What Should an Owner Do Before Renting Out an Apartment?
Do you want to rent out your property yourself, but lack experience and knowledge? We'll give you some helpful tips, but keep in mind that the owner is ultimately completely responsible for the success of the process.
Create an action plan and inform about it
Whether you're single or a family person – open your calendar and write down your entire team that will help you find a potential tenant. Plan the necessary activities, write down the data about each room of the rental property with precision to the square meter, as well as current utility costs, electricity, gas, water and heating readings, all necessary contacts and other important information. Since the action plan changes over time, you can also evaluate and compare candidates who are more or less suitable. If you want to find a tenant quickly, start active information dissemination right away. The primary target group to inform about the vacant rental space is your neighbors, acquaintances living in the same building or nearby area, your circle of friends, colleagues and relatives. I recommend involving the whole family in the information campaign.
Set the rental price and draw up a rental agreement
The most interest is shown in the price, and therefore you need to determine the market prices in the area. The offered rental price should not be too high or too low; ideally it would be slightly below the market price, which is likely to catch attention right away. Drafting the basis of the initial contract is the most important part of the entire process. Think through the financial side of the contract carefully, all additional costs, the amount of the security deposit, the duration of the rental agreement. It's good if the apartment being rented out is already insured, which gives you greater peace of mind during the rental period.
Design your advertisement and place advertising
A skillfully designed and grammatically correctly written rental advertisement attracts attention. The text should be as informative as possible, but there shouldn't be too much of it. The rental space must be described thoroughly, highlighting the advantages and special features of the apartment. It is very important to point out what the rental price includes, what furniture comes with it, and whether the price includes the option to use a parking space or storage room. Beautiful and professional photos are very important. Before placing advertising on the internet or in a newspaper, consult with a professional. Be sure to mark the location of the apartment! The location of the living space is of paramount importance and can compensate for other shortcomings. Also point out the existing public transport connections. Surprisingly, but one of the most important details is the view from the window: describe what it is like. If it's a quiet area, be sure to mention that: that the area is mainly inhabited by elderly people, the neighbors are quiet and greenery is only a short walk away.
Check the tenant's background
Online you can get acquainted with a tenant database and get information about tenant payment defaults (taust.ee and Creditinfo reports). Meet the tenant in person, don't rush, listen and observe your conversation partner. First impressions are very important! Make sure the person is competent both legally and physically. Additionally, designate one contact person who would also be authorized to conduct business with you. Meet with the contact person – you can get important additional information from them.
Don't be shy about asking the tenant for an identity document, information about their marital status, workplace, religious preferences, their attitude towards pets. It is very important to know exactly how many people will move into the apartment – it may happen that more people move in than can be specified in the contract. Secondly, it's important to agree whether the rental price will remain the same or whether you will reserve the right to change it – this must also be noted in the contract. If someone other than the potential tenant, such as an acquaintance or relative, comes to the apartment showing, it's worth being cautious!
Article source: Arco Vara
