The market is currently hot for condo rental income, and if you have recently purchased a new condo at Lentor, you may be considering renting it out. When finding the perfect tenant and getting the most out of your rental space, here are five tips that will help you maximize your rental income.
1) Do Your Research
Before you start advertising your new condo at Lentor, take some time to research the local real estate market. Find out what other condos in your area are being rented for and get an idea of what amenities prospective tenants might want. Knowing this information up front can help you set competitive rates and attract quality applicants more quickly.
2) Set Clear Terms
When advertising your condo at Lentor, make sure all the terms are clearly stated in the listing. This includes rent costs, security deposits, pet policies (if any), lease length etc. Setting clear expectations upfront will help prevent misunderstandings and ensure that both parties know exactly what they agree to before signing on the dotted line.
3) Screen potential tenants carefully
Once you have started to receive applications from potential tenants, take some time to screen each one carefully before making a decision. Carry out background and credit checks where appropriate – this is not only important from a security perspective, but will also give you valuable insight into whether they would be financially responsible enough to pay their rent on time each month. Also ask them why they’re interested in renting from you in particular; this can tell you a lot about who they are as individuals and whether or not they would be reliable tenants in the long term.
4) Check tenant references
As well as checking a tenant’s background and credit history, it is also important to check their references carefully – especially if they are former landlords or employers. Ask these people specific questions about how long they were employed or rented there, how often they paid their rent/bills on time etc., any complaints from neighbors etc., all of which can provide you with invaluable information about potential tenants that could make all the difference when deciding whether or not to offer them a lease on your new property in Lentor.
5) Be firm but flexible with your tenancy agreements
Finally, once a tenant has been selected, don’t be afraid to negotiate certain aspects of the tenancy agreement, such as rent payment dates/amounts, pet clauses, etc. (provided this does not contravene any existing laws or regulations relating to the rental of property in your state/country). As long as both parties feel that they got something out of the negotiation, everyone should walk away happy!
By following these simple tips, you can increase your chances of finding reliable tenants who will stay for the long term, while ensuring that both parties benefit from signing a lease for your new property at Lentor.
