CheckList To Be Done By A Property Owner
We understand how important it is to handle the investment properly. Being a landlord is not just about the money. If you are thinking that I should rent my property, then you are embarking upon taking new roles. You need to make sure that certain rules and regulations are followed, compliances are done, the tenants are reliable. Now that you have made a big investment in your property already, it is not harmful if you are a little bit more and ensure that your tenant is a reliable person.
We have prepared a comprehensive checklist on how to properly guide yourself while renting a property. These include some essential tasks which you must accomplish before and after you decide to give accommodation to another person.
1. Know your tenants
Before you decide that I should rent my property, you should get to know who you are giving your property to. Your tenant may or may not like the property, and you also have to decide whether you would like to give them your accommodation. Get information about their previous employments, landlords, places, any criminal records, employment capabilities and so on. Make sure you do your basic research before you go on to sign the agreement.
2. Be aware of the responsibilities
When you are renting out your property, there are legal and economic responsibilities of both parties. You must be fully aware of them before you sign the agreement. Ensure that you put them in the agreement itself in writing, but don’t forget to talk face to face with the tenant itself and make them understand their responsibilities like paying rent on time, fixtures, etc. You can also get landlord insurance in case some mishap happens due to anyone’s fault. Also, make sure that you equip yourself with your own responsibilities to avoid any clashes in the future.
3. Make the place safe for anyone
No matter you are giving up your accommodation to someone else, this must not stop you from taking all the safety measures you are obliged to. All the appliances should be working properly, the gas equipment and electricity should be safe, there must be fire safety provisions such as smoke alarm and detectors. There should be fire ducts in the kitchen. All these should be provided to your tenant, and you should also inform the tenant of all these safety measures. Along with this, they need to be informed about the prices and energy consumption which they have to bear later.
4. Make an inventory list
Making an inventory list will help you keep a check on all the items you are providing to your tenant. It will help them to know and make sure that nothing is misplaced during use. If some inventory is old, inform the tenant that also. Make sure that the entire place is not filled with old worn-out products and furnishings only as it will get a bad impression on you.
5. Maintenance and repairs
Usually, the general practice is that the landlord takes the responsibility for all the repairs, Maintenance like painting, etc. Unless otherwise agreed in the contract, the landlord has to pay for it. Small damages to the property such as crockery breaking, minute breakages might be dealt with by the tenant itself, however bigger ones such as the painting of the house, breaking of the pipe duct, all have to be taken care of by you if the agreement permits. To ensure there are no confusion and clashes in the future, list out these responsibilities thoroughly in the rental agreement. It will help you plan the expenditure accordingly for your property.
6. The place should be ready for rentals
If your property isn’t furnished properly or equipped with the necessary equipment, it will be harder for you to find a genuine tenant. A sofa, a TV, a wardrobe for the bedroom, WiFi, chairs, coffee table, are some basic amenities that should be provided by you especially if you are putting up your property as vacation home rentals. Your kitchen should also have some basic appliances like a stovetop, crockery kitchenware. Some additional amenities like iron, coffee machine, storage place can help you get better rates and will get reliable tenants for your vacation home rentals.
7. Tenant needs to be informed of everything
If you have some services, requests, and others that are included in your rental agreement, you can also inform the tenant personally about them. This can include garbage guidelines, pet rules, etc. If you have certain rules, then also you have to inform the tenant about them. If you have gardens, terraces etc then your tenant will be interested in knowing his or her rights regarding them. If you have holiday vacation rentals, inform your tenants about all the services so that they are happy while renting your home. There is no need to lie about your services as it can attract legal action also.
8. Picture your place
If you are renting your property, make sure you take good, worthy and real photographs that help the tenants to decide about the quality of your accommodation. This stands true especially in the cases of vacation holiday rentals because there the tenants usually don’t get to see the property until they come to live there. Add some extra photos of the special amenities you provide, of your garden, views, sunsets, bedrooms, bathrooms and so on. The more your images are descriptive and authentic, the more is the chance for you to proper by renting it.
Finding a good tenant is not an easy task, it takes effort, time and even money. However, with basic amenities and good services, you will always be able to find a reliable tenant. Remember the rule that what you give is what you get. If you send out unreliable information, you will get unreliable tenants in the future. If you want to earn with your own property, then these rights and responsibilities will help you go a long way on the road to prosperity.