10 tips for renting my flat

What does your property offer?

"I need advice on how to rent my flat"is a search that is frequently repeated on Google... and in the calls that our agents receive. Renting a property is easy if you know how to do it.

For this reason, we have prepared this guide with the 10 main tips you should take into account to successfully rent your property. In this post you will learn, among other things, how to value your property in relation to its market, how to advertise it efficiently and the importance of a well-written contract. A good rental starts with a good commercial strategy!

Things to consider when renting a flat

What does your property offer?

Your property must be interesting on its own... and in relation to the market that surrounds it. Why should someone rent your flat before considering other options? What does your property have that others don't? The first thing you should do to achieve this is to study the market in depth. Dive through real estate portals, detect patterns and deficiencies and assess whether you can make your flat the best option for the people who are looking for it.

Renting a 40m2 studio is not the same as renting a 120m2 flat with 4 bedrooms. Everything has its audience and can be rented out, but it is important to establish a good relationship between price, product and conditions before putting it on the market.

Get the price right

If you have done your homework properly, your market research will also have provided you with an overview of the prices of properties in the same area as yours. We know that it is YOUR flat, that you have taken great care of it and that, for you, there is nothing remotely similar, but it is better that you put aside your blind love for it and give it the (economic) dimension that corresponds to it. If you overprice it, nobody will want it (or they will make you counter-offers that will make you indignant... "but how can they think of offering me 200€ less for MY flat!") and you will have to reduce it progressively until someone accepts it; and if you fall short, you will have an avalanche of requests and, even if you rent it quickly, you will always have the feeling that you may be losing money month after month.

As you can see, there are many reasons behind a price, but you must fine-tune the figure so that your ad is well positioned in the market because that price goes hand in hand with another very important variable: the weather. If you start with an off-market price, your flat will spend weeks or months wandering between portals, dropping down and burning out without receiving any contacts. In that case, be reasonable, act fast and lower the price accordingly. Many landlords tell us: "it was one of the best tips for renting out my flat".

Place quality advertisements

The time has come to put the ribbon on it and place it in the shop window. The advertisement on portals is crucial to make the potential tenant project himself in your home, because sticking a piece of paper on every lamppost, with a black and white photo and cut out telephone numbers, was never a good idea. Dividing it into 2 big blocks, you have to nail it down:

1. The textsComplete and truthful information describing all the details of your rented flat, even (and above all) those that are not too favourable if there are any. Be honest in the description and we will avoid surprises. No 2 lines or 200 lines, please. Avoid value judgements unless they add value to the information. Not to mention spelling and grammar. Include the conditions associated with the rental contract and the desired tenant profile.
2. The photos15 to 20 images will be enough to show your property in its entirety. The eye, when browsing a real estate listing, goes first to the photo and then to the price. If you get quality artwork (with good natural light, tidy and clean rooms that make the tenant want to see the property), you will be able to get a good impression of your property. be there) people will open your ad for sure. Nowadays, the amount of ads with shaky, dark and redundant photos is still huge. Take advantage of this and stay one step ahead of them. And if you upload a 360º virtual tour of your property, all the better.

Don't forget to be consistent in responding to requests for information. The rental market is agile and intense. If you don't respond today, tomorrow may be too late! And by the way: if you advertise as a private individual, be prepared to receive a gazillion calls from estate agents looking for material for their portfolio.

Find the right tenant

One of your biggest headaches as a landlord is finding a tenant who takes care of your home as if it were their own, pays on time and is friendly and respectful to the community of neighbours. They will remember you often if this is not the case. Beyond the personal contact and the feelings you have with the possible candidates, it is essential to check the financial solvency of the candidate and a certificate of solvency such as Garantify o Okify. We will talk about the deposit later on. As a private individual the process can be a little more cumbersome, but it is a common (and essential) practice among estate agents.

And if you are heavily dependent on rental income, it is advisable to take out an non-payment of rent insuranceThe property will ensure your monthly rent collection and cover legal costs and vandalism in case, despite precautions, everything goes wrong.

Your property should be interesting in its own right... and in relation to the market around it. Why should someone rent your flat rather than consider other options?

