How do you Rent your Property
Renting is a business and should be treated as such. I have rented property in the past and there are so many things that can go wrong if you do not handle it right. Here are some things that I would do if I was renting my property.
- Get an agent to rent your property for you
The first thing that I would do is to get an agent to rent my property for me. The reason for this is because they will know the market better than you will and will know how much to charge, when to market it, what marketing strategies work etc.
If you want to get the best price for your property then getting an agent is a must.
2.Get all offers in writing
If someone wants to rent your place then make sure that they give you a written offer before you agree to anything. I would also recommend that you get a deposit before you give them the keys.
3.Get the tenant to put down a bond
If you want to protect yourself from your tenant damaging your property then you should make them put down a bond.
You can charge anywhere from 2 weeks rent up to 4 weeks rent depending on how much damage they could do and how big your property is. This will help cover any damage that they may cause.
4. Get references from previous landlords and bank statements for the last 3 months
I would also get references from previous landlords and bank statements for the last 3 months as well as proof of income for the last 6 months (to show that they can afford it). If they do not provide these things then I would not go ahead with renting my property to them.
The reason for this is because if they have been renting previously then their previous landlord will know if they are reliable or not and if they have been paying their bills on time then their bank statements will show this as well as how much money they earn per month.
You do not want to take a risk with someone who does not have good references or who has been having financial problems recently as this could be a sign that they will not be able to pay you.
5. Charge for any damages done
If your tenant does cause any damage to your property then you should charge them for it. You can either charge them on a daily basis for the amount of time that they have caused the damage or you can charge them for the cost of repairing it (which could be much more).
I would also get them to sign a bond and this will help cover any damages that they do to your property.
6. Do not allow pets or smoking in your property
If you do not want pets or smoking in your property then make sure that you say this in the lease agreement and also make sure that there is no pet smell or smoke smell when they move out.
If there is then I would make them pay for it as well as deduct it from their bond (if you have one). Pets can cause damage to your property as well as leave hairs everywhere and smokers can leave cigarette burns in your carpet which can be very expensive to repair.
So if they do smoke or have pets then make sure that you include this in the lease agreement and get it signed by both parties. This way if they break these rules then you will be able to charge them for it.
7. Get everything in writing
If you are renting your property then make sure that you get everything in writing and have both parties sign it. This way there will be no misunderstandings or confusion later on and both parties will know exactly what they are doing.
If you have any doubts about something then make sure that you ask them to clarify it in the lease agreement as well as ask for a written confirmation of this if they say yes.
You do not want to get into a situation where there is confusion or doubt later on because this could lead to many problems and this is the last thing that you want.
8. Be fair with your tenant
Make sure that you are fair with your tenant and do not treat them differently than any other person would be treated.
This way if they break the rules then you can charge them accordingly but if they do not break the rules then do not charge them for anything (unless they damage your property).
This way they will respect you more and be more willing to pay their rent on time and treat your property better than someone who has been treated unfairly by their landlord before would have done.