So, you’ve got an apartment in your possession and want to make some extra cash renting it out. It’s not a bad idea at all. Many before you have done this and made it work.
But every successful landlord does the same few things that make the whole venture worthwhile. You can’t skimp on the details, or this may not work out for you.
You probably spent a lot of money picking up that real estate in Toronto. You do need to denote some time and money keeping it nice for renters.
So, here they are: three things to do when renting out your apartment.
Clean It for Each Tenant
If you want renters to fight one another to rent from you (not literally), then you have to make your apartment presentable. When you’re first putting the space on the market, and certainly between renters, you will want to go through and prepare the apartment to look new again.
That means cleaning the carpets, washing the bathroom and kitchen, possibly repainting, keeping the utilities up to par, and anything else you can think of to make this place look attractive. People want to see themselves living here when they come to tour it, so make it look more than presentable.
Call Out Your Apartment’s Advantages
People always have their choice of where to rent from, since there are so many options for apartments in cities big and small alike. So, to make yours the best-looking one, call out distinguishing features in your ads that others don’t have.
Do you have a washer and dryer in yours whereas others require tenants to use a local laundromat? Did you just upgrade the heating system with winter fast approaching?
Don’t be afraid to sell yourself for this. The right ad lines can really make a difference!
Vet Potential Tenants
Nothing would be worse than having bad tenants move into your meticulously updated apartment and start ruining it. You spend a lot of time and money to fix things up, and you expect tenants to treat your space with respect.
When candidates come calling, vet them closely. Run background checks, get credit reports, and try to get to know them as people. If you feel confident in someone, go for it. If not, don’t give yourself a year-long headache wondering if they are taking care of your real estate.
You can make this work, but being smart about it will make that process go by much more smoothly.