Things to consider when letting property

Stories are galore of landlords bickering with tenants who run down their properties making the return in monetary terms not worth the trauma of managing it.
For most people, the idea of leasing out a residential property is one of the hardest decisions to make.
On one side is the economic factors pushing for another mode of income and on the other is the fear of the blatant disregard of value displayed by a few uncaring tenants on other related properties.
One is therefore torn between engaging a tenant with the uncertainty of rental income and uncertainty over proper property maintenance or whether to leave property without tenants and maintain value.
The property owner is faced with the predicament of whether to engage an estate agent for a professional service or to self-manage the property and retain all rental income.
Both decisions have their pros and cons and one has to weigh them before establishing the best route to take.
This is on a case-by-case basis and it will be reckless for me to put a blanket conclusion on what the best method to choose will be.
If one decides to engage an estate agent, the process of selecting one is not to be undertaken nonchalantly.
A stringent vetting system is required.
Where possible do a background check on the agencies you want to choose from.
Particular attention should be placed on each agency’s history and track record on property management.
The general misconception is that because an estate agent is big on sales this will equate to exceptional management or vice versa.
When vetting the agency, one should also ask about the agencies about how they vet their prospective tenants.
Find out what they consider as their success rate in picking tenants, the problems they have had and how far they are willing to assist you if the tenant becomes devious.
After choosing the best estate agent and when you are fully satisfied that your property is in safe hands, allow them to do their job.
If one chooses to manage their property, it is necessary to talk to people who have successfully managed their own tenants and properties without engaging an estate agent.
Although this process at first glance might seem like an unnecessary burden, it in most cases will prove invaluable after getting the right tenant.
The demand for rental properties to the unseasoned property owner is in most cases misleading.
One is often inundated by requests and concessions even exorbitant offers by prospective tenants to occupy property when the property goes onto the market. It is like having a “must have” product in limited quantities at a packed marketplace.
Most prospective tenants seek non-existent relationships and in some instances these are established in the hope of enhancing one’s chances of being chosen to occupy the property.
In some extreme cases, the prospective tenants propose monetary inducements.
To the weak who succumb, the norm is once the tenant secures the property, he reneges on the lease agreement, cannot afford to pay the rentals and some go to extremes of vandalising property.
The most common issue that arises with a tenant that has not been properly vetted is the ease with which they renege on the basic obligations of the lease conditions.
It is imperative to understand that the tenant will in most cases treat one’s property in more or less the same way the property owner treated it.
In this regard, it is invaluable that the prospective tenant understands the value of the property to the property owner.
The property owner must also portray a real desire to improve the property and where possible actually execute improvements on the property.
Unfulfilled promises are a sign of indifference, which eventually will be understood by the tenant as the standard approach to affairs relating to the property.
A well-painted house (interior and exterior) is a beauty and gives an impression that the property owner cares for his property, conversely making the tenant also care for property.
Where finances are limiting actions then cleaning the walls will have the same effect.
It is highly ambitious for the owner of a property to expect a tenant to carry out maintenance or an upgrade of their property when they themselves have not done the same.
Good security can never be understated especially in areas where security matters are of high concern.
Every tenant wants to feel secure. These are just the primary requirements that go across the board regardless of where the property is situated.
When one finally does engage a tenant especially on an investment property, suggestions by estate agent and tenant on improvements required on the property must be taken seriously.
This is because as both are well- versed with particular property and such improvements will only enhance the standard of living for the tenant while maintaining the total value of property for the landlord.