Renting out your space, especially if you have an extra, can be an excellent cash cow to improve your finances. A lot of property owners nowadays are thinking of monetizing their space and have their apartment or studio for rent in Business Bay for additional cash.
But there are certain preparations that you need to do before you can even put it up for rent. If you thinking of having your apartment up for grabs for tenants to rent, here are some prep tips you must follow:
- Clean and renovate
The first order of business is to prep your place. If your apartment is looking old and scrawny, you might have a difficult time on finding a tenant or might get low-balled for the price or rent. To get potential tenants and the best price for your property, have it cleaned and renovated. A renovation sounds expensive especially when you want to earn extra cash, but the end results would be worth it. Having a clean and newly-looking apartment can increase its value in the market and also attract potential clients who are keen on the condition of the space.
- Find a property manager
A property manager or property management team might be a little overboard for you, but you will definitely see the advantage of hiring one once you go through the process of putting your apartment for lease. For one, they could better assess how much the property is worth once they do the inspection and they will be responsible for lots of things like looking for tenants, arranging visits and inspection on your behalf, screening potential occupants and making sure that an agreement will be settled.
Moreover, they can do tenant management from collecting fees, communicating with them, and dealing with eviction matters.
- Decide if you want to be rented on short or long term
This may come up when you have your meeting with your property manager but it would be best if you can think about this aspect before the meeting. Ask yourself, For how long do you want the space to be rented? Do you have an immediate use for it? If you are going for a long-term lease, do you have a spare apartment where you will live?
- Put it up on property listings
Your property manager would probably do this for you, but it wouldn’t hurt to help. There are some trusted property listing sites where you can put your apartment in the listings for the house-hunters to see. Be sure to put the details correctly and make it engaging.
See more renting tips on this page.