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Looking for a tenant?
Determining an appropriate rental charge is an interesting decision. You can't ring around a few shops to find out what the price of your property should be. There are many factors considered by a potential tenant when choosing a place, such as location and the number of rooms.
Rent, like everything else, is set by the economic rules of demand and supply. Always keep one eye on the newspapers to monitor the condition of the market. In some cities, it can change dramatically so that, suddenly, you're able to raise the rent or, conversely, the smart tenant is able to negotiate a better deal.Cultivate a good relationship with your tenant. When there are many properties on the market, a good tenant is invaluable. In fact, the quality of tenant, over the course of your investment, may eventually dictate both the profitability and the satisfaction you achieve from your investment.
Even though rent is subject to demand and supply, landlords do
make the mistake of forgetting the competition. While potential
tenants will look at 20 (or 50!) places before finding the right
place, most landlords simply put an ad in the paper, then sit
back and wait for a potential tenant to turn up. The result is
either that your place is over-priced (which is one reason why
the tenant has to look at 20 places), or that it's a bargain,
making the tenant, not the landlord, the winner.
PDF downloads to help before you start renting from the Ministry of Business, Innovation and Employment
PDF downloads to help a new tenancy from the Ministry of Business, Innovation and Employment
PDF downloads for the end of tenancy from the Ministry of Business, Innovation and Employment
Some useful sites to help you find your next tenant