In a country like Bangladesh with a thriving leasing market, it comes as no surprise that an increasing number of investors are looking to become landlords. However, not all property owners or properties are cut out for this. Bproperty has put together a few helpful tips to get you on your way if you contemplate putting your property up for lease.
How do I list my property for lease?
Call a realtor
Realtors have the local knowledge and experience that you may lack, especially if you are a first timer. They can help you get potential tenants faster. Since they have up-to-date information on the market situation and laws, they can help you take care of necessary paper works and so on. Besides helping you list your properties on online portals, they can also use other advertisements to promote your property.
As a rental property owner, you have to do math to calculate your future income. You should calculate all the expenses that you will face, such as mortgages, utilities, property upkeep, repairs, and other fees. This will help you decide how much you should charge your future tenants. Moreover, do extensive market research to know the current rent levels.
Set a target market
There are many kinds of tenants with different requirements. Are you aiming at expatriates in your local area? Or at a middle-income family? If you aim at expats, then you will need to fully furnish condo units or flats, which also means you can set a higher rent. Do not forget that you will need to shoulder the cost for any damage caused to your furniture.