Leasing your home can be a great way to generate some extra income while maintaining the ownership of the property. Here is how to go about it:
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Obtain a CMA
Get a marketing valuation, or CMA (comparative market analysis), from a local property expert to guide you on what your property is likely to rent for.
Hire a Property Management Team
A Property Management team can help reduce your stress and workload as a landlord, especially if you own multiple properties or do so remotely. You can grant the property supervisor the power of attorney to deal with payment collections and renewal of your property on your behalf.
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Select your broker
Pick a trusted and well-reputed broker or brokerage with a strong marketing package to help your property stand out from the crowd. Professional photography, online presence, and an active brokerage network are important to give your property the best exposure.
Be exclusive
List your property exclusively with one agent to get the best results. Exclusive listings give the broker the confidence and security to invest more time and money into marketing your property.
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Sign a RERA form
To permit your broker to list your property, you will need to sign a RERA listing form. Your broker will also ask you for a copy of the title deeds and your ID.
Make the property camera-ready
First impressions are long-lasting. Your broker will advise you on steps to be taken to make your property look its best for the photoshoot and for viewings.
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Consider short-term rental
If your property is furnished, consider leasing your property as a short-term rental for higher returns. As compared to annual rentals, short-term rentals offer more flexibility and tend to yield higher returns.
Stay up-to-date
Once your property is listed, you should be able to see it on the various property portals and your broker's website. Your broker should keep you updated after every viewing and should speak to you about the marketing strategy weekly.
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