A Guide for Landlords on How to Rent Out Properties Properly
In order to make sure you won’t have any hassle in running your real-estate property, here are some tips to start your business right assuming the position as landlord. Before you start doing anything to your asset, be sure you have all the papers processed.
This includes mortgage, health and safety certificates, insurance etc. You don’t want one of your tenants, or neighbors of your tenant to be complaining of something about your property and you don’t have any legal papers to show.
You have to establish fair rates on your units. You can go around your area, or search the internet for several other similar businesses that you can refer to for pricing. Remember that prices vary from town to town, don’t expect properties on different areas to have the same price tag.
Landlords normally don’t want to look for tenants themselves, or don’t have access to a wide array of websites that can advertise their property. This is where online letting agents enter the picture. They link tenants with properties. However, if you hire an online letting agent, be sure you’ve given clear instructions on what kinds of tenants are allowable to your property. For example, you don’t want someone with a criminal background, people with more than 4 pets and the like. Online letting agents charge a one time amount until they find your property a fitting renter.
If there are interested tenants, give them the website of your property first. If they still think your property’s what they’re looking for, then schedule an appointment for them to tour your property. Also, be sure you got your prospect tenant from a reliable source, or have done a background check to ensure he has no fishy record that could affect your business.
After everything’s been seen and the client really wants to get the property, make sure to have him/her read and fully understand the contract prior to signing. And as landlord, be sure you have all your terms and conditions on that contract to protect your rights, and the rights of your tenants as well.