Renting out residential property – Since the buyer principle has come into effect when renting out residential property, some owners refrain from hiring an agent. However, even if you pay for the service, you should consider the benefits and find out why an estate agent is the best solution.
What you should pay attention to when renting
As a rule, rentals are apartments in apartment buildings or a house that you do not use yourself and have purchased, for example, as an investment. By renting out, you want to achieve a return on investment on the one hand, but also avoid the risks and costs associated with vacancies on the other. The housing shortage has changed the market and led to the fact that there are numerous applicants for one offer. This can make your decision easier, as you have a large number of potential tenants to choose from, but it can also have a negative effect if you do not research the property carefully due to the large number of applicants.
Mistakes when renting: credit rating, rent debts
Hiring a real estate agent is always beneficial and avoids making mistakes in the selection process, such as opting for a prospective tenant with credit rating restrictions or rental debts. If you still want to rent from private, keep in mind that you pay a lot of attention to vetting a favored applicant.
You want to find a new tenant promptly and keep the costs of your search as low as possible. Since the buyer principle has been introduced, some owners have decided not to use an estate agent. This doesn’t have to be a problem, but it can prove to be a high risk if you don’t have enough experience in letting. Before you rent out your apartment or a house, you should find out all the important facts about the applicant, his financial situation and his credit rating. Also, the first impression is a crucial indication that decides whether you will rent with advantage or pre-programmed trouble in the apartment building. All about the mistakes when renting.
Tasks before renting: Check creditworthiness
One of the most important tasks before every letting is to check the creditworthiness of the applicants. As an owner, you naturally want to be sure that there will be no rental defaults in the future and, as a result, no losses for you. If you hire a real estate agent, for example experts, you can rely on a professional check of the creditworthiness and a correct evaluation of the Schufa score of your applicants. Experts check the solvency of prospective tenants and make recommendations that are unobjectionable based on their creditworthiness and are the first choice for your rental. Learn more about Check creditworthiness.
Finding suitable tenants
The coherence of supply and demand means that you are guaranteed not to have to search long for a tenant. Especially if you rent out a property in a sought-after location, you will have a wide choice of applicants and will be able to make your own individual decision. However, we advise you to simplify your tenant search and find a suitable applicant for your property without a long search. More information about tenant search.
Tips for renting
Since the buyer principle has been in place for residential rentals, some owners are refraining from hiring an agent. However, even if you are paying for the service, you should consider the benefits and find out why an estate agent is the best solution. Find more tips on rentinghere
Draft a contract
You have decided on an applicant and are sure that you want to rent the apartment or house to the person you favour? Then you are faced with the challenge of drawing up a legally valid and error-free tenancy agreement. Even though the severability clause has long been part of every rental agreement, you should also avoid mistakes in the other points of the contract and make a legal challenge impossible. Learn more about the topic contract.