How To Prepare Your Rental Property for Tenants

The Canadian rental market is booming, with asking rents hitting an all-time high of over $2,200 in May 2024. These increases experienced in almost all provinces give a perfect signal that you can reap high when you put your property for rent. However, the resulting benefits depend on how good or high-quality your property looks.

Preparing your property for successful and legal renting can be time- and money-consuming. Hiring a property management team to handle all the logistics before listing the property for rent can be the best but costlier option. However, if you don't have enough money and prefer doing the work yourself, here is how to prepare your rental property for new tenants.

1. Deep Clean the Property
New tenants will always look at your property and judge it based on the first impression. So, ensuring the property is clean inside and outside is vital to attract more potential renters. Start by doing a
thorough home inspection to identify and fix potential issues. These include minor problems like dirty cabinets, countertops, and floors.

Some of the deep-cleaning techniques include:
· Decluttering and deep-cleaning the cabinets
· Wiping down baseboards
· Scrubbing the shower and bathroom to give them a new sparkling look.
· Cleaning the kitchen, including the countertops and kitchen appliances
· Vacuuming, mopping, and polishing any flooring and carpets, paying attention to unique maintenance requirements for luxury flooring types
· Spraying air fresheners or baking soda absorbs bad odours and gives the area a pleasant smell. You can also ventilate the property to allow fresh air in.

2. Check All Home Appliances and Systems
A detailed home inspection will also reveal all major issues that might deter potential renters. These include malfunctioning HVAC systems, worn-out doors and windows, and leaking plumbing systems.

You can check and repair all appliances and systems yourself or hire a professional to do the work. Some of the major issues to check and address include:
· Inspect, clean, and install new roof, gutters, garage doors, and window screens if possible
· Check and clean the HVAC systems by installing new air conditioner filters and ceiling fans
· Check any leaking faucets and taps, and replace electrical components like wall switches and bulbs
· Check all major appliances and replace non-functioning ones like refrigerators

3. Address All Legal Requirements
Researching and ensuring you rent your property legally is vital as it minimizes possible conflicts with the tenants and the law. Therefore, ensure you understand the requirements of renting out your property, especially when converting it from a residential to an income-generating property. Some of the legal requirements to understand include:
· Types of rental properties and their tax obligation based on the province or city. These include long- and short-term accommodation rentals
· Review your mortgage benefits of renting a property instead of living in the home yourself
· Getting a landlord property insurance policy to shield your property from natural disasters and tenant negligence.

4. Decide On How to Manage Your Property
If you have time and knowledge, you can manage your rental property yourself. However, this can prove impossible or unrealistic if you are getting started with a rental business or you have a vast real
estate portfolio to manage.

Therefore, while hiring a property manager may be costly, it comes with numerous benefits, including:
· Property managers have competitive pricing strategies that can attract top-dollar renters and ensure a high-income generation
· Property managers can handle all the burdensome tasks of finding and managing good tenants. These include screening tenants and evicting those not complying with your and state laws
· Reputable property managers will also utilize technology to handle rent and maintenance requests from tenants and keep the property safe and marketable

5. Spruce Up the Outdoor Space
The outdoor space needs as much attention as the interior space. Before listing the property, ensure the outdoor space is attractive even to passers-by. This starts with sprucing up the landscape by
cleaning the yard, driveway, and sidewalks, shaping and mulching flower gardens, and adding new plants. Ensure you choose low-maintenance plants and grass that need less water and energy to flourish.
To ensure your outdoor space looks fresh and cared for, you can finish by washing and adding a new coat of paint to your exterior walls. You should also spray the entire property to keep it pest-free. This will attract tenants who appreciate properties with periodic pest treatment programs.

6. Draft A Legal Lease Document
A lease is a contract or tenancy agreement between you and your tenants that outlines each party's responsibilities and limits. A tenant has to sign the document the moment they move into the property, and breaking the contract can lead to immediate eviction. You can draft a lease based on your local or provincial laws and your preferences. Ontario has an Ontario Government Standard Lease that all parties must sign. However, typical details found in lease documents include:
· The name of the landlord and the tenant.
· The lease length, rent, and due date.
· Number of overnight guests.
· Quiet hours or how loud tenants can play their music.
· The requirements to keep pets in and around the property.

The Bottom Line
Getting your home ready for tenants should always be a simple step. With the increasing rents and competitive properties hitting the market daily, it can take time for new landlords to win prospective renters easily. Luckily, with the above home-prepping tips, you can get your property ready for rent and attract more prospective tenants. However, work with a trusted real estate expert who can help you lease your rental property