4 keys to success when renting your property
Set a fair lease amount:
When you set the rental amount for your property, make sure you set a fair and attractive market price so that it can be rented immediately. In addition to taking into account recent market comparisons to get an idea of what real estate prices would be like if they were available today or tomorrow, depending on when people want to move in; it places more importance on properties with successful tenants versus those that are still vacant, because these types of listings will have less risk associated with them, meaning many changes probably won’t need to be made until later.
The rental market does not have a direct relationship to the purchase market:
It’s easy to get carried away with the hustle and bustle of city life, but sometimes we need to remember where our priorities lie. The price paid by tenants does not directly reflect any increases or changes made by landlords, rather these prices correspond to what is in the general market.
Rents go up every year because more people are competing for finite resources like apartments; Repairs can be anything from simple maintenance tasks like changing light bulbs to major renovations like when you renovate your kitchen or bathroom and add new countertops.
Consider renewing contracts: Although it is true that there are several elements to take into account when renewing the contract with a tenant, from a financial point of view, renewing is usually the best decision, with renewal you would be avoiding costs such as:
- Property improvements to put back on the market (painting, carpet cleaning, etc.)
- Time to find tenant, pre-qualify, negotiate contract and association application phase usually translates into weeks or months without generating income
- Commissions can be higher on a first contract than on renewals
If the tenant is good, try to keep it:
- The tenant is one of the most important people in any rental property. If they pay on time and are up-to-date on maintenance, it’s easier to renew their contract than to try another new person every few months or years.
- It is very common as a landlord to insist on increasing the rent and be willing to leave “good tenants” for not reaching an agreement on the increase, however, before leaving a good tenant, always think that it is a lottery who will be your next tenant. .
Also remember that if your property is in a condominium which needs approval before your tenant moves in, the person will also go through this filter which will give you double protection.