Do you want to rent out an apartment or house? Real estate is one of the best investments. Renting out real estate means not only regular passive income, but also a number of responsibilities. We bring you some tips on how to make renting as easy as possible and manage everything with ease. We will be happy to advise and assist you with each of the points below.

1. Preparing the property for rent

It is very important to carefully prepare an apartment or house for rent. It is necessary to remove all unnecessary items and furniture from a purchased or inherited property that will no longer be used in the rented apartment. If we are moving out of the apartment we plan to rent, it is necessary to take all personal belongings with us.

It is also a good idea to consider whether you want to rent out the apartment furnished or unfurnished. Prospective tenants usually appreciate it if the apartment is equipped with at least basic appliances such as a stove, refrigerator, and washing machine.

The standard preparation of an apartment for rent is to paint the walls and repair any defects (leaking shower, leaky window, dripping faucet, etc.) that could interfere with the comfort of living.

You can save a lot of time on the final cleaning by using the services of a professional cleaning company.

2. Advertising and presenting your property

An advertisement must grab attention within a few seconds. The text should be clear, truthful, and contain key information about the property and its surroundings. It is important to mention transport accessibility, civic amenities, parking, and other advantages of the location.

High-quality photos play a big role. Professional photos significantly increase the number of responses to an ad. Photos that are too dark or poorly chosen can discourage potential buyers. Before taking photos, you can prepare the property with the help of an interior stylist.

Prospective tenants greatly appreciate it when the ad includes a floor plan of the apartment or house. A simple sketch is better than nothing.

3. Setting the rental price

The price of a property is influenced by a number of factors – the size of the apartment, location, floor, condition of the property, etc. The most commonly used method is comparison with similar rentals in the same location in recent months. Real estate specialists with their own databases are able to determine the price most accurately.

With the right price, an apartment is usually rented within 14 days, or a month at most. We recommend conducting several viewings and selecting a reliable tenant. Pay attention to the detailed description of the apartment and try to think like a prospective tenant.

Professional photos in the ad will appeal to a significantly larger number of potential tenants.

4. Selecting a suitable tenant

A reliable tenant is interested in details related to the operation of the apartment, neighborly relations, the amount of energy deposits, and other practical issues.

Potential non-payers can now be checked in debtor registers. Ask for references from previous landlords and inquire about their financial and social situation.

A good tenant is not only solvent but also long-term. The longer they stay, the less trouble you will have finding another one.

5. Lease agreement

The most important part of the whole process is preparing the contracts. Ideally, this step should be left to a lawyer or real estate agency. A properly drafted lease protects both the landlord and the tenant.

We do not recommend concluding a contract for an indefinite period. A lease agreement is usually concluded for a fixed term of one year and is extended if both parties are satisfied.

The handover report is an important document that describes the condition of the apartment when it is handed over. It contains a list of equipment, any defects, and meter readings.

Don't forget about property insurance. The tenant should have liability insurance, ideally specified directly in the lease agreement.