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.
Make Improvements that Matter
Every property can do with some improvements, and while you might have no problem with finding tenants, it can still be very worthwhile to get these improvements done. For example, if your property is badly insulated, fixing this issue can reduce the risk of mould and other problems from building over time.
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.