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After you’re registered as a viable landlord, and your property is deemed habitable and set up for a tenant to occupy, it can be tough to know what your next step is. Of course, finding tenants and bringing them into the property, or finding a property agent to help expedite this process might sound like the best step forward.
Often, it is. But it’s also true that there may be a few protocols you wish to iron out before you begin this process, just for the sake of diligence and care. This way, you can avoid that feeling of having rushed into a process without realizing how to achieve in it, as well as give yourself more time to focus on what you’d actually like to achieve.
In this post, we hope to discuss a few measures you can use when letting to tenants, and how to properly identify your market, or how to understand the true value of your property, too. Without further ado, let’s begin:
Properly Value Your Property
It’s amazing how many people will take the first or second valuation price of their property as standard. It’s good to get a range of opinions, but especially a property valuation from those who have an inclination to offer the space to a wide variety of people, perhaps even corporate clients. Being diligent and researching the market alongside a competent agent can help you stand more confidently in your renting process. Don’t be afraid to spend a little more on a more competent and prestigious firm in order to get the best help – it may pay for itself.
Consider What Tenants You’re Opting For
It’s not an easy process looking for tenants, especially if you’re located near or in a city, where many different people in many different situations may wish to take the property on. It’s good to market to a particular audience, those who may be classified in certain ways. For instance, do you only serve professionals over the age of thirty? Will you accept pets? How about corporate clients that may not even occupy the property but are happy to rent it and pay through the business as necessary? It’s okay to turn down some of these necessities – just don’t turn your nose up at anything unless you’re sure of your answer.
Learn All About Vetting
Vetting your clients can be easy from time to time, especially if you rent to corporate professionals, for instance. But either way, it’s important to make sure you perform your due diligence. Do you check references? What kind of deposit do you take? Does their employment check out? While you might be willing to let to a first-time renter who doesn’t really have a history, don’t discount the worth of these tools for helping you feel a little more secure in who ends up in your property. It can make the world of difference.
With this advice, you’re sure to do your best before letting to tenants.
