Property Owner’s Guide: Steps When Renting Out Your Apartment

If you have decided to rent out your apartment, then it is only normal that you have a lot of questions on the subject. Certain aspects must be taken into account in order for your property to be rented out in a way that you are financially benefitting from it, as well as having the best experience while doing so. Today’s guide will highlight some of these details. Take them into consideration when renting out your apartment.

What to do when renting out your property?

The first step you should take is checking out your apartment. Everything should be in perfect order, from the installations being in good state to the paperworkk being complete. You should check the situation with water, gas and electricity. And remember that you must have an energy performance certificate if you want to rent out your property.

Next thing to do is checking out all the appliances. If one of them doesn’t work, replace them. Same goes for furniture if you have decided to rent out your place as a furnished apartment. First impressions count, and that is why most property owners decide to paint the walls when renting out their apartment for the first time or when a new tenant moves into their home. These are just some basics if you want to rent out your property via a professional agency.

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Selecting rental method

Many people are unaware of the different rental methods that exist. It all depends on your goal and whether those are for the short or the long term. You can choose to rent out your apartment as touris accommodation, monthly rental or yearly rental. 

If you want high revenue on your property and have a tourist license, then tourist or holiday rentals are your best bet. If the property is not licensed, you can opt for the monthly rental option. On the other hand, if you don’t like frequent changes in tenants, and don’t mind revenue being a bit less, then yearly rental would be more convenient.

Determine the amount of rent

One pressing question you might have when renting out your home is what the rent will be. We would advise you to investigate average rental prices in the property’s neighbourhood. This will give you an overall idea, and from that point you can decide whether you want to ask more or less than the average rent. The price also depends on other factors, like the presence of a swimming pool or communal spaces. If you want a full analysis to help you determine the rent, don’t forget to ask an experienced professional.

Related article: 5 Preparations For Renting Out Your Apartment

Take pictures for the apartment’s brochure

The saying ‘A picture says more than a thousand words’ is definitely true when it comes to renting out your apartment. Pictures in the brochure must be an exact reflection of the apartment. This way a potential tenant will not be surprised during a property visit and waste anyone’s time. 

Natural daylight is key to taking good pictures of every room in the house. Other important aspects besides the images in the brochure is the accompanying text that describes the place. Include every detail of the property, and don’t let anything out. 

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Analyse potential tenants

Renting out your apartment always comes with uncertainties, and you may be asking yourself the question: Who will I rent my apartment out to? What if I don’t receive my rent? and Will a tenant take good care of the apartment while renting it? To answer some of these questions it is a good idea to make a tenant profile. Most of the times a financial status of the person is the only thing that is checked, but a complete analysis takes a deeper dive into a tenant’s profile.

If you want to analyse potential tenants for your property before signing the rental contract, the best thing to do is have a real estate agency like ShBarcelona help you with that. We will only give you potential tenants that meet your preferred profile.

Draw up rental contract

So you have made a choice who will be allowed to live in your home. Now it’s time to make it official and draw up the legal documents. The rental contract is a key part of your agreement, as it will include all the important clauses. The contract describes both the tenant’s rights and obligations and the contract may proove to be of key importance in possible future claims. Drawing up a contract can be extremely time consuming, and that’s why the easier option is to have another party take care of this phase of renting out your property.

Make inventory list of apartment

It is recommended to add an inventory list to the rental contract, and this list will contain all the elements that are in your property. Most of the times it is advised to add photos as well, because these will show the exact state an apartment and its inventory were in at the time the tenant entered the apartment. This can be of importance once the tenant leaves the apartment.

Go for rent protection insurance

One of the best pieces of advice we can give you, is taking out rent protection insurance. If your tenant decides not to pay rent anymore, this policy will protect you from not receiving your rent and will cover for you.

As you see, there is so much more to consider when renting out your property and doing so with success. If you need our help, don’t hesitate to contact ShBarcelona. We will find the ideal tenant for your property!