Sugar Blossom

10-Step Program on How to Get Your House in Order

The key to a successful and profitable real estate investment busi­ness is selecting the best tenants possible. And one of the key ele­ments in selecting and attracting the best tenants is to market your rental unit so the ideal tenants like what they see. As you begin the search for the best tenants, the number-one concern for you should be this: Start with what you have to offer. In other words, get your “house” in order.
Step Number 1: At all times, before making arrangements to show the rental unit to a potential tenant, take the time to thor­oughly scrutinize the rental unit yourself. Look it over. Ask your­self, “Is this a place where I’d consider living?”

As they inspect the apartment, most people will be looking for obvious deficiencies. They want to know if the various utilities, stove, refrigerator, dishwasher, and hot water heater are in good working order. The good tenants you’re seeking aren’t dumb, so you can be assured that they are going to be very observant of whether the unit is clean.

As you go through your building, check the basement. Make sure it’s not full of leftover junk from previous tenants. I’ve gone into some basements and found a collection of clutter consisting of old mattresses, davenports, chairs, and many other items.

Once you’ve completed your inspection and you’re ready for the showing, go through the unit and review your property and ask yourself, “Am I satisfied that everything is in tip-top shape and ready to show?”

Step Number 2: Check the fire extinguishers, smoke detectors, and smoke alarms. I highlight and magnify this item, fire-related equip­ment, because of its importance. Make sure that all of the fire safe­ty equipment is in proper working order.

Here’s something many landlords overlook. Smoke detectors and smoke alarms have a limited life span. If you have any ques­tion about the length of time they’ve been in your unit, don’t hesitate to buy and install new fire and safety equipment at regular intervals. It’s inexpensive insurance.

Periodically ask the tenant to check and make sure the smoke alarm and fire extinguisher are working and in proper order. If you have a feeling that the tenant might not do this, then take it upon yourself to check them.

In fact, I’d make it a point to personally take the time to inspect the fire extinguisher. There’s an indicator that shows if it’s in proper working order and whether it is fully charged. If it’s not at full charge, have it recharged.

If the fire extinguisher is located inside of a cabinet or cup­board, purchase a red warning sticker that says “FIRE EXTHIN­GUSHER INSIDE.” Place this sticker on the outside of the cup­board door.

I don’t think it’s a sound idea to buy and install the least expensive fire prevention equipment. If a fire should occur, and it’s discovered that you installed a “cheap” fire alarm or detector, an attorney will focus on this detail and might be able to use it against you.

If your building has natural gas heat and gas appliances, stove, and gas dryer, install a carbon monoxide detector. As with your fire protection equipment, this also can be inexpensive insur­ance. Here’s a case to illustrate why you must have all this equip­ment working properly and in first-class condition.

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