Renting A Property
Renting a property
For a landlord there can be several reasons for the decision to rent out their property. However, whatever the reason, the steps to follow are the same in all cases. It is important to follow the necessary steps in order to be able to carry out a satisfactory rental. When we talk about satisfactory, it is not only the landlord, but also the tenant. A satisfied tenant will do their best to stick strictly to the contract, which means fewer problems.
The first thing to do for the owner is to prepare his rental plan and strategy. By carrying out the steps one after the other, the risks of errors are reduced and everything is done smoothly. In all cases, the owner’s goal is to make his property profitable. To do this, he must make a few decisions before publishing an advertisement for the rental of his property.
Steps to take before renting
There are certain parameters that need to be established before you even think about posting a rental ad. These include the type of rental, the rental period, profitability, the type of tenant and others.
Important parameters
Check the condition of the accommodation
Important in all cases, but especially if there have already been one or more tenants in the accommodation. If there are repairs or changes to be made before renting, it is better to complete everything before announcing the rental.
Establish the rental type
Short term or long term, seasonal rental, furnished, unfurnished.
Establish the means of publication of the announcement
You also need to decide how to publish the ad. You can do everything yourself via your website or word of mouth. You can go through an agency, websites, or the famous Airbnb community platform.
Establish the rental price
Take into account the living space, the existing equipment, the quality of the apartment and its condition, its geographical location, close or far from shops, transport, and of course the profitability for the owner.
Deciding on the type of tenant
It is important to decide in advance what type of tenants the landlord wants to have. Single tenants, couples with or without children, pets, roommates etc.
Visit the accommodation
It is worth visiting the accommodation with the chosen tenant so that he can see the condition of the premises for himself.
What exactly is Airbnb?
One of the fairly recent terms that has been added to the real estate rental dictionary is “Airbnb”. It is a paid community platform for renting accommodation. Everyone has access to it. It was created in America in 2007 and has been a phenomenal success with both homeowners and tenants. It is true that this method is more geared towards temporary, seasonal rentals, but there are also some for longer terms.
According to owners who have already used this means of rental, the rental price is much higher via airbnb than by any other means.
It is very easy to use. The owner registers on the airbnb.fr website and can then publish his property for rent by specifying the rental parameters.
The type of rental
It is important to decide in advance on the type of rental, that is, the duration of the rental. Short-term rental is for one or more days and up to one or more months. Long-term rental is for more than a year. Seasonal rental is just for vacations and therefore for a few months. The prices of short-term and seasonal rentals are generally a little higher according to the owners.
Another thing to decide is whether the apartment to rent will be rented empty or furnished. The price is of course not the same in both cases. It must be taken into account that the furniture will be used and therefore will undergo some wear and tear, even deterioration.
Why choose a tenant type in advance?
This question is often asked, it does not seem so important and yet it is. A single tenant can be calmer and more peaceful than a family. But he can also be a party animal who makes noise and brings all his friends to celebrate at his place day and night. A family with children will make more noise and wear if the apartment is furnished, than a family without children. An animal such as a dog or a cat risks making dirt, noise, disturbing the neighbors. This is not the case for fish, and a little less for birds. However, it is better to think about it before renting than after signing the contract.
Once the tenant has been chosen, it is necessary to ensure his solvency for the monthly payment of the rent. For this, there are certain official documents to ask him for, which he can provide to you by email or, better still, in person.
Documents to obtain from the tenant
- Copy of his identity document
- Copy of his employment contract
- Copies of his last 3 salaries
- Bank certificate of his account
- A promissory note for a certain sum
- Identity documents of the two guarantors who will sign the contract with him
Rent lease
Once all the preliminary steps are completed, the last thing to do is to take a lawyer with you to finalize the contract and especially for its signature. This contract is established in order to determine the obligations and rights of the owner as well as the tenant. For example, it must be mentioned who will pay what if there are repairs to be done before or during the rental. The term of the rental is also important since the accommodation will return to the owner. He must ensure that his property will be returned properly and in good condition. It is almost always possible to negotiate the different points of the contract to the satisfaction of both parties.
Sections that must absolutely appear in the contract:
- The duration of the rental
- The option if there is one
- The price and terms of rental payments
- Early termination
- Visits to the property by the owner
- The promissory note, surety, bank guarantee and/or other guarantees
- The guarantors
- End of rental
Once the contract is established with all its clauses, the tenant signs it as well as the guarantors who accompany it. Then it is the owner’s turn to sign the document. This done the tenant will receive the keys to the accommodation.
