Have you been planning to give your property for rent? Perhaps you have already done enough advertisement for your space online. There is paperwork involved in renting your property and you have to ensure that it is not misused by the tenants. So if you are a landlord who is all about renting their property then you must keep these things in mind.
Fix the Rent: The very first thing you need to do is to fix a reasonable rent for your property. Before you set an amount it is a good idea to check the market rates. Keeping a very high rate would mean that you will have difficulty in finding a tenant. Moreover, if you must keep the rate slightly on the higher side then it should be justified. For instance, you can offer extra furnishings or some other privileges like special security devices.
Rental Agreement: A legal contract is important while giving the property on rent. The papers should be duly signed and you have to put across the terms and conditions. A rental agreement will essentially make it smooth for both the tenant as well as the landlord as they will be bound by certain rules. Encourage your tenant to read this document very carefully before signing to avoid any future issues. It is advisable to secure the rental properties Brisbane with a rental agreement.
Marketing your Property: Gone are the days when one had to give out advertisements in the newspaper. Nowadays you can easily place your property on online platforms by posting the relevant pictures. Start by adding the details of your property so that the buyers will find it useful. Nevertheless, don’t forget the good old word of mouth. It is a good idea to exhaust all possible ways of marketing your property as you never know which way will work.
Hire a Broker: If you don’t want to go through the tedious process of advertising and finding a tenant then it is best to hire a broker. The broker will do all tasks such as handling the paperwork, giving the keys to the tenant and ensuring that they pay the rent on time every month. You will just have to stay connected with the broker and not worry at all about the property. However, the services of a broker will come at a cost and you should be prepared for the same. On the brighter side, you will be free from the hassle of managing the property.
Furnishing Details: Make a list of all the furnishing you have already while renting out space. Make sure that you also include fittings and fixtures. This list will be helpful as you will get to know in case there is any damage to your property. In this case, you can then levy them with a penalty or cut the amount from the security deposit that they have given to you. Landlords should ideally check how the walls and roofs are before giving the property on rent. This will ensure that there isn’t any clash if there is damage in the future.
Initial Deposit: As mentioned before, there could be any damage to the property in the future which is why you are advised to take two month’s rent in advance. This secures you as you can pay for the damage from this particular deposit. Moreover, in case the tenant is not able to pay the rent for a month or they leave without any prior notice then you will have this money as a backup. Additionally, you can also increase the rent of your house annually which is a pretty standard procedure. According to Brisbane property management, you should make all these things clear to the tenant in the very beginning.
Verifying the Background: You cannot just blindly trust anyone when it comes to renting your property. Ideally, you should ask for their identity proof so that you may find out about them. This is to ensure that you don’t end up giving your property to someone from a criminal background.
Thus, you should take into consideration all these aspects before renting your property. Moreover, you should pay a visit to the rented property now and again just to ensure that everything is alright.