Putting your property for lease can be a great alternative. The rent becomes a source of income that, depending on the contract, can last up to 36 months (or longer if both parties decide to renew). So if you are thinking about how to rent your property and find a good tenant, take note of our tips!
During the pandemic, the real estate scene stood out – to the surprise of many. It was a boom in both the rental and sales market that heated up and went beyond expectations. According to research, this is largely due to the time people had to spend indoors during the lockdown.
Taking better advantage of the internal space, several families began to understand their needs and what was missing inside their homes. Many moved to meet this profile that, with the rush of routine, not even they understood.
Moreover, that has not changed after nearly two years. The market remains hot. So if you are looking for ways to rent your property, now is the time! Please take advantage of our tips and find the ideal tenant!
Why Put Your Property For Rent?
The same question for consumers – (buy or rent?) – is also a question for owners. After all, is it better to sell or use my property for investment?
This question is answered just like any situation: it depends on your financial situation and what you intend to do with the money. If you need a high amount of cash on hand to make an investment other than real estate, perhaps selling the property is right for you.
However, if you are looking for a source of fixed income to help with the bills and monthly budget, rent is a great option. Contracts last from 12 to 36 months (when they are not renewed), and you are sure to receive the agreed amount on a monthly basis.
So let’s learn the step by step for renting the property.
Who will manage your property?
It is the first question you need to answer and the most important. After all, who will manage your property? Here we have two options: either you make an independent rental – the tenant portrays himself directly to you – or a real estate agency works throughout the process. Let’s talk a little bit about each of them to decide which one is best for you.
Rent With a Real Estate Agent
Many people think that placing the property with a realtor can generate a headache. They think they will need to deliver many documents and go through a bureaucracy.
It is important to understand one thing: the idea of real estate being complicated is extremely outdated, and some steps are there for your safety!
When hiring a realtor to work on your property, you have access to personalized service and transfer all the “boring” parts of the process to the company. You guarantee the security of your business and also optimize time. After all, you will not need to show your property to interested parties or work on disclosure. In addition to, of course, offering a personalized service with professionals capable of truly understanding your needs, finding the ideal candidate for your property.
Direct Rent From The Owner
Renting directly with the owner can be seen as a very advantageous option, especially for tenants, who often do not need to provide many documents, and the process takes place more quickly.
However, this can be a riskier process for you, the homeowner. If you choose this path, pay attention to these points:
- Research of market values – you need to offer something that is really within the standard and attracts the attention of interested parties, or else you run the risk of having the property stopped due to a lack of tenants
- Stakeholder administration – many people may show up wanting to rent your property, and you need a critical analysis of each one to define who is the ideal tenant! Does the person have a stable income? Do you have your name on any negative records? Organize this information in advance so that it does not get stolen in the future
- Scam risk – without an intermediary, you also need to watch scams. Hire a lawyer to help you draft a lease so you do not face the risk of suffering scams and low rent payments.
How to rent your property: make improvements in space
The first contact of a potential tenant with the property is very important. The saying “first impression is the last impression” has never been more true than this situation. For this reason, it is necessary that your property is impeccable and fills the eyes of interested parties.
Therefore, make improvements to your property before listing it. Fix tiles, invest in good finishes and make your property as interesting as possible for the visitor. He needs to make sure that, by investing there, he will not have to worry during the contract about solving any of these problems.
Set prices within the market:
A big reason that can prevent you from renting your property is to make proposals with exorbitant values and outside the standard of the real estate market. It is common for an evaluation committee to evaluate each property in real estate before entering the system, so the value limit is not exceeded. If you want to evaluate the rates of the property, you may compare it with different projects. You may also consider the land prices of Al Noor Orchard.
If you are renting on your own, write down the criteria for evaluating a property:
- Localization
- Structure
- The common area (what the condominium offers)
- Value of properties similar to yours
- Finishes
- Nearby shops
- Parking spaces
In many cases, this step is neglected, and the consequence is a low demand or number of offers for your mobile.
Invest in real estate photography:
Taking good photos of your property is an essential step when renting your property; after all, nowadays, most searches start online. In addition to arousing the interest of future tenants, they also help you complement the information given in the ad.
Through the photographs, it is also possible to convey important sensations to those interested, such as coziness, comfort, and safety. So, take care of the photos! Keep your corner tidy (no towel hanging or clothes thrown on the bed, right?) as these are aspects that everyone seeks to have in their home. You may also analyze and observe the photography done by Taj Residencia.
Value your property
A good advertisement can pass all the necessary information and still value the property. Therefore, at the time of disclosure, do not forget to give much value to what your property has that is different!
It can be a gourmet balcony, a spacious kitchen, or even the ultimate view from the living room window. What will new residents gain by living in this place? What are the benefits and positives of the location? Why is he better than everyone else? Cherish it, and you will see interested parties coming!
We hope that we have taken all your doubts about renting your property! However, if you have any other questions, you may visit or consult the Sky Marketing consultation team. We are always available to answer your questions about this or any other subject in the market!
Also, do not forget to continue browsing our blog. Here, we do not discuss the real estate market but also give you several tips about everyday life, architecture, and more.
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