First Things First: What To Do After Purchasing A Rental

Purchasing A Rental

Once you’ve bought the property, it’s time to start getting it into shape. Here are five things you should do immediately, many of which are overlooked by investors.

1. Meet with the Tenants

Never underestimate the value of a good tenant. Renters are your customers, and as such, it’s important to make them happy so that they treat you and your property well. As the new owner, it’s important to first introduce yourself and set the tone right away. Find out what issues they’re having with the property and aim to fix these as quickly as possible.

2. Change the Locks

It’s important to introduce a master key system to larger buildings. In smaller rentals, it’s just as important to change the locks. A good time to do this is at that first meeting with the tenants. This will show them that you’re serious and professional, and they will appreciate your efforts.

3. Mark the Building with a Sign

A good business strategy is to have a sign on the property with your business name and contact info. This way, if there is ever a problem at the building, everyone will know how to reach you and you won’t be left out of the loop. A bonus is that signs like these can channel future tenants directly to you, meaning more business.

4. Check Systems

Hopefully you inspected the property before you signed on the dotted line, but either way, you should conduct further walk-throughs and inspections. Test and service the heating and cooling system and schedule routine maintenance. Preventative action will mean less future cost.

5. Add Value

Minor fixes and updates can prove to bring heavy future reward. Depending on your tenants, you may want to start thinking about ways to renovate the property and increase value. Maintaining an attractive exterior is especially important, as you are advertising the building with your sign in the front.

A uthor: CT HOMES, LLC