You’ve just collected the keys from your tenants who lived in your Richmond rental property. Now that you have a vacant property, you may be wondering what steps to take to spend this time wisely.
As a landlord, it can be nerve-wracking to have a vacant property. A vacancy means no rental income for those months. However, there are some things you can do during this vacancy in Richmond that can actually increase your rental income once it is rented.
By the end of this article, you’ll know exactly how to spend your time with a vacant property productively. Some of these tips will help you make even more return on your property investment.
The first thing you should do when your tenants move out is to transfer the utilities into your name. You don’t want to have a confusing situation when the new tenants move in, and the utilities are still in your previous tenants’ names.
Transferring them is ideal instead of shutting them off completely. Some utility companies will charge a reactivation fee, which can be avoided when they’re transferred. Plus, if it’s winter, you can keep the heat on to prevent pipes from freezing.
This will also make it easier for your new tenants to transfer the utilities into their name when they move in.
Deep Clean the Property
If there is one thing you should absolutely do between tenants, it’s giving your rental property a deep clean. While your tenants may have cleaned it before moving out, it should still receive a deep clean.
This means getting out the rubber gloves, mops, and rags to really scrub the nooks and crannies in the property. By the time you’re finished deep cleaning, the property should be sparkling clean.
To make sure the job is done well, it’s a good idea to hire a professional cleaning crew, especially if there is a lot of space.
Once the property is cleaned, make sure to take photos to use in your rental listing. A listing with clean, bright, and updated photos of the property will attract more potential tenants. If your listing is attractive, you’ll fill your vacancy faster.
Promote the Property
Now that you’ve taken new photos of a recently cleaned property, it’s time to list it online and start promoting. Simply putting a “For Rent” sign in the window of your property doesn’t cut it anymore. Most people search for rentals online now.
To create a good listing for your rental property, you’ll have to prepare a great description. Be sure to include all of the great features it has to offer. Also, mention its location, especially if it’s near restaurants, parks, cafes, and public transportation.
Lastly, be sure to offer reliable contact information. Use an email address you check often or your phone number. Be available to promptly answer queries from potential tenants.
Repair Any Damages
If you notice there are damages to your property after your tenants move out, it’s essential that you repair them before new tenants move in. In fact, before you even start cleaning, you should make these repairs.
You may be able to use the previous tenant’s security deposit to cover the cost of the damage they left. If there is enough damage to use the security deposit, be sure to create an itemized list of the costs.
If you don’t repair these damages, it could be harder to fill the vacancy. Potential tenants may feel you do not take care of the property if they notice these damages.
Add a Fresh Coat of Paint
To make the property feel fresh, bright, and ultra-clean, add a fresh coat of paint to the walls. This can just be a simple white or eggshell color to cover any scratches or spots left from your previous tenants.
While it may not seem like much, a new coat of paint can make a huge difference in your Richmond rental property. It will show better to potential tenants and make it seem more valuable.
Make Upgrades or Renovations
Maybe you’ve noticed that your rental property is a little outdated compared to the rest on the market. Making some upgrades or renovations is the perfect way to spend your time between tenants.
Upgrades can include new appliances, installing hardwood floors, updated security, or adding a washer and dryer. Tenants appreciate using modern appliances, especially if they are energy efficient.
If you’ve been planning on making some renovations, such as redoing the bathroom or kitchen, this is the perfect opportunity too.
Once you’ve finished your upgrades and renovations, you can then list your property for a higher price than before because it’s more valuable. Therefore, you have increased your rental income.
Conduct a Full Maintenance Inspection
It’s always a good idea to perform a maintenance inspection of your property before a new tenant moves in. Check the plumbing, electrical, heating, and air conditioning to see if there is anything that needs to be fixed.
This is good practice to keep your property in tiptop shape and always running smoothly for your tenants. Plus, catching small problems before they get too serious can save you a hefty repair bill in the future.
Search for a Property Management Company
During your time between tenants, you may want to consider finding a property management company near you. It’s a lot of work managing your own rental property in Richmond and it takes your time away from other projects and investments you have.
A property management company can help take the stress out of self-managing your rental property. Professional services such as tenant acquisition, tenant screening, maintenance management, and accounting will significantly benefit you and your return on investment.
As 67% of rental property owners aim to create passive income, a property management company can make this possible.
Hylton & Company Can Help You Get More from Your Rental Property
If you’ve been searching for a property management company in Richmond, look no further. Hylton & Company is the leading property management company in the area.
Contact us now and speak to one of our professional team members about how we can help eliminate your stress and boost your rental property revenue!