If you and your partner or spouse are moving in together and they own their property, then it’s worth considering the option of letting it out.
By becoming a landlord rather than selling the property, you’ll be making an investment.
However, if you decide to take the plunge, how do you go about making it a success?
And how do you market the property to prospective tenants?
In this blog post, we look to answer these questions.
Making the decision to become a landlord
The decision to become a private landlord is one that shouldn’t be taken lightly, and there are a number of different factors you should consider before you take the plunge. If you become a landlord in this way, you’re what’s known as an ‘accidental landlord’; someone who didn’t originally plan to enter the market. As such, it’s likely you don’t have a detailed plan about how to be a private landlord, so before you commit, you should consider:
- What’s your level of commitment? – do you live locally to the property and do you want to take on the property management aspects, including doing repairs, setting up tenancy agreements and finding your own tenants? If so, you can use the Rentr app as property management software. It’ll help you every step of the way.
- Do you know the legislation? – If not, it’s wise to get up to speed. Landlords have certain rights and obligations. It’s important you know these.
- Do you have any experience? – Do you know anyone with any experience of being a landlord? If so, it’s wise to ask them for hints and tips. You don’t want to make a mistake that someone you know has already made.
Marketing the property and finding tenants
When you market the property there are a number of considerations you need to make so that you can effectively attract tenants to your private property to rent. You can market your property through Rentr and you can also use the app to arrange viewings. However, before you do so, there are still a few things to think about, such as:
- How to make the property stand out – there are thousands of properties available to rent across the country, so you’ll need to make yours stand out. It’s likely there will be many properties similar to yours available in the local area, so these are your direct competition. Before marketing your own property, complete an audit of what’s currently available and work out how to make your property stand out. This could be through a lower level of rent, a newly decorated interior or through a more comprehensive advert, with plenty of images and detailed property descriptions.
- How to decide what level of rent to charge – As above, the level of rent that you charge will affect how marketable your property is and how likely it is to let quickly. Research is key in setting the right price, but also make sure the value is right for your finances. Remember, you’ll have to ensure you’re covering mortgage payments. This is a financial investment, and you have to make sure it works in your favour.
- How to market the property and arrange viewings – Finally, consider how you’re going to market the property and arrange viewings. The Rentr property management app for private landlords can help you do all of these things and more
- You can list your property for let, arrange viewings and even sign tenancy agreements. Take a look today if you’re ready to go for it and step into being a private landlord.
To conclude, marketing your partner’s property and becoming landlords is no simple task, but if you consider all of the above points, you’ll stand the highest possible chance of making your decision a successful one. So plan effectively, prepare the property thoroughly and market the property with tenants in mind.