat will reap great dividends in the long run by attracting the right renters and incenting
them to stay longer. Fewer rental turns means less expense to you.
What is a Rental Turn?
Every time you close the contract on one renter, you need to “ready” the property for the next. Typically rent ready
improvements include a fresh coat of paint on the walls, baseboards and closets, sheet rock repairs, replacing broken
items like mini-blinds and replacing items like smoke detector batteries and light bulbs. Other items are always bound
to come up after someone moves out that will cost additional to repair or replace that the old tenant probably just lived
with. Broken cabinet drawers, broken tiles, missing grout, burned out bulbs, etc.
These items are commonly referred to as a Rental Turn.
Curb Appeal
The outside appearance of the property is called its "curb appeal". You only get one chance to make a good first
impression with your potential new renter! If you approach the property with an objective eye towards maintenance,
you will lead the prospective tenant indoors. Keep the yard mowed, edged and hedges trimmed. Keep the entry clean,
warm and inviting. A fresh coat of paint on the exterior and updated trim colors will improve curb appeal tremendously
and lead the renter indoors for a further look.
Interior Presentation
Is the interior clean and has a fresh coat of paint? Is it white throughout or did you select some basic neutrals so it
doesn’t look just like the last place they visited? Is it warm and inviting? Does it smell clean? There should be no traces
of mold, mildew or nasty carpet odors. Are the appliances and fixtures clean, ideally do they sparkle? Do all the light
fixtures and ceiling fans function properly, no missing bulbs, blades or globes? Are the window coverings or blinds in
new or very good condition? Are the carpets, floors and baseboards clean? Are the cupboards wiped clean? Do all the
taps, toilets and plumbing features work properly? Have all broken outlet covers been replaced? If you can't repair it -
replace it.
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3. Rent Ready eBook 2009 STONE CREEK REPAIR AND MAINTENANCE
THE RENT READY CHECKLIST
INTERIOR
Always touch-up or completely paint the interior walls. A fresh coat of paint is your #1 investment for protecting the
value of the rent you will eventually get. By selecting neutral rather than white tones, you create a “custom
environment” which most rentals do not stand up to. This is a very inexpensive decision. If you own multiple
properties, make them all the same.
Check the paint on the ceilings and exterior patio ceilings.
Assess the flooring to see if tile or carpet needs fixing or replacing
Change all broken outlet covers to new ones.
Ensure all sockets have light bulbs in them.
Ensure all smoke detectors have batteries and are operational
Ensure the security lights/motion detectors work.
Ensure the electrical garage doors work properly and you have working garage remotes.
Have all of the air filters been replaced?
Are there any missing or damaged mini blinds or venetian blinds
Any broken glass or windows?
Does the garbage disposal work and isn’t super noisy?
Is there any stuff still in the refrigerator? Is it running cold?
Are the screens and windows secured?
Are there any damaged doors or drywall?
Do all the locks function properly?
Are any of the cabinets damaged?
Do all of the light fixtures work and are not missing globes?
Ceiling Fans, check for missing or damaged blades and globes.
Check for toilet paper holders, towel bars and hardware in place.
Look for any signs of water damage such as leaky faucets or toilets
Check grout in bathrooms, check toilets and showers
Faucet aerators and sink stoppers
Attic covers in place
Closet rods, closet door guides
Doors and door jams
Check for broken toilet seats
Check bath exhaust fans
Check the water softener or RO System
Door stops
Check the Hot Water Heater
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4. Rent Ready eBook 2009 STONE CREEK REPAIR AND MAINTENANCE
EXTERIOR
Power-wash driveway and garage if needed
Pool Fencing, if installed, is in good condition
Automatic sprinklers are functional
Assess exterior stucco for needed patches
Ensure Block Walls are secure and gates fasten
Assess yard, is there junk that needs to be removed?
Does it need landscaping?
Presenting your property in a rent ready state sends a message to your prospective tenant that you care about this
property. This sets a standard for the maintenance of the property. This will save you costs in property repair as the
tenant must maintain the standard you have already set prior to his move into your property or risk losing the rent
deposit.
Take into consideration when budgeting for improvements, what your long term goals are. For example, if you plan on
keeping your investment for longer than 3-5 years, then plan on the need for capital improvements such as a new water
heater, roof and carpeting. When deciding on these items, remember that in many cases you will be better off paying a
little more for higher quality purchases that will last longer and save you money in the long run.
Remember, the longer it takes you to rent the house, the longer you are paying the rent out of your own pocket. Even
one or two month’s rent can make a huge difference in the ROI of that property. Focus on short turn times between
renters and longer leases at higher than market rent.
Setting Rental Rates
The internet is a good resource for researching local rental rates. Check the website www.RentOMeter.com to get a
good indication of your local rental rates provided they have enough rental "comps" for your area. Other websites such
as www.Rent.com and www.CraigsList.org can be very useful as well. Be sure you compare "apples to apples" when it
comes to your property's location, square footage, bedrooms, bathrooms and of course, condition!
When selecting a vendor to complete your Rent Ready items, make sure they are Licensed, Bonded and Insured!
Please direct questions to service@stonecreekrepair.com regarding these materials.
Best regards,
Dave and Gina Schudi
Stone Creek Repair and Maintenance – “We Make it Rent Ready”
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