Anyone is doing long term rentals?

Answered!
Tony1691
Level 2
Osaka, Japan

Anyone is doing long term rentals?

How to set up long term rental? 
Anyone is getting tenants for long term rentals? 

Top Answer
Vedad2
Level 2
Sarajevo, Bosnia and Herzegovina

@Tony1691 To set up a long-term rental and find tenants, you can follow these steps:

1. Determine rental property specifics: Define the type of property you want to rent out, such as a house, apartment, or condo. Determine the number of bedrooms, bathrooms, and other features.

2. Research local rental market: Understand the rental market in your area. Research the average rental rates for similar properties, vacancy rates, and tenant preferences. This information will help you set a competitive rental price.

3. Prepare the property: Ensure that your property is in good condition and ready for tenants. Make any necessary repairs, clean thoroughly, and consider staging the property to make it more appealing.

4. Set a rental price: Determine a rental price based on market research, your property's condition, location, and amenities. It's important to set a price that is fair and competitive to attract potential tenants.

5. Advertise your property: Use various channels to advertise your long-term rental. These may include online platforms like rental websites, social media, local classifieds, and real estate agencies. Provide attractive photos, a detailed description, and highlight the key features of your property.

6. Screen potential tenants: Once inquiries start coming in, screen potential tenants to ensure they are reliable and responsible. Conduct background checks, review their rental history, employment details, and request references. This will help you find tenants who are likely to take good care of your property and pay rent on time.

7. Create a rental agreement: Draft a comprehensive rental agreement that clearly outlines the terms and conditions of the tenancy. Include details such as rental payment amount, due date, lease duration, security deposit, pet policy (if applicable), maintenance responsibilities, and any specific rules or restrictions.

8. Conduct a move-in inspection: Before handing over the keys to your tenants, perform a move-in inspection together. Document the condition of the property, take photos, and note any existing damages. Both parties should sign the inspection report to avoid disputes later.

9. Collect rent and maintain the property: Establish a system for collecting rent from tenants on a monthly basis. Clearly communicate your preferred payment methods and due dates. Additionally, promptly address maintenance requests and keep the property in good condition to ensure tenant satisfaction.

10. Renew or end the tenancy: Monitor the tenancy agreement expiration date and discuss renewal terms with your tenant if both parties are interested. If either party decides not to renew, make sure to provide proper notice according to local laws and begin the process of finding new tenants if necessary.

Remember to familiarize yourself with local laws and regulations related to long-term rentals, as they may vary depending on your location. It's also advisable to consult with a legal professional or real estate agent to ensure you're complying with all necessary requirements and to receive guidance tailored to your specific circumstances.

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21 Replies 21

Thanks a lot for lots of useful steps @Vedad2 . I live overseas and my property is in the Philippines. I have an agent but she hasnt found a tenant for months. I think the market is very saturated there or maybe the agents I deal with arent as agressive enough.  If you know of any good sites there, I would rather advertise it online by myself. Thanks a lot!



Airbnb is designed for short-term rentals and lacks safeguards for long-term arrangements, such as signed leases, background checks, security or damage deposits, or a guarantee of payment beyond the first month. For long-term rentals, it's advisable to seek out a reputable real estate company or rental agency that provides protection against potential issues with renters. Familiarize yourself with your legal rights and those of the tenant before committing to a long-term rental agreement. I think you have cut and pasted from **

**[Link removed in line with the Community Center Guidelines] - Please note that it is not allowed to advertise on the Community Center. 


 

Lisa1247
Level 4
Brewer, ME

I did LTR before STR and MTR.  Basically just clean out the unit(s) so they are empty.  List locally.  Not on Airbnb.  Units need to be empty.  No furnishings.  You don't want furnishings for 1year plus leases or they will need to be replaced fully each lease.  Too much wear and tear.  

@Lisa1247 Your idea is good but it wont work in the Philippines where my unit is located .  Thats a different culture and set of mind. In Japan , it has to be empty because wont use used stuff.  

Lorna170
Top Contributor
Swannanoa, NC

@Tony1691  AirBnB is meant for short term rentals.  They do not provide any safeguards for long term rentals -- no signed leases, no background checks and no security or damage deposits or guarantee of payment after the first month.

 

If you want to rent long term, find a real estate company or rental agency that will protect you in the event that you have a bad renter.  Know your legal rights as well as the rights of the tenant before you agree to a long term rental.

Thanks @Lorna170  for the info but I live overseas and my agent hasnt found anyone for months, in fact many agents have my unit in their list but no results yet. So I thought I give Airbnb a try. 

Marcela718
Level 2
Tulum, Mexico

I live in Tulum, Quintana Roo state in Mexico and low season this year hitted really bad and very early so  I am renting furnished properties for long term. It is quite popular here as a lot of americans came to live here after corona. Just make sure you don't let instant reservation, so you can talk to them before booking and also maybe let them know there is a deposit and  sign a contract where clearly state everything.

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