Top tips to consider when renting out your property
- Negotiate a firm but fair lease. Get professional advice and make sure that your lease is carefully thought out and is clear and understandable.
- When negotiating with your tenant give a little more than you get. That will go a long way towards a happy landlord-tenant relationship. If someone feels that they’re getting good value for money they will be more inclined to then be fair, generous and look after your property in return.
- Ask a rent that is competitive in the market. If you get greedy and try to get too much money they might feel that you should come in and change the lightbulbs because they’re paying for it.
- The property should be marketed well. This is where a real estate agent would come in, and you should also make use of the other resources available and options to market your property.
- Have the property kept clean, fresh and presentable. Stage it the way you would if you were selling your home.
- Screen your tenants and ask for references.
As a tenant, what should I look for in a lease?
You need to check what your responsibilities are as a tenant.
- Be sure that the landlord’s responsibilities are clear and also included in the lease.
- Be sure that the property is insured by the landlord
- The term of the lease
- How much notice you have to give
- Is your deposit refundable within a reasonable period of time once you vacate the premises? Two weeks is fair.
Should I rent out my property furnished or unfurnished?
It would be best to have furnishings to show the property and include in the rental as you might be able to remove and store the furnishings if you get a tenant who has their own. If they don’t then you are limiting yourself to tenants who have their own furnishings. My advice is to make the house available furnished/unfurnished. It’s more important to get the right tenant at the right rental price than it is to limit yourself over particular items of furniture – unless of course we’re talking very expensive items. Ideally, you have the furnishings but you are flexible.
