The concept of real estate agency is still new to the people of Bangladesh, especially when it comes to renting. People have traditionally gone to the local brokers to buy properties and have fallen victim to real estate scams many times. But for renting out property, everyone just hangs ‘To Let’ signs on street corners and poles. However, real estate agencies like Bproperty are revolutionizing how real estate transaction is conducted in Bangladesh today. Renting a property as well as renting out has become quick and simple. But, if you are still unfamiliar with the concept and wondering whether to enlist the help of a real estate agency or just try rent yourself, maybe the following questions and answers will help you come to a decision.
Do You Own a Number of Properties?
Having more than a few property to rent out can be a hassle. While you can fully focus your time and effort when renting out a single property, you won’t have the same luxury when there’s many. You’d need to divide your time and try to find tenants, arrange viewings, negotiate, and address any queries they might have. This can be very disruptive to your everyday life. While a owner may not have enough time or resources to manage all these, real estate agencies like Bproperty do. They can assign multiple property experts if the need arises and ensure that every property gets proper attention.
Did You Set the Right Rent?
Figuring out the right rent for your property can be difficult. Investing in real estate is a big deal. Setting the rent too high will keep tenants from renting your property while setting it too low will leave with a loss. And even though there is a Rent Control Act in Bangladesh, there is no exact formula for setting rent itself. As a result, rent varies from building to building, and sometimes even with different apartments of the same building. Real Estate agencies, who operate on a large scale have the necessary expertise and knowledge to determine the appropriate rent of your property and advise you.
Can You Reach a Large Number of Potential Tenants?
One of the biggest problems owners face when renting out property is notifying potential tenants about the availability of their property on the market. As we mentioned before, people of Bangladesh use the rudimentary method of hanging ‘To Let’ signs on street corners and poles and hope that a potential tenant will pass by and see the sign. This is a very slow process and can up to several months to find the right tenant. On the other hand, you can reach thousands of potential tenants without having to rely on luck with help from real estate agencies.
Are You Situated Far from Your Property?
When you live in or near the property you are trying to rent out, arranging viewings and other tasks become easier. However, when you are situated far from the property, which is usually the case when there’s multiple properties or commercial properties, you need to constantly travel to the location for various reasons. This can make things very hard and leave you in a bad mood. But with real agency’s help, there’s no need for you to go through any of these troubles. They will shoulder the responsibilities while keeping you updated.
Will You be Available Any Time of the Day?
Trying to rent out a property can feel like a full-time job to the owner. Answering calls from interested tenants, discussing the rent & facilities, showing the property; all of these can take away your free as well as busy time. There’s no way for anyone to be available all the time; we have other tasks that need our attention. Which is why handing off these responsibilities to a real estate agency like Bproperty can be a good idea. This will save you from having to be always ‘On call’ trying to rent out the property.
Screening Tenants – Can You Do It Yourself?
The safety and security of your home is always a concern. So when you are renting out property to others to live, you need to make sure those people don’t have a history of causing trouble. Many-a-times, owners made the mistake of renting out to the wrong people who abused their property and caused legal & physical damage to it. Real estate agencies, who deal with a variety of people, have the experience and resources to screen every potential tenant and make sure everything is in proper order.
Do You Have the Necessary Legal Knowledge?
Renting out property, be it for residential or commercial purposes, requires a certain level of legal knowledge. There are many aspects that need to be acknowledged and put into a contract. This will protect both parties from legal complications as well as determine their responsibilities. Unless you are a legal expert yourself, there’s a good chance that you have a limited understanding of these matters. Real Estate agencies like Bproperty have several legal experts to create and analyze such legal documents for their clients. This way, you won’t have to worry about any legal loophole or complications when renting out property.
The renting process is changing due to the introduction of one-stop real estate marketplaces like Bproperty. There’s no longer a need for relying on luck and taking on all the hassles of renting out property. Hopefully, this little Q&A have cleared out your many aspects and help you be more decisive. If there are any other questions that you would like for us to answer, you are welcome to comment below.