The takers for both these options are many but let us look at both the options for the first clueless timers’ sake.
For those comfortable with property management service
The choice to go for property management services is not bad, it not only saves time and effort in finding the ideal tenant but also do a clear background check to ensure that the tenants are genuine. If you are planning to opt for this mode, there are just two things for you to consider: where to find the right service provider and being comfortable with the expenses that you will have to incur.
- Where to find the right property management service provider?
Depending on where your property is, you can either go for the traditional word of mouth medium or use reliable real estate portals available on the internet. The latter is much easier for all you have to do is put in your location and search, for example, if your property is in Bangalore, just put in ‘property dealers in Bangalore’ and you will get a number of results on time.
- Be comfortable with the expenses
In order to be comfortable with the expense, you will first need to get an idea of the exact amount. Confirm and research the going service rate in the market and also ask your provider if the cost of managing the property is recurring or one time. Doing this will prepare you for the coming expenses.
For the ‘do it yourself’ counterparts
Doing all the tasks on your own definitely makes you a Brave-heart. Although it may look impossible, but it takes less time to get it
Begin online. For nominal fees and sometimes even free, you can now advertise your property on renowned websites. Like the last Bangalore example, what you can do is post a ‘Flat for rent in Bangalore’ ad that will eventually take the prospects to the hyperlinked image. For those who want a more advanced result for less money, they should try YouTube or Vine. Upload a simulated tour of the property, then share the links on different classified websites such as Craigslist, also add them in your various social media platforms. After listing your property, do not forget to put in the necessary “For Rent” signage in front yard.
Strangely, some landlords do not even bother to tidy up their houses and apartments before putting it up for rent. Normally, the nicer and cleaner your house is at times when the prospect comes,the nicer it looks when they both stay and leave.
- Repair structural shortcomings
Replacing the busted appliances, chucking out left-behind scrap, pests and termites spray and by simply adding new paint coat will take you far in attracting the ideal renter. Also the probability of getting a higher charge increases, big time.
Have a document that clearly specifies the various lease’s TnCs, such as if pets are allowed, if you need security deposit and/or expect the tenants to bear their renters insurance. Make sure you have it ready even before you start shortlisting tenants.
We all know how difficult it can be to find the right tenant for your property. There is no right or wrong option here, everything depends on the efforts you can take and the money you have. Now that you know what it takes to go in either of them, make a sound decision.
This is a guest post by Tripti Rai. She writes about real estate sector, she keeps her readers informed about latest developments in real time through her writing.