After you’ve fixed up your home and prepared it for tenants to move in, you can begin the next phase of your rental process by determining three things; price, rental agreement and advertisement.
The hardest of the three is setting the price. It’s hard because we tend to have an inflated sense of the actual cost based on several factors, some of which are not relevant to the tenant.
1. Official Valuation (Price)
The first thing you should do is get an official valuation. Do so only after you have repaired and prepared your house for others to live in. It is advisable to get an agent who will help you come up with a reasonable monthly rental fee for your home.
2. Rental Agreement
The agent will also work out the kinks for your initial rental agreement which you will show to the tenant. This is usually the first draft and is an invitation for further negotiations based on the tenant’s wants and needs.
This contract will contain the most basic of things such as noise levels, visitors and pets. Always leave room for negotiations.
3. Advertisement
Once you’ve decided on the rent cost and your stipulations, it is time to put your property up for rent.
With the help of an estate agent, you can take advantage of Propertyguru.com.my to find potential tenants quickly.
In addition to advertising your listing on the website, you can also run ads in newspapers. While not as far reaching as Propertyguru.com.my, it is still good to cover all your bases.
Alternatively, your agent can also paste posters and distribute brochures in key locations.
While you’re waiting for the phone to ring, take the time to set up a separate bank account for yourself to hold all the rent money. This will allow you to better track rental payments without having your personal finances mingle with it.
It’ll make it easier for you to track taxes and other financial matters relating to your property without having the finances spill over into your overall finances.
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