Square meters are not only hard currency for saving savings, but also a great way to increase them. You will need an apartment and a little perseverance to read our new material to the end and understand how to turn your property into a real gold mine. You will learn about the mystery of preparation, the rules for drawing up a contract and how to save your time and not do everything yourself.
How to find a tenant: 5 steps that will bring you closer to your goal
Attractive picture: first impression matters
High-quality photographs taken from different angles will help a potential tenant form a clearer picture of your apartment. A video or so-called room tour will allow you to take a full trip through all the rooms, look into the most attractive corners and avoid those places that you would not like to focus on. A 3D tour of a living space has become a pleasant innovation that all real estate agencies are gradually striving to introduce into their work. Free movement around the apartment and the ability to turn around 360° gives a feeling of presence, and therefore allows you to determine how comfortable a person will be for a long time to stay within your four walls with a designer renovation.
Acceptable cost: market analysis and real estate valuation
For the owner, his apartment is always the best. The fact that these square meters belong to you already makes them better than the rest... but only for you. To form an objective price, you need to put aside sentimentality and get down to business with a cold heart. Expensive materials, interior design solutions and custom-made furniture definitely add points to you, but you need to take into account not only the quality and condition of the repair. The location of your apartment in the house, on the street and in the neighborhood can significantly affect the comfort of future residents. The closer you are to the metro, public transport stops, highways and social infrastructure, the higher you can raise the price tag. It's important not to overdo it. To do this, it is worth making a comparison with similar objects on the market. Find out more about what the price of an apartment depends on and rental price, you can find out in our next article. Be that as it may, only an experienced expert can give professional evaluation of your real estate, taking into account all the factors influencing it.
Target audience: how to get rid of unnecessary ones and attract the right ones
In order not to waste your and other people’s time, you should clearly state what kind of tenant you want in your apartment. You can significantly expand the circle of potential tenants if you don’t mind families with children,Also there is always enough on the market tenants with pets. It is much more difficult for them to find housing, since many owners mistakenly believe that a pet can cause harm to their property. It is fair to note that the behavior of children, as well as the pampering of four-legged family members, depends entirely on their parents and owners. We recommend that you do not refuse such tenants, but get to know them better. A neat and disciplined person will treat his home in the same way. Often, pet owners and young parents take care of the condition of their rented apartment much better than single people. Taking responsibility for the lives of others makes us more conscious. Due to the difficulty of finding a new home, such tenants try their best to establish themselves in order to stay in one place for a long time. Similar for you long term rental will become a source of stable income.
Marketing strategy: rules and methods of promotion
It is necessary to write a comprehensive accompaniment for already taken professional photographs and videos. It is worth mentioning not only such basic things as the number of rooms, area and address of the apartment, but it will also be useful to write down a list of available equipment, large furniture, indicate the amenities available on the territory of the residential complex and highlight the features of the infrastructure. For effective advertising, we recommend using several sources at once. Agency experts THE Capital They have a developed network of contacts, so they know where to place an ad in order to attract tenants as quickly as possible.
Establishing communication: another first impression, but not from your apartment, but from you
For general convenience, it is worth indicating several ways to communicate with you: phone number, your nickname in the messenger or preferred social network. When communicating with a potential tenant, you should be responsible - try to get in touch as soon as possible. Do not make a person wait, because during the wait he can find another place to live. Dozens of annoying messages and calls with the same questions are tiring, but you are lucky that our agents take care of all communications and will only disturb you in case of emergency or to conclude an agreement.
Do not rush to put your apartment on public display, because we have not yet done the most important thing - we have not prepared the apartment.
