If you have a fully furnished apartment to rent out, it could become a reliable source of additional income every month. However, depending on where the apartment is located, what kind of a reputation the neighborhood has, the interior décor, the amenities provided and the actual quality of the furnishings inside the apartment, its demand will differ. Nevertheless, you can successfully and safely rent out a furnished apartment if you have the following bases covered.
Make Sure that You Have Insurance
It must be clearly understood that home insurance as the owner and occupant will no longer cover the apartment if the owner becomes a landlord. Your insurance policy will need to be revised possibly to accommodate the necessary changes, or you may need to opt for a new insurance policy as a landlord altogether.
Once you get your landlord’s insurance and publish that fact in every ad, phone call, post, text, and email to potential tenants and real estate agents, more willing tenants will begin to show interest in the property. From a business perspective, it would help if the tenant also had tenants’ insurance to cover your rented apartment from future damages caused by them.
Impress them with the Furnishings
The term furnished apartment is a loose one at best, as it simply states that the apartment will be furnished with basic home/kitchen appliances and furniture. The point is that a furnished apartment is supposed to provide a ready to move in experience to the tenants.
Therefore, the quality and the comfort of the furniture and other necessary home appliances will make a big difference. People looking for a turnkey experience will not appreciate it if they feel like they will either need to change a lot of things or settle with subpar amenities. That would make it very difficult to get your apartment rented quickly.
During apartment viewings, the bed is one of the most common deciding factors, and rest assured that they will try it out. If you can make sure that the mattress is actually nice to sleep on, the chances of the apartment getting rented out successfully and fast will be pretty high. Just order one of the bed in a box mattresses to cut out all the hassle, but not before going through professional reviews to know which ones are actually good.
Have It Cleaned Before Viewings
Landlords in most US states are required to provide cleaning services to their tenants at a fee, but that’s only after you actually get a tenant! In the meantime, you will need to have your furnished apartment properly and thoroughly cleaned by professionals once a month or so.
Even after you have the apartment deep cleaned, it is advisable to do some light cleaning before a viewing, or in between two viewings on the same day. Shoe prints, handprints, smudges, dirt, water stains, etc. are common things to find in apartments post a viewing, so some light cleaning in between can make a big difference in creating that all-important first impression on your potential tenants.
Take Some Time to Prepare for Each Viewing
When you will be showing off the apartment to possible tenants, everything should be in perfect order. Take some time to prepare the furnished apartment before a viewing appointment, make sure everything is in working order, and you will feel more confident as well. If you turn on the TV in front of potential renting parties, only to find that it’s not working, that’s an awkward situation to be in! Also, go in once after the cleaning crew has done their job to see if everything is in order and in line for the viewings.
Ask for Competitive Rates
Do a bit of market research and find out what the going rate is for apartments like the one you have, in its specific location. In line with that knowledge, try to make your rent charges as competitive as possible, but never go too low. People are suspicious of homes that are available for a surprisingly low rental fee.
Note that aside from renting out the apartment as soon as possible, you should also be thinking about safety. Prepare your contract with the help of a lawyer and do not sign anything without confirming whether any of your own clauses could hold you in an unexpected liability case.
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