Before you can find a tenant and start collecting rent, you have to make sure your Las Vegas rental property is ready for the market. There are lots of details required, and a deep understanding of how the market works and what tenants are looking for in a home.
As a busy investor or a first-time landlord, you might feel like it’s just too much.
Don’t worry. We love preparing properties for the market, and our passion for Las Vegas property management combined with our decades of experience leasing homes will ensure you have a rental home that’s move-in ready.
Here are some of the things that absolutely must be done to get an investment rent ready. If you’re not working with a Las Vegas property manager, make sure you pay attention to each of these details. Otherwise, you could face a longer leasing process, more vacancy, and unqualified tenants.
Start With Maintenance and Repairs
A lot of landlords write a listing, take some photos, and post their home for rent without really paying attention to what needs to come first. Is your home in the type of condition that’s going to attract good tenants?
It’s not ready for the Las Vegas rental market until everything is safe, functional, and habitable. There’s no sense in trying to rent out a home that has faulty wiring or a back door that doesn’t lock. Everything needs to be working well. If this is a home you once lived in yourself, you might have learned to live with drawers that stick and handrails that wobble. It won’t work for a rental home, though. Tenants need to have these things taken care of before they move in.
Conducting a thorough walk through will allow you to make a list of the things that need work. It might be that only cosmetic issues are in need of attention. However, there may also be a few minor repairs or major projects that must be completed before you can start showing the property to prospective tenants.
You don’t want to rent out a deteriorating home. Not only will you have a hard time finding a tenant, you’ll have to settle for a lower rental amount. Without a good start to maintenance, you’re also allowing the value of your investment to drop, and you’re setting yourself up for a tenancy full of maintenance requests and repair complaints.
Another good reason to make sure everything is in excellent condition is that it sends a message to your future tenants. If you show a home that isn’t completely ready to be moved into, tenants will think you’re slow to make repairs. But if you show them a perfect home that’s welcoming and attractive, and they can imagine moving their things right in – you’re showing them that you care about your property, you have high standards, and you expect them to take good care of it when they’re living there.
Here are some of the things to check when you’re doing your rent-ready walk through:
- Make sure all the appliances work. Run the dishwasher and turn on the stove.
- Check every outlet and light switch. Make sure the electricity works and there aren’t any hazards such as smoke or sparking.
- Flush every toilet, run every tub, and look under every sink for evidence of leaks or drips.
- Open and close all drawers, cabinets, closets, and cupboards.
- Turn on the air conditioning and the heat to make sure they both work.
You want the tenants to move into a clean, well-maintained property. Promising that you’ll come back to fix something before a tenant has even unpacked is not the best way to begin your relationship.
Put together a walk through checklist, and go through the property. Once everything on your list is checked off, you know that the maintenance needs have been met and it’s ready to be occupied by a responsible, proactive tenant.
Look for Ways To Improve Your Las Vegas Investment Property
To get your property ready for the market and to enjoy a fast, successful leasing process, it’s about more than just maintenance.
You want to offer a modern, impressive rental home that stands out from competing properties.
The best way to do that is with some cost-effective improvements and updates that will increase your rental value.
Assuming your investment is already in good condition, there’s no need for a full renovation. No one wants to pour additional money into a home that’s not earning any rent yet. But, investing in some small upgrades can really help you earn more and ensure your property is ready for the rental market.
Here are some examples of quick things you can do while you’re preparing your property for the rental market:
- Fresh paint on all the walls
- New carpet or low-maintenance hard surface flooring
- New hardware on the drawers and cabinets in the kitchen and bathrooms
- Better lighting
- Shiny, modern faucets
- Updated window coverings
These things go a step further than simply getting the property ready to rent. It shows tenants that you want them to love your home. It invites them to choose your property over the competition. It also increases your rental value and ensures high quality renters are applying to live in your home.
Clean Your Property Before Listing It
A clean property is absolutely non-negotiable.
There’s no good reason to list your rental home and invite tenants to see the place if it’s cluttered with personal belongings, still in need of some paint, or otherwise not move-in ready. It has to be clean. Actually, it has to be super-clean. Good tenants are going to notice your dust. They’ll be turned off if the bathrooms are dirty and the counters are sticky.
Even before the showings – you want a clean presentation in your marketing photos. Prospective tenants will scroll through photos before they even read your descriptions. If they notice trash in the background or discoloring in the tubs, they’re going to pass.
Offer tenants a home that’s empty, fresh, and clean.
You can find some great cleaning professionals and if you don’t already have someone in mind, reach out to a Las Vegas property manager who can refer you to some detail-oriented cleaners. Hire experts who will clean every bit of the home, including those spaces that are often neglected. You want the appliances to be pulled out from the walls, ceiling fans to be relieved of their dust, and toilets sparkling like they’ve never been used before.
When you put a clean, functional, and outstanding home on the Las Vegas rental market, you can expect to attract high quality tenants who are just as particular as you about cleanliness and maintenance. That’s going to lead to a better rental experience for all parties.
Price Your Las Vegas Rental Property
Once the property is clean, in excellent shape, and has enough curb appeal to attract good tenants, you’re almost market-ready.
But, your next step is to price it.
The right rental value will make a big difference in the leasing process.
To increase your rental income and your long term ROI, you need to avoid vacancy and get a good tenant into your property as soon as possible. Overpricing your home will not help. You need to take a close look at the market, and establish the right rental value. These are the things that drive your rental price:
- Property condition and size.
- The market and how it’s performing.
- Competition and whether there are lots of homes like yours.
Focus on your competition. Look for properties that are similar to yours, and make sure you aren’t pricing your home higher than they are. That will only give your prospective renters a reason to choose a house that isn’t yours.
You don’t want to underprice your home because that’s going to hurt your cash flow and your long term ROI. Don’t overprice either, or you’ll extend your vacancy. If it takes you a month longer to rent out your home, you’ve lost an entire month’s rent. That’s going to hurt a lot more than reducing your rent by $25 or $50 or even $100 per month. Be smart.
Overpricing will also attract the wrong tenants. Only people who are rejected by other landlords will be willing to pay more than the Las Vegas rental market will bear. Good tenants who pay rent on time and have excellent landlord references will know what they’re willing to pay. They will know your competition, and they will choose their next home wisely.
And there we have it. Your Las Vegas rental property is ready for the market. It’s time to take some great photos, write a brief but detailed description, and advertise your home on all the rental sites that good tenants are using. It helps you have some exposure on the MLS and on property management websites as well. Ask your social networks to share the property you’re renting out.
We understand the leasing process and the best marketing strategies and we know it all begins with a rental home that’s ready for the market.
Please contact us at New West Property Management. We’re passionate about the services and value we provide to the owners and investors who trust us with their properties. Our team expertly manages residential rental homes in Las Vegas and throughout Clark County, including Henderson and North Las Vegas.