Knows the regulations/law

There are clear regulations, articulated in the Law on Urban Leases (LAU) regarding the duration of the contract or the minimum deposit. Do not try to sneak in abusive clauses because it can backfire. To highlight:

• The initial agreed duration in the current habitual residence contracts is 5 years, mandatory for the owner, if the owner is a natural person. If the property is owned by a company (legal entity), the minimum duration is 7 years.
• The landlord must fulfil the entire agreed duration, unless he needs to repossess the dwelling for his own use or that of a relative of the first degree of consanguinity (children, parents or siblings). This scenario must be foreseen in the lease and duly incorporated in the clause defining its duration.
• The law establishes that the tenant is only obliged to fulfil the first 6 months of the contract. From the seventh month onwards, the tenant may cancel the contract by giving 30 days' notice. However, penalties can be agreed for early cancellation.
• The rental conditions can only be revised when the initial duration agreed in the rental contract has expired, once the tenant has been informed of the intention not to renew the contract under the previous conditions. What can be updated every year is the rental fee according to the year-on-year variation of the CPI/GIC.
• Lease contracts are subject to Transfer Tax (Impuesto de Transmisiones Patrimoniales, ITP) and Stamp Duty (Actos Jurídicos Documentados, AJD), the payment and settlement of which is the responsibility of the tenant. In some regions, such as Catalonia, this tax is reduced to 100%.
• In the rental of dwellings, community fees and property tax are usually paid by the owner. However, it is advisable that they are duly detailed and itemised in the rental contract.

Write a good contract

There are model rental contracts readily available, but at this particular point we strongly recommend that you consider the advice of a professional. They will help you with all the necessary formalities, renting your flat safely until the keys are handed over. Don't forget to make an inventory of the house if it is not completely empty. Take photos of the appliances and anything else that belongs to you and that you want to keep. This inventory must be signed by the owner and the tenant. At Monapart we recommend renting the properties only with the basic appliances: hob, extractor hood and oven. It is preferable to provide a reasonable period of grace period to tenants who do not have the other usual appliances (fridge, dishwasher, microwave, washing machine, tumble dryer) so that they can buy them of the brand and quality they want and remain as property of the tenant. This avoids arguments over who is responsible for repairs.

The LAU establishes that the tenant must be responsible for maintenance, however the landlord must be responsible for major (costly) repairs that are not attributable to misuse by the tenant and for the replacement of the appliance if it is not repairable. The condition and age of the appliance at the beginning of the lease will influence the attribution of responsibility for each incident.

Ask for a deposit consistent with the profile of the tenant and the quality of the flats.

Monapart recommends requesting a deposit equivalent to two monthly payments of the rent established in the rental contract. If the property has high-value finishes or equipment, it is advisable to request a deposit of three months (the maximum allowed by current law). In this case, it is essential to specify the desired deposit within the advertised conditions of the property, in order to avoid misunderstandings in this regard.

Make improvements to the house

Do a tune-up of anything that honestly isn't in the state that someone entering their new home would expect to find. The landlord-tenant relationship that is about to be established is going to be a long one, so you'd better score points right from the start, because it will make everything so much easier in the future. A very worthwhile investment, don't you think?

At Monapart we ask that the property is handed over having been thoroughly cleaned a few days beforehand, including the inside of drawers and cupboards, as well as the inside of the electrical appliances (extractor hood, oven and microwave). It is also advisable to remove any furniture and objects that are not part of the rental contract before the handover. In general, it is highly recommended to paint the property between one tenant and the next, especially when the contract has lasted several years. If this is the case, the contract should state that the flat is "freshly painted" and the colour of the walls.

Be a good owner

The bad tenant always gets the bad reputation, but there are also bad landlords, and many of them. Every tenant has the right to live with dignity and to have their questions and complaints answered. A good landlord is cordial, responds quickly, listens well and is flexible when negotiating. You know: the tenant's fridge is going to break, and you will have to be honest to discern whether it is due to its age or misuse. These are all details that add up (or subtract...). Think that, if everything goes well, you will have the same tenant for five years, who will pay you rent month by month, punctually. No joke.

The landlord-tenant relationship that is about to be established is going to be a long one, so you'd better earn points early on, because it will make everything much easier in the future.

If you are just starting out, make a good name for yourself as a landlord, tenants will recommend you and everything will be easier in the future. And if the months go by and the situation gets the better of you, a good wealth management service who manages the flat for you can save you a lot of headaches...

Go to a (good) professional

At Monapart we give you the tools and knowledge to understand how the real estate sector works, but we will always be there for you. here if you need us. We understand that for someone who is just starting out, complying with the above 9 points, although on paper it seems feasible, in practice involves a high dose of skill, patience and, why not, luck. If you put your home in the hands of a good professional will take care of the process from start to finish, helping you to make the most important decisions such as price and contractual issues. They will also know how to take photographs that enhance your property and will publish it in the best possible way on the main real estate portals. They will manage enquiries and potential candidates, analyse their solvency and help you find the best tenant for you.