TOP TIPS ON RENTING OUT YOUR PROPERTY

Action Properties has a relatively large Rentals department, consisting of Rental Management, Rental Introductions (where we find the Landlord a suitable Tenant, and the Landlord manages the property thereafter) and the Management of Homeowners’ Associations. Our experience in this turbulent market since May 2014 has enabled us to provide you will some top tips…

Finding a Tenant:

Unless you are in the Real Estate business yourself, it is advisable to take your property to a reputable Real Estate Agent and ask them to assist you in finding you a Tenant. They will visit the property, inform you of a suitable rental figure, advertise the property, accompany viewings, vet prospective Tenants and draw up the Lease Agreement. They can also manage the property for you thereafer, should you wish.

Top tips: 

1. Ensure the Tenant is properly vetted. If you would like, ask to see the prospective Tenant’s paperwork, and ask the Agent any questions you may have. They will be happy to assist.

2. Go with your gut instinct. Even after vetting, if you don’t get a ‘warm, fluffy’ feeling, then just wait for another application to come in. The best things come to those who wait.

3. Family, friends and business. They say never mix the three. We have seen occasions when renting to family and friends does work, but more often we have found the opposite. Relationships can become strained when renting to those whom you know.

 

Council rates:

A lot of Landlords like to pass the Council rates onto the Tenant to pay, given that they are residing in the property and are benefiting from the services. However, we include rates in all our rentals figures (unless the property is a flat and is covered under the levy). We do this for two principle reasons. Firstly, the bulk of the bill is Property Tax, which is a tax pertaining to the ownership of the property and also, it is not a consumable charge. Secondly, if the Tenant fails to pay the rates, then you will have to deal with this and rectify the situation. If you pay, or your Agent pays on your behalf, you can have peace of mind that everything is in order, and you are not going to get any nasty surprises!

 

ZESA:

If you can, get a pre-paid ZESA meter. Similar to council rates, it is one less thing for you to monitor and to resolve if your Tenant doesn’t pay.

 

 

Inspections:

At Action Properties, we conduct quarterly inspection reports and send the report and associated photos to our Landlords. It is imperative that the properties are checked frequently to ensure your Tenants are keeping the property in a good state. Moreover, all properties, no matter how new, need maintenance. If you have a good Tenant, who is not in breach of their Lease Agreement, then the Landlord has a duty to maintain the property to a satisfactory standard.