Deciding to rent out a property, either one that you have bought specifically for this or because you are not currently using it, can be a great way to give yourself an additional stream of income. As you may expect though, it is not nearly as simple as just advertising it and then accepting the first people interested in your property as your new tenants.
In the following article, therefore, we will look at some important tips that will help make the experience of renting out your property as simple and stress-free as possible.
Prepare The Property
The very first thing you need to do when you come to the decision that you want to rent out your property is to figure out if you want to do so with it fully furnished or unfurnished. Ideally, you will have better success if you can offer both options to potential tenants, as this widens the market audience for your property.
Your property’s décor and soft furnishings, ideally, should be as neutral and fresh as possible. It is also crucial that you ensure the property is well-maintained and clean as this will help to attract nicer tenants.
Tenant safety is something that should be high on your list of priorities. Make sure you have all electrical equipment in the house tested annually and that you also have an annual Gas Safety check conducted. Smoke alarms are a muse and by law, you need to have an Energy Performance Certificate, also known as an EPC.
Before you start any tenancy agreement, you should take a professional inventory of everything inside your property. This should include more than just the furniture and crockery. Having a full and detailed inventory will help avoid any disputes that arise when your tenants move out. Estate agents like Newington Estates in London will be able to help you out with making inventories.
Keep An Open Mind Regarding Tenants
If you are serious about finding tenants for your property, you need to ensure that you keep an open mind about the kind you are looking for and that you don’t have unrealistic expectations. The fussier you are about tenants, the smaller the target market you will have. It is also important that you avoid becoming too attached on an emotional level to your property, as it is harder to let go of a house or property you really love.
You may find that prospective tenants try to negotiate on the rental price and depending on how much they offer, it may be worth considering if your asking price is worth sticking to or if it is better to take a lower offer and start making money. Your estate agent will be able to advise you on this part of the process.
Consider The Service You Want From Your Agent
You need to give due consideration before you start the process of renting out your property as to how much you want your estate agent to be involved. Figure out if you want them to look after the ongoing management of your property and collection of the rent or if you just want them to carry out the security checks and find tenants. While it will obviously cost you more money to have your agent involved on an ongoing basis, it could save you hassle and time in the long run if you have someone who knows what they are doing dealing with things.
Furthermore, avoid choosing an agent based on the fee they offer. If one offers a lower fee than others, there may be a good reason for this and it may prove to be a mistake in choosing them.
It may be in your best interest to hire some staff to help with the upkeep of your property. This could include anything from a gardener to a cleaner and it allows you to keep a certain amount of control over the maintenance and care of your rental property.