If you want to rent out a property, it not only takes time to find a suitable tenant, but there are also some tasks and obligations you will have once you become a landlord. It is not enough to determine a price for the rent, to place a meaningful ad, select the right tenant and to draw up a carefree rental contract, there are also several other things to consider and observe if you generate additional income through rent.
If you have aroused interest in your property with an appealing ad and there are some tenants to choose from, you shouldn’t rely solely on sympathy or your knowledge of human nature. To avoid problems with your tenants in the future, you must question and check them. Points such as keeping pets, playing musical instruments, the general house rules, the number of people living in the property in the future and the financial background of the tenant (credit check and information about work). All these points should be clarified during the conversation and in the respective documents. You may also be able to contact the previous landlord for references. You see it is important to be prepared for selecting the right tenant. Of course we are happy to support you in this process.
As the owner of a property which can be rented out, one not only generates additional income, but also creates a good pension plan for old age. In addition to the many advantages of renting out properties, landlords and landladies also have to fulfil a few tasks and take care of certain things relating to their property, including their tenant. The most important tasks of a landlord/landlady are, for example, taking part in the owners' meeting in condominium associations, which usually take place every two years, preparing the utility bill, dealing with tax regulations with regard to rental income, organizing the maintenance of one's own property and much more. Working with a property manager can make some of these things a lot easier, still one should be familiar with many things and keep tracks of all the tasks.