Setting up a property to be leased out can be a challenge, especially if you haven’t done it before. The processes you will go through will also vary depending on the type of lease you are offering. If your goal is to supplement your income by renting out a spare room, what you will need to do will differ compared to if you were to rent out an old apartment for the long term.

To help you get started with either process, all you need to do is follow this guide:

Short Term or Long Term?

The first thing you need to decide when renting out your property is whether it will be for long-term tenants, or short term. Each one has its own rules and regulations that you will need to follow. In Sydney, for example, AirBnB hosts will be limited to how long they can rent their property out for. Your apartment building might also be able to ban the practice entirely if enough owners vote in favour of it.

Screen Potential Tenants

Before renting out your property, it’s crucial to screen potential tenants thoroughly. This includes conducting credit checks, employment verification, and reference checks from previous landlords. You can also consider hiring a professional tenant screening service to ensure a comprehensive evaluation. Screening tenants can help mitigate the risk of late payments, property damage, or other issues.

Make Improvements that Matter

Improving your property, even if it’s already in high demand, is always a good idea. For instance, if your property lacks proper insulation, fixing it can prevent issues like water intrusion and mold growth. Likewise, installing a heating system, perhaps with the assistance of companies like Brothers Mechanical, can enhance guest comfort, especially during colder seasons. These upgrades not only benefit your tenants but also help maintain your property’s value in the long run.

Understand Landlord-Tenant Laws

It’s essential to familiarize yourself with the landlord-tenant laws and regulations in your area. These laws govern various aspects of the rental process, such as security deposits, eviction procedures, and tenant rights. Violating these laws can lead to legal consequences and disputes. Consider consulting with a legal professional or joining a landlord association to stay informed about the latest regulations.

Prepare a Comprehensive Lease Agreement

A well-drafted lease agreement is crucial for protecting your interests as a landlord. The lease should clearly outline the terms and conditions of the rental, including rent amounts, late fees, pet policies, and responsibilities for maintenance and repairs. It should also address termination clauses, renewal options, and any other applicable rules or restrictions. Having a comprehensive lease agreement can help prevent misunderstandings and disputes down the line.

Add Storage

One improvement every single rental property should consider is storage. By adding in this extra storage, you can make even a small studio flat more attractive to professionals, as they will be able to live in the space available and not have to share it with their belongings. Storage is, of course, less important in short-term rentals.

The Importance of Having it Inspected

Not only should you have inspected for safety before you start renting it out, but you also need to conduct regular inspections throughout the year. Once every six months is a good way to monitor the quality of your property and to make any maintenance fixes before they become expensive problems.

Create Your Listing

Finally, put all your hard work to the test by creating a great listing. You will want to put up professional photos of the clean property, create a floorplan with Metropix, and most of all know how to describe it.

Rental listings are typically more professional, giving users the ability to quickly go through their checklist of must-haves. With short-term rentals like a vacation home you can use more descriptive language to captivate them and give yourself an edge.

Renting for the first time can be daunting, but by doing it yourself you will save on a lot of fees, and will be able to pocket the money for yourself. Of course, if you find it easier, hiring an estate agency to care for your property and your tenants can help you bring in the cash without the stress, giving you more time to focus on other interests.