One of the best ways to generate passive income is through property rentals. If you are someone who has a spare space, don’t let it sit idle and rent it out as soon as possible. It is an excellent way to earn some extra income on the side. Also, It is one of the easiest and convenient ways to make use of your property.
You can generate good rentals, that too from the comfort of your house.
In this blog, we will answer one of the most common questions in real estate: How can I rent my house fast?
To gain valuable insights and tips, keep on reading.
One of the most important things while renting out your house is the rent (of course). Before renting out your house, make sure you know the rent trends of that particular area. For instance, houses in posh areas are more expensive than houses located in older areas with lesser amenities.
Do your research and background study. Meet professional real estate agents and landlords and ask them about the renting trends of the specific area.
Also, do not set unrealistic rental amounts because nowadays people are well aware of rent trends. Setting unrealistic expectations will only badly affect your process of hiring the right tenant.
Do not invite potential tenants to a house that has a lot of issues going on. Leaking pipes, dirty walls, cracked flooring will certainly put a bad first impression on the visitors.
If you want to rent your house fast then do consider renovating your house a bit.
If you are low on budget, do not worry. Just focus on main things like paints, fixtures, and other home repairs.
There are many banks and financial institutions as well that give renovation funds to the people. Get to know banks providing home loans in Pakistan.
To increase your chances of getting your property rented fast, make sure you have listed the property in relevant places. There are two ways to list your house in Pakistan. Firstly, you can put ads in the local newspapers and interested people will contact you.
However, a more convenient and faster way to rent out your house is through online listings.
Graana.com offers a fully functional online portal where you can list out your property very easily. Add a description of the property, pictures, demand, location & your contact details and you are good to go.
Our experts will find the perfect match for you, that too in a very short duration of time.
One of the most convenient and traditional ways to rent out your house is by using signboards on the property. Get aboard, put your contact details and property description and hang it somewhere on your property where people can see the sign easily.
People passing by the property will see the sign and contact you.
If your house is on rent and the lease is about to finish then do not wait for the last moment. Start the paperwork beforehand and remind the current tenant about it. If the current tenants want to renew the lease, well and good but if he wants to move out you need to be prepared for it. Prepare the notice (which is usually one month’s notice) and give it to the tenant. In the meanwhile, start preparing for marketing your property, find a new tenant. In this way, you will stay on track and your property will not sit idle for long.
If you have certain requirements, work on them promptly. For instance, have a checklist ready for yourself. When you go to the meeting with the tenant, take the checklist with you and fill it in afterwards. In this way, you will be able to be more clear about your decision.
Always be flexible. Real estate business involves a lot of flexibility especially when it comes to the process of negotiation.
For instance, during economic crunches and global pandemics, the whole economy of the country suffers. So, do not form unrealistic goals and charge rent that is within the reach of common tenants of that area.
Also, apart from rent, other things matter as well. For example, if you find a tenant who is very well behaved with good credit history but cannot afford a house worth Rs.40,000, give him a try. You can decrease a few hundred rupees and give the house to him.
So, these are some of the points that you need to keep in mind while renting out your house fast. Give these pointers a read and let us know what you think about them.
If you have any questions, feel free to leave a message in the comment section below and we will get back to you as soon as possible.
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