- major or cosmetic – what kind of repairs do you need? Before renting out an apartment, it is necessary to eliminate traces of previous tenants staying in it. As a rule, simple cleaning is enough for this, but in some cases more serious measures cannot be avoided. A small cosmetic repair is enough to hide scratches and abrasions. Spend a little in the preparation phase to earn more throughout the rental period
- If you are renting out an apartment for the first time, you should initially equip it with all the necessary furniture. A bed, a table, several chairs, a sofa and a spacious wardrobe - the minimum set to which you can add other elements at your discretion
- о technology don't forget either. If your tenant can manage without a water heater, then the lack of a refrigerator will clearly leave you without customers. We also recommend getting a washing machine, electric kettle, microwave, stove and router
- Since we're talking about the router, it's worth talking about the Internet. Make sure that the providers serve your home and can provide high-speed Internet. Among the tenants there are many representatives of IT specialists, for whom it is important to have an uninterrupted connection 24/7
- Did you bring everything you need? Then take out everything unnecessary. Take out your personal belongings and junk, which only takes up space
- clean up the apartment and ventilate it, because a clean and well-kept room is much more attractive than an abandoned and lifeless one
- Full name and passport details, yours and the tenant's
- registration addresses of the parties
- confirmation of your ownership of real estate
- duration of the lease agreement
- the amount of rent and the timing of its receipt
- conditions for extension and early termination of the contract
- individuals living in the apartment together with the tenant
- object characteristics
- possibility of rent increase
- nuances regarding the transfer of meter readings and payment of utilities
- procedure for visiting the apartment by the landlord
- cannot provide documents confirming his identity
- foreigner with an expiring or expired visa
- temporarily unemployed person with no source of income
- individual approach
- attention to detail
- lawyer consulting
- protecting your interests
- preparation and verification of documentation
- site preparation
- advertising your property on various platforms
- searching for a tenant
- conducting communications
How to prepare an apartment for rent
First of all, the tenant is attracted by the appearance and functionality of the property. For original interior solutions, we recommend that you contact designers or your own taste. But don’t forget about a few simple rules that will help you make your apartment more attractive to a potential tenant:
💡 You will get extra points in the eyes of the tenant if you take care of the availability of dishes and cutlery, bed linen, and also add decor and a few indoor plants for a feeling of comfort.
Signing a lease agreement: why bureaucracy will not be superfluous
The lease agreement, which is signed for a period of up to 2 years 11 months, does not require notarization, but also has legal force, so it protects both your rights and the rights of the tenant, insures both parties against unforeseen circumstances and clearly stipulates the terms of cooperation. Make sure that you do not forget to indicate in the contract:
💡 An addition to the main contract is an inventory act. Here you must indicate the current condition of the apartment and provide a complete list of the property in it. At the end of the contract, you can check the list to ensure that your of property no damage was caused.
Simple measures to protect yourself
You have already learned how to correctly draw up a lease agreement, but a few additional points will not be superfluous. We are talking about your guarantees and possible compensation. Furniture and appliances are not immune to wear and tear over time, but you can protect them from tenant neglect. To do this, it is necessary to prescribe the procedure for compensation of damages. Violation of the terms of the contract should also not go unpunished, so it is necessary to consider penalties.
A deposit will help to finally instill confidence in the integrity of the residents. A similar fee “for the first and last months” is charged in case of insolvency of the guests. It can also be used to cover damage caused by them while living in your apartment. To avoid misunderstandings, the amount of the deposit and the conditions for its return should be specified in the contract.
💡 Returning to guests with small children or animals. From these categories of tenants you can request a guarantee deposit of double or even triple the amount.
Even a well-drafted contract will not help if you choose the wrong person to sign it. All is lost if your potential tenant:
Such tenants may turn out to be scammers, so do not follow the lead of your good heart, but listen to the voice of reason.
The best way to rent out an apartment
From idea to transaction you will have to go through many stages. The real estate market is not as simple as it might seem, so a person who does not have the necessary knowledge can easily fall for a scammer and miss out on a truly reliable tenant. The experts at THE Capital real estate agency have thousands of successfully closed transactions behind them, so we certainly know how to sell your apartment. By contacting us, you receive a full range of services:
Among other things, we also offer our clients full care of the apartment even after its completion. Our unique service real estate management will relieve you of worries and turn your investment into a reliable source of passive income. Contact us for a consultation to start making money on your square meters.
