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How Do I Prepare My Rental Property?

Many people ask that question “What do I have to do to my place to get it rented?”

First and foremost you want to appeal to the masses. You should have neutral colors and tone since that appeals to the most amount of people. Accent walls may look good with a particular style of furniture but now that the property is vacant and you are trying to rent it accent walls are no longer as appealing. We always say “GO NEUTRAL!”

You have to understand what your competition is out there. You may think your house looks okay but if the neighbor down the street has fresh paint and brand new carpet that unit may get rented before yours. GC Realty & Development LLC will help you understand your competition.

Shorter vacancy. Don’t step over dollars to pick up pennies. Every day your unit is empty your losing money. If you get $1,500 a month in rent, that $50.00 per day you lose if the property is vacant. Don’t question spending a few hundred dollars to paint because a few days of vacancy costs you just as much. Dollars spent versus dollars gained should be considered.

Better applicants tend to go to better units. Units that show better and appeal to these points rent faster.

Control what you can control. You can’t control the block you live on, the school district, the village politics, but you can control what happens within your boundaries. You can control the landscaping, how old your appliances are, how clean your carpet is, or how fresh the paint is on the walls. Always look closely at what you can control.

In the end, this is a business. Whether you are an investor or an accidental landlord, the day you commit to renting your property this becomes a business. Always keep that in mind and run the property like a business. Sometimes there are emotional attachments to properties and you have to run it like a business.

If you have any questions about rental property maintenance or anything regarding Chicagoland property management, please contact us at GC Realty & Development.

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