The rental market is so hot right now as there is a shortage of units available. It’s definitely a landlord’s market and those that are quick to get their properties on the market are the ones that will do the best financially. They have a way to make sure that there is very little time when they have an empty property either when they first buy it or when it is in between tenants.

One of the keys is to make sure the apartment is always ready to go. There are things that have to be done to get it ready. When you know what needs to be done then you can focus and have it ready without wasting time and resources. In this article, we will go over what it takes to get your property ready to rent out.

1 – Have a property manager

When you have a new property and are an inexperienced landlord, having a property manager is a good idea. Also, if you have multiple properties that are hard to manage by yourself then a property manager can make sure you have help.

The first thing that condominium property management companies in Scarborough can do for you is set up a marketing strategy to attract tenants to your listing. Then, they will screen the applicants for you to make sure that you are getting tenants that are responsible and will pay on time while respecting the property.

They can also be there to accept and process payments by your tenants and be the ones that they call when there is a problem at the apartment. Some landlords love having a property management company since they can have a passive income from the properties. Others enjoy the fact that they can grow their business since they are able to focus on other things.

2 – Make sure it’s compliant

New listings will need to have certain features that are there for the safety of the tenants in general or have some that are specific for those with disabilities to access.

For instance, every property will need to have a certain number of fire and smoke alarms to make sure that the tenants can get out if there is a problem. Some jurisdictions require other alarms such as for carbon monoxide and radon.

If you have multiple units then the entrance will need to have handicapped ramp access and some may even require doors that allow a wheelchair to pass through.

3 – Update the appliances

You will rent out the unit faster if the applicants see that there are new appliances that they will be able to use. This will also help you later on when you’ve gotten the tenants into the property. New appliances will not be likely to break down and will end up saving you money on technicians. In the event that there is a problem, they will also be under warranty for a few years so it won’t cost you anything to fix them.