Tips for Landlords
The aim for any landlord is to rent out their property with the highest possible level of occupancy throughout the year. This will generate the highest Return on Investment (ROI) and will naturally keep the owner’s costs down which is a win, win situation. However, the competition between landlords is high with their almost being an oversupply at the present time so here are 8 helpful tips that will hopefully generate you the highest ROI:
- Make sure your property is presented well. It should go without saying that a property that is well presented is easier to rent out. You should ensure that this is the case for the photographs that will appear on our website and any other promotional material as well as when potential tenants come for viewings. Try to keep clutter to a minimum and keep the property as clean as possible.
- Make sure that you are easy to contact. There is nothing more frustrating for a real estate agent and a prospective tenant if they can’t get to view the property because the landlord is unable to be contacted. If you are going away try to leave an alternative number or leave the keys with the agent so that we can still gain access to the property.
- Make sure that everything works. It is a surprisingly common problem that when a property is rented some things aren’t working. This could be the air conditioning, oven or maybe even a pool pump. This is not only embarrassing but causes a great deal of frustration for all parties so it always pays to check and service everything prior to a new tenant moving in.
- Have an accurate inventory prepared. To avoid any arguments about what is and what isn’t in the property it always pays to have an accurate inventory drawn up before hand. The landlord/agent can then go through this with the tenant at the time of handing over the keys and it can be attached to the contract. This inventory can then be checked when the tenant moves out to ensure that everything is accounted for and nothing is damaged.
- Leave useful contact numbers for tenants. This is something that makes everything a lot easier for all parties. You should leave your own number, the number of the agent, a juristic person as well as gardeners and cleaners where relevant. This will save the tenant needing to contact the landlord or the agent every time there is a minor problem.
- Don’t visit the property too often. Some landlords find it extremely difficult to stay away from their property and make frequent checks to ensure that everything is in order. This can be extremely annoying for tenants and they can view it as a breach of privacy or lack of trust. If you do need to visit the property make an appointment that is at least 24 hours in advance and check that it is convenient for your tenant – after all, they are paying the rent.
- Resolve problems in a timely manner. If your tenant does have any issue you should endeavour to solve the problem in an efficient manner. This is not only courteous but will also ensure that there is no bad feeling between landlord and tenant. You would want things resolving quickly so it is only natural that the tenant will feel the same.
- Departure. When it comes to checking out you should be punctual, come with a copy of the inventory and the security deposit. Some tenants may have flights to catch (especially if they are holiday rentals) and will want the check out to run as smoothly as possible. It is fair to deduct any bills, a cleaning fee and for any damage from the deposit but the figures should be clearly documented for transparency.
If you would like more information about renting out your property in Pattaya, [contact us].