Tips on getting your property rental all set before listing

Perhaps you’ve purchased a property with the intention of renting it, or inherited a home and fancy trying your hand as a landlord. Maybe you’re looking to move house, but just aren’t quite ready to let go of your current property just yet. 

All of these and more, are perfectly justifiable reasons to look into what it takes to rent out your property, and hopefully make a few extra euros as a result. But in order to do so, there are a host of things to consider, from local laws, to drafting of contracts, all the way down to deciding on the right price to set. Luckily the team of QuickLets Cyprus have a go to guide, and will hopefully make your journey to becoming a landlord just that little bit easier. 









 

Paperwork, and then some…
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From a legal perspective, in order to start renting your property there are several elements that need to be taken into consideration that will look to protect both you as the owner, along with your tenants. To begin with, there is the insurance which is primarily aimed at providing security against damages to either the property itself, or the items within it. As with most countries, you will be unable to offer your house up on the rental market without it, so we suggest having a look through the list of reputable Cyprus insurance brokers to find the one that best suits your needs. 

Then there are the numerous rental control laws, of which various aspects will apply, depending on the nature of the property you are looking to rent out.Finally, there is the actual tenancy agreement itself which covers everything from costs and deposits, through to lease durations and break clauses. It is illegal to rent your property without one, so it is best to consult with legal professionals or research online to ensure that you are compliant. 

This all may seem daunting at first, and this is why it is so important to do your research and take the time to investigate your options so you can move forward knowing that you are covered. 

Build your team 
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Many hands make light work, so the saying goes. Whether you have several city properties on the go, or a lone beachside apartment, you will need to draw on the knowledge and experience of others to make sure you don’t find yourself answering calls at two in the morning on a Sunday because your tenants don’t have water. 

As a minimum, we suggest bringing on board a property manager. This also means your property and its tenants can be looked after, even when you aren’t available. Of course contacting an agent such as the team at QuickLets Cyprus can put you in contact with the relevant support you may need, from accountants to lawyers. 

Don’t forget the actual property 

In all of the preparation and build up, it's vital to remember the property itself. This may seem obvious, but it's easy to get wrapped up in all of the paperwork, and forget to make sure the electricity works and you remember where you put the front door keys. Prior to finally putting the house on the market, go through a checklist. Do all the utilities work? Is there any fixing, cleaning or maintenance that needs to be done? Have you got an inventory of everything within the property? Whilst time consuming, this can save a lot of hassle and additional costs further down the line once you have tenants already in place. 

Going to Market 
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Whilst it may be incredibly tempting to try and manage the rental of your property privately, it cannot be underestimated the amount of time that this can consume. Taking suitable photos, posting availability, screening tenants, taking viewings, agreeing costs. And this is before anyone even looks at the contract. Fortunately, The QuickLets Cyprus team are well versed in all things rental. With unmatched access to the market, an abundance of experience, and a large team available to guide you through every step, renting out your property couldn’t be easier. 

Why not contact our QuickLets Cyprus, Limassol branch where one of our agents will happily take the time to help you make your next move?

Main blog photo by Tânia Mousinho on Unsplash