How to lease your property – the right way?

Leasing your property to suitable and most appropriate tenant is a tricky process than it may seem to be. A lot of home work needs to be done and the landlord needs to be thoroughly prepared before leasing the property.

When it comes to leasing a property, first impressions are really the best and in fact long lasting impressions that the lessee carries with him or her. In order to make this first impression the right impression, maintenance of the property is very critical.

The external view is the first and foremost view that your potential lessee will have about your property. Hence you should pay enough attention to spruce-up the external look and appeal of your property.

This may mean weeding and trimming of the front and back garden, repair and paint the walls and the flooring in the driveway, painting the windows and doors if required, etc.

The interior of your property should be neat, tidy and presentable too. Fixing up the leaky taps, patching up the cracks in the walls, painting all the interior walls if necessary, replacing broken tiles, repairing cracked toilet seats or flushes, fix-up the electrical appliances, re-wiring, maintenance of the heating systems, etc are some of the most critical factors that you should pay enough attention to.

Once you have enhanced the exterior and interior look of your property, the final leg of the preparation to leasing out the same would be to decide on the correct and most appropriate rent value of the property.

While working out this value, take into consideration monthly mortgage payments, if any, expenses meted out towards the repair, upkeep and maintenance of the property, cost of furniture or furnishings, insurance fees, etc and any other major expense incurred.

Once you have found the most appropriate lessee for your property, screen your lessee thoroughly. Ask for a police report about the lessee and his or her family members, have a credit check done, check with employers, call their previous landlords, check if they were regular in their rent payments, and so on and so forth.

Even in case the lessee happens to be a company or a firm, do not lease your property without proper verification of the lessee’s credentials in terms of trustworthiness and credit worthiness.

Entering into a valid and properly authenticated “Lease Agreement” or “Tenancy Agreement” between the lessor and the lessee is of utmost importance in the process of lease property management. It is always recommended to sign a one year lease with a minimum security deposit of 2 months in case the lessee happens to be a family or a minimum security deposit of 6 months in case the lessee is a firm or a company.

Leasing your property for the right price to the right lessee and with properly documented lease agreement will ensure that you get the utmost benefit out of your property most efficiently without the waste of time and money.

 

 

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