How to quickly rent out an apartment: step by step instructions

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Irina Zhigina, who has already written for Lifehacker about how to protect herself from, has compiled a guide for those who are going to rent out an apartment: how to write an ad and find decent tenants, how to prepare an apartment and what should be foreseen.

Owners who rent out apartments know from their own experience how difficult it can be to do it on their own. You need to submit the correct ad, communicate by phone with potential tenants, show the apartment and do much more. I have been renting apartments for over 10 years. I handed over to completely different contingents: from couples with children to Chinese and Vietnamese. Many of my former tenants want to return to me, with some I continue to communicate: I get their hair cut, consult, call for repairs.

I am often asked questions:

• How do you find good tenants?
• How not to get confused in the procedure for renting an apartment?
• What needs to be foreseen?

I suggest using step-by-step instructions.

Step one. Market research

Before renting an apartment, you need to research the rental housing market and do at least a minimal analysis of competitors.

When studying the main sites for renting real estate, pay attention to prices, photos of apartments, text ads, what furniture and household appliances are in the apartment.

The rental price is influenced not only by the quality of the repair. The cost is determined by the location, quality and condition of the house itself, transport accessibility and a number of other factors. It is advisable to compare the level of housing prices with the location of the apartment in your city / area and the presence of furniture and household appliances in it. Also, you most likely know what type of apartment your apartment is: economy class, business class or luxury.

Taken together, your research will help determine not only the rental price of an apartment, but also draw a portrait of potential tenants.

Step two. Preparing an apartment for delivery

How to prepare an apartment for new tenants?

If we talk about an economy-class apartment, then the main thing is to make it presentable, but not to overdo it with repairs, because your costs may not pay off for a long time.

The first thing to do is take out all the trash. Then check the plumbing and electrical equipment: this will protect both yourself and your tenant from possible problems. Have you changed your wallpaper for a long time? Linoleum is no good, and are there stains on the ceiling from long-standing leaks? Change!

Even with minor cosmetic repairs, your apartment will take on a more well-groomed and tidy look, which will best reflect on the search for tenants.

It is imperative to wash, iron and polish everything you can to a shine - let it shine and sparkle!

Furnish your apartment with the essentials and don't forget about household appliances: refrigerator, washing machine, TV. But remember, if you rent out a budget apartment and put expensive household appliances in it, then the rent will not increase much. But if the tenants break your super electronics, then you will incur significant losses. However, in any case, do not fill the apartment to the eyeballs. There are often cases when tenants do not need either furniture or household appliances - they move in with everything they own.

If there are any of your personal belongings left in the apartment, then it is better to take them away. Pay all your debts on a communal apartment, turn off your landline phone, or at least the G8.

If the conversation is about a higher class apartment, then it is advisable to bring it in full order. Thus, you will increase its status and be able to find suitable tenants.

Step three. Taking a photo of the apartment

Choosing an apartment begins with photographs, so this step is extremely important. The kind of pictures you accompany your apartment renting announcement largely determines how quickly you find tenants. It is necessary to very competently show the advantages of the rented apartment. I do not insist on professional photos, for which you have to pay money. But if you want, you can take great pictures yourself.

Before taking photos, once again take a look around the apartment, create coziness. Make it so that you yourself would like to rent your apartment! It is better to photograph in sunny weather. Do not be stingy, take a lot of pictures, good and different. Don't forget the bathroom with toilet, kitchen and hallway. The more high-quality and beautiful photos you add to your ad, the easier it will be for tenants to make a decision and rent your apartment!

Step four. We make an ad

Our goal is to write a great apartment rental ad. Almost a masterpiece. To do this, we indicate all the advantages in the ad. And in more detail. Be sure to write if you made repairs. Balcony, separate or combined bathroom, kitchen area - all this should be reflected in the ad. In order not to reinvent the wheel, choose the five best ads, in your opinion, posted on the site. Take from them what is suitable for your apartment, and add additional information about the furniture available in the apartment, appliances and great neighbors.

If you are not ready to rent out your apartment to tenants with children, pets, smokers, prefer tenants of a certain nationality - all this must also be indicated in the ad.

Your ad should ideally follow the AIDA formula (attention, interest, desire, action). It should be such that the tenants not only want to rent your apartment, but also want to urgently grab the phone and call you, fearing that the apartment will be taken away from under their noses.

When writing your ad, be sure to check the text for grammatical and typos.

Step five. We place an ad on the site

I advise you to place your ad on top sites. They are all well-known. If in doubt, ask friends or colleagues what bases they use when looking for an apartment or to rent their own. No need to advertise on dozens of sites. Usually, placement on several rating resources is enough.

We usually do not pay money to submit an ad. But, as practice shows, given the current state of the rental market, it is worth placing paid ads. The speed of renting an apartment in this case increases significantly.

Oh, and don't forget about the photo! The best. And more.

Step six. We communicate by phone

And now you have waited for the first calls. Speak calmly and confidently. Not only answer the questions yourself, but also clarify information about potential tenants. Perhaps you will not be satisfied with something in the tenants already in the course of a telephone conversation, so why then waste time on inspecting the apartment? Be sure to ask about the composition and number of residents. Don't be afraid to ask what the ad says. If you do not want to let the tenants in with the dog, then it will not be superfluous to once again clarify the presence of pets.

If everything suits you and potential tenants, arrange to view the apartment.

In my experience, it is better to schedule appointments for approximately the same time with a difference of 10–20 minutes for several tenants at once. Not all come to the meeting. Can you imagine how annoying it can be when you waste your time, you come, but no one showed up? So don't be shy: this is the market. I assure you, tenants in the same way agree for one day with several apartment owners at once and choose what suits them.

Step seven. We show the apartment

It is advisable to arrive a little earlier than potential tenants. To ventilate the apartment, open the curtains or turn on the light, add pleasant music - create a feeling of warmth and comfort.

If you like tenants, make them fall in love with your apartment. Don't follow them silently, just answering questions. Talk, show, tell short stories related to the apartment, give arguments in your favor. Try to please yourself. In other words, be a good salesperson for yourself!

If the tenants believe you, then the chances that they will rent your apartment will be much greater.

If visitors are not ready to make a decision right away, do not mutter something inarticulate to yourself: from my own experience I know that many of those who left, then return.

Step eight. We sign a contract

So our ideal tenants have been found! Well, or not ideal, but quite suitable for us. Case behind the contract. Prepare it in advance in duplicate. There are a lot of contract forms. Which one to choose is up to you. Do not forget to only reflect the necessary points in the contract, the amount of the security deposit, take the readings of all meters and take a picture of the tenant's passport.

Conclusion

The apartment is rented out. We open a bottle of champagne. You may find some of these points unnecessary. But I assure you, I have done all this exactly for many years (with the exception of repairs) and I can say that the step-by-step execution of the instructions does not take much time, but on the contrary, it structures the work and facilitates the process of renting an apartment.

I would be glad if it helps you too.