Get your property rental ready.
Versofy was lucky enough to take part in the Google Launchpad Start accelerator earlier this year. At the accelerator we were fortunate enough to meet other South African startups doing some really great things, amongst them was HouseME a company looking to disrupt the property industry. HouseME is an online platform that connects tenants to landlords and ensure fair rentals, guaranteed payments and reward great tenants. They were kind enough to share some tips on how to get your property rental ready.
Getting your property rental-ready: Definite to-do’s
Making sure that your property is ready to rent out can be a real nightmare. Legal contracts, pricing headaches and defects which seemingly cost more to fix each year… All of this is enough to make you wonder if it is worth it in the first place. What’s more is that there are numerous “experts” out there offering advice, while looking for ways to get their hands on your bucks.
The question is – how do you make the most of your property and ensure that being a landlord is a joy?
As a landlord, it is understandable that you are fearful of disrespectful tenants who destroy your property and default on their rent. Moreover, it is completely normal that you want to avoid paying an outrageous 10% commission to the first (half-decent) letting agent who brings in a (supposedly) vetted tenant.
However, it is important to remember that renting out property is a two-way street — a happy tenant always equals a happy landlord. Thus, the first step to avoiding headaches and getting the most out of your property is by being a world-class landlord.
So what can you do as a landlord to make sure that the rental process is mutually beneficial? Here are a few suggestions that will help you to simplify your life as a landlord and – at the same time – make sure your tenant is happy.
Shortcuts to success
- Long-term focus
The door might still hang on by that single bolt today, but that doesn’t mean it will last the year. Conducting a fair analysis of your property’s condition and taking action not only prevents emergency situations, but it also enhances value (What tenant doesn’t want to be in a freshly painted, mint-condition home?). Be sure to keep your property in great condition by proactively seeking repairs, taking preventative action as well as renovation. Taking action today will save you from 3 am phone calls from your sleep-deprived, plaster-covered tenant. In addition, you can look forward to maximum rental income and avoiding emergency expenditures.
No, your 12-month old photographs taken with your iPhone 4 are not sufficient. If you want a fair, transparent relationship with your tenant, start off on the right foot. After you’ve conducted your wear & tear repairs, invest in photography that accurately represents your place. Believe it or not, being a trustworthy landlord is the first step to getting trustworthy tenants.
- Don’t DIY
Flying solo is so 20th century. If you want to make the most out of your property investment, find and make use of partners who excel at their various crafts. For example, you need a reputable lease, not your son’s friend’s advice. You will also need emergency call-out specialists and a world-class online marketplace for advertising your property. Find and regularly evaluate service providers to ensure you have the right people at the right times, doing the right things.
Being a landlord can seem like too much of a hassle. Yet, the good news is that you’re not alone! There are various technology tools like Versofy, Gumtree, RentDoc and HouseME to help you be the best possible landlord. Make renting out your property a joy by making use of technology and quality service providers. Ultimately, your life will be easier and your property truly rental-ready!
Versofy can assist you getting your property rental ready in a number of ways. Not only will we put you in touch with great service providers such as plumbers, carpenters, handymen, interior designers and other contractors, but we will also save you time and money during the process. Once you are ready for tenants, list your property on HouseME, their 2.5% service fee will blow any others away.