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 with the lockdown.
Taking better advantage of the internal space, several families began to understand their needs and also what was missing inside their homes. Many moved to meet this profile that, with the rush of routine, not even they understood.
And that hasn’t changed after nearly two years. The market remains hot. So if you are looking for ways to rent your property in societies like Nova city Peshawar, now is the time! 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 the property for investment?
This question is answered just like any situation: it all 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.
But if you are looking for a source of fixed income to help with your 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 steps to rent your property?
Who will manage your property?
This is the first question you need to answer, and definitely 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 so you can decide which one is best for you.
Rent with a real estate agent
We know that many people think that putting the property with a realtor can generate a headache. They think they will need to deliver a lot of documents and go through a whole bureaucracy…
But it’s important that you understand one thing: this idea of real estate being a complicated thing is extremely outdated and some steps are there for your own safety!
When hiring a realtor to work on your property, you have access to personalized service and transfer all the “boring” part of the process to the company. You guarantee the security of your business and also optimize time, after all, you won’t 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 not need to provide many documents and the process takes place more quickly.
But for you, the homeowner, this can be a riskier process. 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 lack of tenants;
- Stakeholder management – many people may show up wanting to rent your property and you need a critical analysis of each one to define who the ideal tenant is! Does the person have a stable income? Do you have your name on any negative records? Organize this information in advance so that it doesn’t get stolen in the future;
- Scam risk – without an intermediary, you also need to watch out for scams. Hire a lawyer to help you draft a lease so you don’t run 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 in 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 won’t 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. In real estate, it is common for an evaluation committee to evaluate each property before they enter the system so that the value limit is not exceeded.
If you are renting on your own, write down the criteria for evaluating a property:
- The common area (what the condominium offers);
- Value of properties similar to yours;
- 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 to 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. You can see the example in the form of great images of nova city Peshawar. 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.
Value your property
A good advertisement is able to pass all the necessary information and still value the property. Therefore, at the time of disclosure, do not forget to give a lot of 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. Every property tells a story and it’s important that you can tell yours. 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’ll see interested parties coming!
We hope that we have taken all your doubts about renting your property! But if you have any other questions, just look for us here in the comments. 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 talk not only about the real estate market but also give you several tips about everyday life, architecture, and more.
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