6 things that make your rental process go smoother on Ibiza
Owning a rental property requires hard work, lots of patience and a fair share of planning.
If you have been thinking of renting out your property, you may be asking yourself a few questions: “How will I feel about strangers moving into my home?” “Will my tenants be responsible?”
Of course, there’s the good to consider, like the potential to increase your income and build a steady cash flow. On the other hand, being a landlord may test your ability to deal with the unexpected, like emergency home repairs, unreliable renters, calls in the middle of the night because your tenant does not understand how the A/C works and so on and so forth or calls from the neighbors complaining about your tenants. On Ibiza everything is possible and your patience is really being tested.
Before you hand over the keys, here’s what you can do to make the rental process go smoother.
- Research the market
Research the market and choose a rent amount that matches rates for similar properties. To set up a price, consider low and high seasons, consider the square footage and number of bedrooms and bathrooms, the location of your property and the facilities you give to your renter. It will always be better if you specify a price per night, per week and consider setting up promotional prices to fill up the dates you have not yet got a reservation for.
- First impressions are everything.
To give your home a fresh look, rent a power washer, clean out the flower beds, and trim shrubs and low-hanging tree branches. Give your lawn a clean trim, your panels a new coat of paint, and your shutters a good cleaning. Invest in a proper photographer to make pictures which truly represant the beauty of your property. Let us host Ibiza works with the best photographers and have weeks in which we offer discount on such pictures and even on videos of your property.
- Social Media: check your prospective tenant
A check on the tenants company, google, linkedin, facebook, instagram can give you a fairly good insight on who you are dealing with. Is your client financially capable of paying the rent? Where is he working? Does he have a family or is he single? You can even ask for credentials in case of long term rental or bank statement.
- Plan for financial emergencies
Renting comes with its own set of unexpected emergencies, from tenants suddenly vacating a property to their calling you on a Sunday about a broken water heater. These can be tough expenses to bear, and as a landlord, it will smart to set aside funds for such situations.
- Get appropriate insurance coverage
There’s always the possibility that your tenants or one of their guests might have an accident or damage your property. The proper insurance may cover these things along with legal fees if you end up taking your tenant to court.
- BE prepared
Have your team ready. Your team should consist of cleaning ladies, plumber, electrician, pool man in case of emergency repairs. And always keep one set of keys for yourself in order to enter your property when necessary. Use an inventory list during check in.
We can imagine you might be a bit discouraged when reading all of the above. Well, there is an easier way to be a landlord. You can hire a reliable property manager who can take over the majority of tasks. At Let us host Ibiza we offer such a service in handy packages. We handle all of the stress and make sure you and your guests will be happy after check out. We work on a “No cure no pay” base, so if you are not making money, we are not making any money. www.letushostibiza.com