I've Signed a Rent to Rent Deal - What Next?

So you’ve just signed your first Rent to Rent deal. The first thing you need to do is… CELEBRATE! This is a huge milestone and one that you’ve been working towards. Just take a moment to reflect on how far you’ve come since going to all those viewings and making all those silly mistakes.

Once you’ve done that you are going to put that contract in a safe place. Most landlords still prefer signing paper contracts, so before you file it away for safekeeping ensure that you scan and save a copy to the cloud as well. I didn’t follow this advice and had a few contracts that I misplaced. Luckily I never had any issues where we had to refer back to the contract, but it could have gone a different direction.

Once your admin is out of the way you need to start working on your plan. Depending on when you pick up the keys to the property, you’ll have either more or less time, but the amount of things that you will need to get done remains the same. So take an hour to brainstorm a to-do list of all the things that need to be done to the property before tenants will be able to move in. Ideally, you’ll be able to take another tour of the property in order to make sure that your list is complete. Otherwise, you will have to review the notes you made during the initial viewing.

Once you have your list you’ll need to organize it in terms of priority i.e. you need to put a shelf up before you can paint it. And if you are not the only person going to help to get the property ready you need to split your list by person responsible and then prioritize their tasks.

If you would like the rest of the steps after signing your first Rent to Rent deal, watch our short video here.

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