Having a spare property that you can give on rent has numerous advantages. While this allows landlord to pay all mortgage from the collected rent, its value increases over time that is really beneficial.
So, today we will share some of the tips that can help you renting your property faster so that you can reap even more benefits.
1. Watch out for the risks and understand the responsibilities
Apart from financial benefits investing in property has some risks involved. Before you go to offer your property on rent, talk to the people who are in the business of renting from long-time. Because handling tenant is no piece of cake and disputes are bound to arise when expectations of one side fails. Besides you will be involved heavily in repairing, maintenance, rent colleting and other tasks because you do not want to disappoint the tenants.
2. Making property market ready
You must understand that the tenants are very choosy. With the large number of options available before them you need to give them a good reason to sign a lease agreement with you and this can be done by adopting the following:
- If you are only renting a room in your personal property make sure that area of the tenant is secured and both of you can have some level of privacy.
- Make a complete list of the qualities of the property it has. Focusing on the specialties of the property while doing online advertisement will give you the edge over the other competitors.
- Post advertisement on the websites that showcase the rental properties. Millions of peoples visit these sites on daily basis in search of better apartment.
- Do a little research and find out which season of the year are best when the renting process is at the peak and prepare your property for this time.
3. Hire a professional
Searching tenants and giving property on rent is long and difficult tasks due the formalities involved. You sure can handle some tasks but the complete process may go out of your control and things can turn out to be bad. For this reason hire a property manager whose sole job is to find a suitable tenant and is also responsible for taking care of all the formalities included.
4. Look out for the rent you are asking
Check the latest trends in rent that are going locally as well as in the locality where your property is situated. Make sure that you are setting competitive prices as per the trends. Refrain from having too low and too high rents as this generally drives the tenants away.
5. Choose the tenants carefully
We are people and we all have different thinking. So, when it comes to picking a tenant keep your guard up. Ask them the questions about the previous property they were living in and why they left it? Talk to their previous landlords and don’t forget to check there credit history to avoid any kind of disputes or altercation regarding the rent collection.