{"id":2982,"date":"2019-09-04T18:32:00","date_gmt":"2019-09-04T12:32:00","guid":{"rendered":"https:\/\/bikroy.com\/blog\/?p=2982"},"modified":"2021-06-25T16:35:21","modified_gmt":"2021-06-25T10:35:21","slug":"5-things-to-remember-before-renting-out-your-flat","status":"publish","type":"post","link":"https:\/\/blog.bikroy.com\/en\/5-things-to-remember-before-renting-out-your-flat\/","title":{"rendered":"5 Things to remember before renting out your flat"},"content":{"rendered":"

They say investing in property is always a smart decision. But what if you already have a flat, what do you do with another one? Rent it out, of course!<\/span><\/p>\n

In Dhaka city, renting out flats is perhaps the most profitable source of income without having to get a job. But before you decide to invest in property, you should know there is more to being a landlord than simply giving out a lease to a tenant and earning money every month.<\/span><\/p>\n

Maintenance of property is just as important when considering renting out your flat, because no one will want to be your tenant if you don\u2019t meet them halfway and make your flat a decent place for them to live in.<\/span><\/p>\n

The good news is, we have come up with a list of steps for you to keep in mind before considering renting out your flat, so you know what to expect when the time is right!<\/span><\/p>\n

5 things to know before renting out<\/span><\/h2>\n

1. Preparing the flat<\/span><\/h3>\n

One thing many landlords tend to overlook before showing their flats to possible tenants is preparation. It should not be surprising just how much cleanliness impacts a tenant\u2019s decision on choosing a flat to rent<\/a>.<\/span><\/p>\n

Bathrooms and kitchen are of the utmost importance when it comes to preparation. Before giving potential tenants a tour of the place, be sure to have these areas cleaned and make them look as presentable as possible.<\/span><\/p>\n

Other things like a fresh coat of paint in rooms can change the atmosphere from looking worn out and run-down to <\/span>almost good as new flats<\/span><\/a>! This will give tenants a very positive feeling about the place and they will be more eager to rent. They might even agree to pay a slightly higher rent as well.<\/span><\/p>\n

2. Coming up with an effective marketing strategy<\/span><\/h3>\n

After preparing the flat and making it presentable, it is then time to advertise it. A standard practice is a \u201cTo-Let\u201d sign outside your building, which only attracts the occasional passerby or someone scouring your area for rentals. In the early days people also used to publish an advertisement in the local newspaper. Posting vacancies on <\/span>the <\/span>internet<\/span>, however, has surpassed newspapers by and large, and are far more effective in attracting potential tenants.<\/span><\/p>\n

Take Bikroy digital property market<\/a> for instance. Hundreds of users post flat listings every day on the site, and some post on social media as well. Online ad postings have become an inexpensive alternative to get the word out about your flat and to get a bigger pool of interested tenants.<\/span><\/p>\n

Attracting the right kind of tenant is important when renting out. Not every person who is interested in your flat is a great match for you and your expectations from a tenant-landlord relationship. To find the most desirable renters, you need to advertise your flat in the right way. One of the ways is to first research into the surrounding area listings and see what rates other landlords are offering along with amenities if any.<\/span><\/p>\n

By getting an idea of the local flats and benchmarking against them, it will be easier for you to set the right rates and market your flat in a way that receives the best responses. Otherwise, you might have no tenants coming in for months at a time, leading to a potential loss on your investment.<\/span><\/p>\n

3. Proper tenant screening process<\/span><\/h3>\n

After successfully advertising your flat, you are likely to receive a few interested parties that will be looking to rent your flat.<\/span><\/p>\n

Doing a proper background check and screening potential tenants is another important step when considering who to rent out to, as you do not want to face any difficulties in the future.<\/span><\/p>\n

Making sure the renter is in good financial standing is very important when determining who to rent out to, as you want to receive a steady stream of rent each month without facing problems.<\/span><\/p>\n

If possible, find out details about the tenant\u2019s occupation, previous and current financial statements , and income bracket, along with details about household members. It is also recommended to ask for references from previous tenancy and landlords to do a thorough background check. All this information will help you understand how reliable the tenant is and whether or not they will be able to regularly pay their rent and utilities.<\/span><\/p>\n

Another option to aid this process is to hire a real estate agent who will find you an ideal tenant in exchange for a fee. By enlisting an agent\u2019s help, you can eliminate the hassle of running background checks yourself and guarantee yourself a good standing tenant.<\/span><\/p>\n

4. Preparing the contract<\/span><\/h3>\n

The contract is an integral part of the agreement between you and your tenant. It is a binding document that contains important details such as the duration of the lease, the rent to be paid each month or any other time period agreed, and any other agreements made prior.<\/span><\/p>\n

This document not only explicitly states the terms of your agreement, but is also a legal shield to protect you in case things don\u2019t go the way you had planned. This is why preparing the contract is just as important as the other steps mentioned.<\/span><\/p>\n

Ideally, a good contract should contain at least the following:<\/span><\/p>\n