1. Set the time:
First, we suggest you set the period in which you want to give in renting your property, either a year, two, etc.; in this way you will have clear time you already rented your property, with it the future income you will have, to promote your good and to develop your future contract.
2. Identify the advantages and disadvantages of your property:
Whether to conduct your market research, make improvements or promote your local, you must identify the advantages or benefits that your property has, as well as its disadvantages or defects.
3. Make improvements:
By identifying the deficiencies of your premises, it will help you to correct them; so, we recommend you improve the appearance of your premises, painting, fixing the walls, pipes, windows, and any aspect of your property. This will increase your demand and, therefore, the price of it.
4. Conduct your market research:
Once you identify the advantages and disadvantages of the good, you will need to conduct a market study to determine the approximate rental price of your premises. For this study, what you should do is look for commercial premises that are being rented in your area and find out the prices that are being offered. It is advisable in these cases to find out the prices of 5 to 7 properties; also, you should choose properties with similar characteristics to your local, location, antiquity, etc.; the more your local resembles the premises of your studio, the result will be more approximate.
5. Know your future tenant:
It is very important before closing any deal with a future tenant, that you know him; for this you can ask him for his identity card, his background, and some document that demonstrates his financial stability.
6. Make a good contract:
This is one of the keys to a secure lease, with a good contract, you can protect yourself as a landlord against any future problems that may exist with your tenant. This contract should primarily have the parties’ specifications of the property, the term, the amount of the rent, and any other clauses that the landlord and tenant deem appropriate, such as the future trespassing clause, that may help with future evictions. Remember that if you do not know how to write a contract, you can contact a lawyer specializing in real estate or go to a notary of your trust to do it.
Finally, in case you have doubts or difficulties to implement these steps in a proper way, seek help from a real estate agent; these people are specialized to help both the owner and the tenant to make a correct and safe transaction.
