Are You thinking of renting out Your apartment for the first time or are You looking for ways to inrease the income of an existing rental property?
First, take a critical look at Your property
- Assess Your apartment and its suitability for renting. Sometimes an apartment just isn’t well suited for renting (location, condition etc), so it may be a better strategy to consider selling
- Consider needed improvements or add equipment/furniture to increase the attractiveness of your apartment in a competitive market
- Define the price level. Remember, that often wrongly positioned offers could stay empty for 3-4 weeks, which is an additional cost. As the rental market is highly competitive, even setting the price 5-10% higher than the market could lead to long vacancies
- First impression is crucial, so consider having professional photographs taken. Well presented apartments generate a lot more interest
Second, study legislation and tax policy
- Ask for a real estate agent to provide You with an example of a rental agreement and consult with a lawyer to avoid problems in the future. In fact, tenants interests are much better protected by law in Estonia than landlord rights
- Consult with a tax lawyer on how to pay taxes from gained rental income. Remember, that incorrectly paid taxes could bring huge losses in the future, as the tax agency has the right to check on transactions from the past and issue solid penalties
Third, check the background of the tenant
- A simple search on Google and Facebook will usually give the first warning signals. Also check the credit background (https://www.creditinfo.ee) for any previos payment difficulties
- If you have a negative first impression or dislike the person then simply interview another candidate, as You will be touch for a long time
- Be careful, as the problematic tenants tend to rent directly from the owner! They cut the cost of broker’s fee and owners often skip the background check
Find a real estate agent who can provide You support!
Renting out Your property is a lot of work! Consult with an agent, who deals with this kind of processes every day. Also, there are things that experienced agents can point out right away to avoid some pitfalls or to increase the income.
In order to make apartment rent out simple and safe we prepared different packages to satisfy needs of every landlord. These packages designed with goal to provide quality, efficiency, reliability and personal contact to both landlord and tenant.
Standard rental package. Paid by tenant as 1 month of rental fee.
- Free of charge advert on main real estate portals
- Free of charge professional photos of your apartment to raise attractiveness
- Real estate agent will find tenants for your property
- Tenant credit and background check before signing of rental agreement
In addition to standard package we provide Full service rental package to take out all administrative and maintenance efforts from landlord.
This package includes:
- Home staging to raise apartment value on a market to achieve 7-10% higher rental fee
- Tenant credit and background check as well as monthly rental fee collection and invoicing
- Tenant maintenance or problem solving within 24hours
- Property insurance, cleaning and movement services with 30% discount
- Paid by tenant as 1 month of rental fee plus 7% of monthly rental fee paid by landlord
Questions? Contact us!
We are constantly searching for new successful strategies or ideas how to rent out apartments faster and for Top euros around the world. Estonian Real Estate market is relatively young and we truly believe that using and adapting knowledge and experiences of other markets we add value to our customers.
We put interesting and useful articles for landlords how to successfully rent out apartments HERE.