Tips to rent out your homeArjun
Got a Job in Mumbai and not sure about what to do with property in Jaipur? Relocating abroad for long term assignment and looking for buyers to sell property? Got a new investment opportunities in real estate in Jodhpur and trying to have a rental income from the same?
Whatever be the reason, the goal is always to put your property into making money by way of letting it out on rent. Usually for a landlord it’s a big headache to find out the right value of the property and let it to the tenant. Well no hassle any more, from due diligence in finding out the right value of your property to handing over the key to the tenant simplified. Just follow the following steps and realise the difference.
Finding out the Rental Value of your property
Research on similar properties:
• Based on the size of the house, amnesties available, distance from nearest utilities like, railway station, hospital, shopping centre, school etc. find out the comparable property in your locality. You can use www.toletall.com for the same. You can compare the rent of the similar property.
• You can also pose as potential tenant and ask about the rent and negotiation option available to the owners. This will help you to identify the extent of negotiation you can do with your tenant. Keep a bird’s eye view on the comparable property to see if there is potential tenant who are ready to pay the quoted rent of the similar property. This will help you to find out if the listed rent is too high or too low.
Review the improvement requirement:
• When was the last time you have changed the Geyser in the bathroom, or made the alteration in the kitchen utensils? When was the last time you looked at the noise making chairs attached to the dining table?
• Remember making those small improvement will not only increase the rental value of the property, it will also increase the success rate.
• A good decorative painting on the walls of your house can fetch you 5% to 10% higher rent. Don’t miss the opportunity just by neglecting these small things.
Listing the Property
Understand your target market:
Based on the location it’s good to know the target consumer segment. This will help you chose the right mode of advertisement. For an example a house near to educational institution requires to be advertised more on social media and food joint whereas in case of IT corporate advertisement should be made more on online portal.
Advertising house of Rental:
Advertising by using right mode can fetch you tenant quicker. Advertising more on features will also result in getting higher than average rent of the similar property. It’s good to use feature listing in the web portal as it will help your property to come as the first option. While put an advertisement don’t forget to mention the utilities near to your location. Parents with school going kids look more for the house near to the school where as an elderly couple may look for medical facilities. Based on the target market segment selection of right day for posting is very important. Houses for rent in Jaipur to college students or IT professional will fetch better result if advertised on Thursday and Friday whereas for the mid aged profession Wednesday can be more fruitful.
Content for Advertisement:
A Catchy caption or beautiful picture of view from balcony of your house can be more lucrative to the tenant. Thus be creative while posting your advertisement. Everyone looks for offer and discounts. A good discount for particular timeframe can give you much better result.
Finding the right tenant
It’s very important to know well about the tenants. Check the original ID card of all the adult members in case of bachelors and marriage details in case of married couple. Checking the authenticity of the tenant is very important.
Agreement for rent/lease:
Have a proper rent/ Lease agreement with tenant. Don’t forget to mention the following items in the rent/ Lease agreement
• Advance paid by the tenant and clause for returning the same
• Breakup of the rent amount and provision for increment
• No of Bedroom, Bathroom and other rooms in the house
• furniture’s, Fittings and other accessories and its condition
• Notice period in case of tenant want to leave
• Do’s and Don’ts for both owner and tenants
All agreement should be signed and properly notarized