It’s easier now than it ever has been to rent out your house. Many more people are using rent to pay off a mortgage than ever before. It makes sense, you can purchase a house to rent out and then keep all the profit during and after a period of paying the mortgage.
There are some complications, however. While it’s now simpler than ever, there is a minutia of things to get through before you can start renting out a property. This minutia is incredibly important to avoid fees or penalties, though.
Luckily, PropTech can help streamline the process of finding a property and renting it out to tidy tenants.
Do Your Research
First of all, you’ll want to do your research. If you have a mortgage on your tenancy, for example, you need permission from your mortgage lender to start renting your property out.
To name a couple of things, you need up to par health and safety standards, an energy performance certificate, and adequately fitted and tested smoke and carbon monoxide alarms.
Luckily, PropTech can help you with health and safety. With the emergence of digital twins, you’ll be able to view how well your health and safety equipment is running. PropTech apps can show you your energy output and can log warranties and data against specific smoke alarms, to prove that they’re efficient.
Knowing what to look for by checking out government guidelines is now as easy as implementing those guidelines, as PropTech can help you monitor and log all of the activities you undertake to keep your property safe.
Decide Which PropTech Platforms to Use
When your property is safe and approved to rent out, you have to find the correct platform to use to rent out the said property.
Luckily, PropTech has a wide range of different options that you can use. From SpareRoom to Rightmove, there are a lot of PropTech websites to help you list your property and reach out to potential tenants.
When you’ve got all of the necessary documentation, it’s simpler than ever to get your property out there and advertised to the right people.
The best suggestion, therefore, is to diversify where you’re renting from, using a few PropTech websites. This way, when the requests to view start piling up, you’ll be able to vet more people and find the best fit for your property.
Use PropTech For Upkeep
With PropTech, you’ll be able to create an inventory and log information against it. Any process is streamlined, as you’ll be able to see when your fire alarms were last tested and the purchase date and price of your washing machine.
The best thing is that PropTech creates a non-invasive way to manage a property. You can see everything remotely to verify everything is running smoothly and to a high standard.
Managing a property remotely, and keeping it well maintained is a great way to keep your tenants happy and to make it more likely that they’ll renew their tenancies.