When you are looking to maintain better stability in your economy and you spend a lot of time out of town, renting a property can be an excellent solution since it represents a considerable source of income.
We know it may sound uncomfortable, but it is one of the best options in these cases if you want to avoid vandalism, wear and tear on your things, and so on. Adding that you will have a direct benefit that suggests being able to earn easy money and not having empty properties.
Are you ready? We will give you some tips you can take before renting your home in case you are a long-distance landlord:
Choose the right broadcasting channels.
The methods by which you can advertise or publish your property are quite varied. You can carry out this process through the internet, in those groups destined to rent properties on social networks, go-to real estate companies, or print some physical advertisement in the city, in the same way, many people choose to locate their tenants through their contacts, so they do not spend on advertising, but they use their acquaintances or friends, either at work, family or schools.
Analyze each of your prospects in detail.
Beyond the medium where you get tenant prospects, it is of utmost importance that you take the time to investigate previously, for this you can engage in conversations with these people, ask for reference numbers or evidence of their previous leases, this allows you to know if everything is going properly.
In the same way, you should do the same with the guarantor since they are the ones in charge of the contract and the agreements during the time it lasts. This is of utmost importance for all three parties, for you, for the property, and for the tenant, especially when we are looking for people who are honest, good, reliable, pleasant, and who really keep in touch. These are the characteristics that allow you to feel confident about the condition and good use of your property.
Get advice on how to draw up a good rental contract
There are many aspects that must be treated with great care from the beginning, elements such as the lease term, the price of the property, and above all the clauses that the tenant must comply with. Just as your tenant will be concerned about feeling protected when proceeding with the contract, you as a service provider should feel the same way, so it is important to provide a balanced experience with the client.
Keep in touch with your tenant
Your work as a landlord will not end once you rent the property, you must make sure that the tenant moves in and receives your payments. It is vital that you continue to maintain contact with the tenant, remember that in the end, the property is still yours and in any situation that arises, you must be informed and provide a solution. In the same way, you must also be aware of the use that is being given to your property. The tenant must be aware that there is some attention and supervision coming from the owner so that he knows that the payment is not the only thing that matters to you, but the comfort of his stay.
Take out a security policy for your property.
One of your responsibilities is to ensure the well-being of the property and protect it from external factors such as damages, natural disasters, theft, or any other inconvenience. For this, you can opt for an insurance policy that keeps your property protected in various measures, from those minor affections to the problems that may arise with landlord and tenant that can damage your income.
Fix up and remodel the house
You must consider that nobody wants to live in a house that is not finished or that needs constant modifications. These processes are usually very annoying for the tenant and you may be called on numerous occasions to take care of the damages.
Carrying out a remodeling will save you time and headaches. It will also strengthen your ties with the tenant. Before renting, take care of those walls that need painting or maintenance. Likewise, change any light bulbs that are damaged or missing.
For many people the image is important, so if it does not have a good structure or does not look visually pleasing, surely you will not get the number of customers you expect. Take care of the image of your furniture to ensure its rental.
Hire a property manager
If you don’t have time for any of these options, you probably need a property manager who can take care of the heavy lifting while you just make sure everything is in order and that they pay what they agreed to.
Examples of the services a property manager can provide include:
Preserving Property and Common Services
Preserving the maintenance of the property, thus allowing you to continue to position your investment.
Having to change between suppliers is always a tedious process, but having a property manager will allow you to take care of other things while he/she makes the contracts and you get better services.
Manage the Payment of Common Expenses
Among these we can find the maintenance fees, and payment of basic services; as well as keeping the accounting books required by law.
To supervise the fulfillment of the internal regulations
Having an administrator will also be useful when you have to make visits to your property so that you can corroborate that no actions are being carried out that do not comply with the regulations.
Manage Collection of Delinquent Debtors
It is not the most common, but this could be of support when you have an experience that requires some knowledge to deal with the difficulties.
In the same way, this can be your mediator at the time of making the corresponding collections and keeping the accounting if necessary.
