5 key points to consider when renting out a flat
Last year, Czechs increasingly turned to rented housing, particularly because of high property prices and difficult conditions for obtaining a mortgage. Although average rents have risen, interest in rented housing continues to grow. While this means that owners of rental properties can choose from a wide range of prospective tenants, selecting the right tenant is not always easy. What are the most common risks of renting out a property yourself? And how can you ensure that your property is rented out immediately?
Setting the right rent
As mentioned above, rental prices increased last year but are now more or less stagnating. It is therefore natural to ask how much a flat should be rented for. Real estate agencies set rent levels based on various factors, such as location, layout and furnishings, while also taking into account rent price maps and competing listings. Some experts even claim that rents in the Czech Republic reached their ceiling at the start of this year, which is why we recommend not setting the rent too high. If necessary, you can increase the rent in the future in accordance with the law. By setting a realistic rent, you will have a far better chance of attracting reliable tenants who will stay in the flat longer.
Furnishing a flat for rental
A flat’s furnishings are one of the key criteria prospective tenants consider when choosing a rental flat. This area should not be underestimated, and the furnishings should be given due attention. Our experience shows that over-furnishing is more likely to be an obstacle, and that it is entirely sufficient for a property to be equipped with the essentials. This includes a bed, fitted kitchen and basic appliances.
The right property portal
When advertising your property online, it is important to choose reputable, well-visited property portals. Real estate agencies are one step ahead in this area. They have greater experience of which portals work best and often approach their verified clients first. If you decide to let your property yourself, it is therefore important to pay close attention to advertising.
Choose your tenant carefully
Selecting a reliable tenant is probably the most sensitive issue. The aim is to find a tenant who will pay the rent on time and take proper care of the flat. One possible measure is to check a prospective tenant against a debtors’ register using their first name, surname and date of birth. At Bohemian Estates, we check every serious applicant against four debtors’ registers, allowing us to minimise the risk of non-paying tenants.
Lease agreement and handover protocol
The lease agreement and handover protocol are key documents when letting a property. The lease agreement sets out all the terms and obligations of the tenant and landlord, including the amount of rent, the duration of the tenancy, the terms of use of the property and procedures for any disputes. It is important for the agreement to be carefully drafted and to contain all the necessary information and clauses to protect the rights of both parties. The handover protocol is used to record the condition of the property when it is handed over to the tenant and when it is returned at the end of the tenancy. It includes a description of the flat’s condition, including all furnishings and fittings, and helps prevent potential disputes concerning damage or defects. A carefully drafted lease agreement and handover protocol are the cornerstones of a successful, hassle-free property rental.