By Meghan Belnap

Renting out a house or apartment is a great way to build passive income, but this type of investment will take work. This includes a few important steps to take when planning to move new tenants into one of your rental units, including:

Add a fresh coat of paint

While landlords aren’t always required to paint their rental properties in between tenants, it’s still good practice to get in. Adding neutral paint to the interior walls, exterior walls, doors and trim will have a big impact on the look of the apartment and what kind of tenants you attract. You may also want to spend some time repairing small holes that were not repaired by the previous occupants.

Schedule the right maintenance

No matter how much time and energy you put into your rental unit, some maintenance will still need to be done before new residents move in. At the very least, consider contacting an appliance repair shop in your area so that all appliances can be inspected and serviced. This prevents annoying malfunctions and other problems in the future. Some of the other areas that may need an inspection or maintenance include the roof, electrical system, HVAC system, and plumbing.

Change all locks and passwords

Another important step in this process is making sure that every lock and password is changed throughout the building. Even if your previous tenants seemed trustworthy, it is very easy for other parties to copy keys and collect passwords without anyone noticing. Fortunately, an experienced locksmith should be able to replace all locks in a matter of hours, and that project is usually relatively inexpensive.

Take pictures of the entire rental unit

Once the rental unit is ready for new tenants, take as many photos as you can. That includes photos of each room, the entryway, hallways, attic, outlets, appliances, and floors. After you have all those photos, save multiple copies so they are available if there are ever any disputes with prospective tenants.

In addition to these steps, you should also spend some time reviewing your insurance policy. Your landlord insurance policy will be your first line of defense against major financial problems if damage ever occurs to your rental property.

Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being outdoors and exploring new topics that help her broaden her horizons. You can often find her buried in a good book or looking for an adventure. Meghan recommends partnering with a company like Northshore Appliance Repair Inc for the repair of your device.