Want to rent out your luxury property? Have a look at our top tips
A luxury home or apartment is a superb investment when you can rent it out to the right type of tenant. This kind of passive income offers a regular stream of cash and is exceptionally fruitful for many property owners. In our current market, lots of individuals are seeking out a property to rent that is best suited to their lifestyles, and it is possible to find tenants that make it all worthwhile. Landing the right renters is not just about the search – there are some things you as a landlord can do to make your search more successful too.
Set the right price
Set those monthly payments too low, and you widen your target marketing audience to include the kind of tenants you do not want. Set it too high, on the other hand, and you might not find anyone to rent your property at all. A common mistake many owners make is to charge a premium rate because they overestimate the value of the home or apartment, which means that the property sits in the market for ages. The best way of getting the price just right is to compare it to similar properties for rent on the market. This process is far easier with some help from a professional real estate agency with experience in luxury rentals, such as Fine & Country South Africa.
Improving the condition of the home
Good tenants will have high expectations for a home and will seek out a property to rent that will contribute to a positive rental experience. As landlord, you will therefore need to first ensure that everything within the home is in good working condition. This may mean inspecting and doing repairs on things, such as electrical wiring, plumbing, appliances, and heating and ventilation systems. Also, pay attention to issues, such as water damage, as well as the state of the outside of the home – including the garden.
Think about small, inexpensive renovations
If your property to rent is in good condition, and no major overhauls are required, then you can still consider a few, small changes. This is because attracting the right tenant contributes to the space becoming a long-term investment. There are several options when giving a home a face-lift, and they do not all need to cost much. A fresh coat of paint in the main living spaces, for example, already does tons to improve the ambience. Other small changes can include changing light fixtures to something more stylish, replacing handles and doorknobs, and finishing off with new cornices throughout the home. All of these details are about leaving prospective tenants with a lasting impression that will set your rental apart from every other property to rent they view.
Emphasise major selling points
When showing your rental to tenants, it is of the utmost importance that you emphasise everything about the home that makes it a stand-out option. In South Africa, specifically, a top-notch security system is something positive to highlight. Other features, such as a large outdoor space, fun recreational areas, a spacious kitchen, lots of storage, and ample secure parking are all bonuses that draw renters.
Using an experienced agent
Whether you are unsure about the kind of tenant you wish to draw, or if you would like to know how to price your property to rent the right way, an experienced real estate agency will help you. This is recommended because it saves on time and money in the long run. Here at Fine & Country South Africa, we have years of expertise and cutting-edge marketing tools that enable us to match landlords with tenants of quality.
To get ahead of the process today with expert advice and unparalleled services, be sure to contact us here.