Property Owner/Investors

PREPARING YOUR HOME FOR THE RENTAL MARKET

 

New Concepts Management wishes to make this transitional time from Homeowner to Landlord as smooth as possible. Most of us live with several small “nuisance” items that we have always meant to repair, but never got around to. Now that you are a Landlord, your renter will expect everything to work correctly and you may be required by state & city code to make some repairs. We offer this list to assist you in preparing your home for rental.

Maintenance

According to Minnesota law the landlord is responsible to make sure that the rental unit is:

Fit to live in.

Kept in reasonable repair.

Kept in compliance with all state & local health & housing codes.

Some questions to ask:

Does my home have enough smoke detectors and fire extinguishers? Check with your city inspection office.

Do all exterior doors have deadbolt locks?

Do all electrical receptacles and light switches have cover plates?

Are all appliances in “good working condition”? (Any appliances offered at the beginning of the lease must continue to be offered throughout the lease period.)

Is there paint chipping or peeling anywhere on the exterior or interior of the home?

Are all areas of the house immaculate? (inc. inside appliances, closets, cabinets, and drawers.)

Have the furnace, air conditioner, and ductwork been cleaned and tuned in the last 2 years? 

Please contact your local inspector if you have any questions or concerns.

Competing with the marketplace

While your home may meet all state and city codes, in order to receive the “best & highest price” on your home, you must also compete with all other rentals in the marketplace. Please consider these industry standards:

The entire home including refrigerator, range, exhaust fan, air conditioner, bathroom(s), closets, cabinets, must be completely clean, polished and disinfected.

All debris, rubbish and trash and personal property are completely removed.

Carpets are completely clean and do not show traffic lines.

Interior walls have no nail holes. No fading or shadows showing where pictures have been removed from walls. Walls are clean & fresh. (A neutral color is best).

All windows are clean inside and out.

Lawn and landscape is cut & trimmed, and driveway & walkways are free of snow.

Renters expect the above conditions to be met before they move in. The renter can then be expected to return the home to you in the same condition with the exception of “normal wear & tear”. This typically means some painting & shampooing may be needed after a one year occupancy. You should expect some expenses due to normal wear & tear between leases. If your home is not “move-in ready” we can supervise the work needed, for our usual management fee. (The cost of repairs is paid by the owner.)

Please provide the following to New Concepts Rental Management

Copies of all keys to all locks and doors. (2 complete sets - all keys clearly marked; more key sets may be needed, depending upon how many adults live in the household)

2 remote controls for the garage opener.  (leave on the kitchen counter)

Manuals for all appliances including the furnace, water heater, water softener, a/c etc. (leave on the kitchen counter.)

A copy of all homeowner association governing documents, rules and regulations and updates, if applicable.

Notify your homeowners association that the unit is now managed by: New Concepts Rental

Management, 5707 Excelsior Boulevard, St Louis Park, MN 55416, 952-922-2500.      6/10

 
 
Documents in Adobe Acrobat PDF format require the free Adobe Reader to view. If you don't have Adobe Reader already, you can Download it here

 

5707 Excelsior Boulevard, St. Louis Park, MN 55416
phone: 952-922-2500. | email: info@ncmgi.com | fax us at: 952-922-5400

This site is provided by New Concepts Management Group