Planning to manage your own investment property? Managing can be tough and exhausting, nevertheless, if you follow some steps when you manage your own property that you bought in Turkey, you can maximise your rental return and ensure you get the best tenants.
1. Do your research
It is necessary for you to get information about the other properties, you may wonder how. First of all, you should know what the similar properties are rented for so that you can become familiar with the current real estate market of your property’s district. How can you get information? You can search through the internet and the newspapers but we recommend you to consult a local professional at that part of the process. After you have done your research, it is time to define the rent and the other important things so as to promote such as the number of bedrooms and bathrooms, security, location, outdoor features. If you are having trouble in defining the rent for your property, take the features in hand and decide how much the property is worth. Most of the time, it is better to make comparisons between the other houses so as to define the rent.
2. Decide on the tenant
Many people may want to live in your property but you should know that it is your call to decide which one will live. The tenant to be selected by you should be a reliable person and must pay the rent on time. In addition, the tenant should maintain the property to a good standard as well.
3. Follow the procedure
It is highly important that as the manager of your own property, you should always follow the procedures about the property management. For instance; when you make up your mind about the tenant, a standard residential tenancy agreement has to be created and then signed up between you and the tenant. It is better to define the current conditions of the property as well. The payments should be recorded with their receipts during the tenant’s stay.
4. Make a good accounting
You have to be prepared for numbers and some paperwork during your management of the property. It is necessary for you to keep track of the rental payments and its receipts so that you will not miss anything important.
5. Make an inspection
Making inspections four times a year is quite possible in fact. However, before you make an inspection so as to check the conditions of your property, you shoud give your tenant seven days written notice. If there is any damage occurred, the tenant has to report it so that you can fix it.