Residential rental property can range from a single family residence on a nice quiet cul-de-sac to a multi-unit complex with on-site management and maintenance in a downtown urban setting.

Regardless of the type of property you own, your most important variable (after location) is the condition and quality of your rental property. Yes, curb appeal does matter, even if the property is occupied by a renter. It matters to both the prospective tenant and the local community in the immediate area.

A real estate investor who understands this will be willing to invest the money needed to maximize the potential rent and attract the best possible long term tenant. A good tenant is defined as one who takes care of the property and pays the rent in full, on time, every month. Very few tenants who fit this ideal description are willing to rent a property that is obviously out of date with lots of deferred maintenance.

This is not to say that you have to have the latest stainless steel, bluetooth enabled appliances and quartz countertops, but it does mean that the avocado green dishwasher that doesn’t always rinse well and the 10 year old carpet should probably be replaced. Beyond maximizing the aesthetic condition of the property, safety and habitability should also be a primary concern for a property owner.

Should you paint every time a tenant moves out?

Although the paint does not need to be new, many multi-unit owners choose to repaint their rental units every time a tenant moves out. Sometimes you can get by with using touch up paint on the entire wall that needs touch up. Trying to use touch up paint mid-wall in specific spots often ends in failure. The new paint, even if it was from the same container that was originally used to paint the wall, will have a slightly different sheen and will look worse than the original blemish you were trying to cover up.

Regardless of the condition of the paint, there should be no existing nail holes in the walls when a tenant moves into a property. Trying to unwind which nail holes were pre-existing and which ones were done by the current tenant is a fool’s errand and you end up being unable to charge for any of the damage to the walls caused by the nail holes

At Karma Property Management, we have developed a standard rent ready inspection report that all of our property managers use to inspect the above list of items and much more. If you are interested in getting a copy, contact one of our property managers today or click here to request one.