Being a new landlord is definitely a challenge – but if tackled properly, you can be set on generating steady revenue and perhaps getting ready for another property investment. Here are some helpful tips to get your first condo rented out.
Set the right price
A rental price that’s too low is bound to not generate the profit you want, and a rental price that’s too high might deter tenants from applying. The word you’re looking for here is ‘competitive’. Set your rental price by researching what other rental properties are going for in your area, and make sure that what you charge is on mark.
Don’t rush to rent
It’s understandable that you’re excited to rent out your property – but ensure you take your time in the process. Don’t rent out to the first person interested – always vet through the selection criteria you’ve made, and ensure all credit and background checks are in order.
When you’re satisfied that you’ve found the right tenant, you’ll find that you can save a lot of stress and problems further down the road.
State your terms clearly and on paper
At the end of the day, you are running a business. And businesses have legal contracts. Understand that your lease should not only contain agreements such as rental price, late payment charges, insurance, etc – but also the building’s terms and conditions
Make sure that your tenant understands and agrees with everything printed on the lease before signing it. All this is essential to avoid future clashes or legal issues that may affect you financially.
Set up an innovative payment system
The millennial generation is one used to convenience, and the hassle-filled days of bank transfers will not appeal to them. Payment apps such as Squarecash, Venmo and Google Wallet are on the rise in the property world. Tenants can now pay their rent at a click of a button – and better yet, if they use their credit cards, they could collect rewards points.
Rent home appliances instead of purchasing them
A condo that is fully-furnished with home appliances will definitely get the lease signed quicker. However, there is the financial burden of purchasing these appliances, and the worry of what to do with them once the lease is over.
Companies such as GoByRent.com provide rental of home appliances such as fridges, microwaves, televisions, washing machines, air-conditioning units, and more. You can pick and choose from packages depending on what your tenant requires. Furthermore, you (and them) will be spared from the headache of dealing with broken home appliances, as GoByRent.com can be contacted directly to provide a free replacement within 48 hours.
Once your lease is over, GoByRent.com simply takes back the home appliances.
By following the tips above, you’ll be on a good start towards renting out your first condo. We wish you the best of luck.