Before renting out your property, every landlord should do his homework. Here are some tips that every landlord should take into account before renting out his property.
It is said that if a landlord plays his cards right, it can be a rewarding experience and, in the long run, a good way to obtain a stable income on a recurring basis. And since no one wants to meet a tenant from hell, a landlord should be on his or her best behavior. So be prepared to do your homework before renting your property.
This guide presented by AYRE Estates aims to provide good advice, as well as solutions and details that every owner should take into account. We also deal with long term rentals, holiday rentals in Andalusia and the Community of Madrid*. Please note that this information is for information purposes only and has no contractual value, or if the Autonomous Community of Andalusia has made any changes to its laws or regulations after the publication of this guide.
However, if you wish, we can help you with the management of your tourist apartment, or with the procedures related to the processing of your tourist license in the Community of Madrid or Andalusia. You can arrange a consultation by telephone or in person, by contacting us through the consultation form or by calling +34951915000
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You must determine the market rent, which will depend on the location and the qualities, finishes, furnishings of your property and the number of similar properties that are available for rent in your area.
You may decide to place an ad on a web portal, either for a fee or completely free of charge until the property is rented. You can also check newspapers and various property rental websites to see how much other landlords with similar properties in your area are charging.
There are a number of steps you can take that will increase your chances of finding reliable tenants and not delaying the leasing of your property for too long.
- Condition of the property
Before deciding to rent your property, you should make sure that your property meets certain minimum standards according to the law (e.g. that it has a certificate of occupancy, that it is in good structural condition, that it has no damp, hot and cold water, adequate means of heating and ventilation, electrical appliances in good working order, electrical installation in good condition, gas installation (if available) and/or plumbing in good condition).
If it appears that your property has been well cared for and respected, it is likely that your tenants will treat it with respect and at the end of your lease (or lease under the Urban Lease Law) the property will be in good condition.
- Checking the tenant's data and scoring.
Whenever possible we should have a reference from your prospective tenant's previous landlords.
Obtain a reference from your prospective tenant's employers. It is true that nowadays it is not always possible to be in contact with former landlords where the tenant that we find in front of us has lived, even it is not common to have references from the employer for our future tenant, since the most usual thing will be to ask for the last pay slips to check the average that he has received in the last months, and to be able to check if his job is temporary or permanent, and if he has the capacity to face the payment of the rent of the rent.
The scoring is an evaluation system that allows to predict the possibility of non-payment of your tenant, being able to determine the profile of this one to know the probability of non-payment of the rent. If your prospective tenants are students, you should always have their parents act as guarantors of the lease. - Interviewing tenants: be careful not to discriminate
When you have been able to check the financial profile of your prospective tenant to pay the rent, it is time to interview him or her. Be careful what questions you ask, as the law prohibits you from refusing to offer housing or terminating a lease on any of the following grounds: gender, marital status, familial status, sexual orientation, religious beliefs, age, disability, race, membership in the travel community. You must base your decisions on the merits of prospective tenants, - Lease and list of contents
You must take a photograph of your property and its contents. You must also make a list of your furniture, equipment and fixtures that are included in the leased property, attaching as an inventory of the property, the contents to the lease.
Our real estate agency AYRE Estates can draft a lease agreement for your rental property that will help create a smooth relationship with your tenants and ensure your peace of mind. Adapting and preparing the document to the needs of both parties. Since in most cases, one downloads a model contract from the internet, very generic, which does not respond 100% to what both parties first agree verbally.
As a general rule, tenants usually pay one month's rent in advance at the time of signing the contract (if this coincides with the handing over of the keys), and a second monthly payment as a deposit, which in Andalusia must be deposited at AVRA (Housing and Rehabilitation Agency of Andalusia) or in Madrid, at the Social Housing Agency; according to the Law, the term may not exceed 30 days from the date of signing the lease contract, otherwise the amount of the deposit will be subject to a surcharge.
