Letting service for property owners
Professional letting is hardly easier than selling. Done correctly, it is even quite time-consuming.
Since June 2015, estate agents are only allowed to take commission from the landlord. This has led many landlords to try it themselves, and some have even been lucky.
However, tenancy law is quite complex, something new is constantly being added, and you get a feel for the right tenant through experience.
How do I market my property myself? Does professional help make sense? Are there any points I need to pay particular attention to? How do I avoid pointless viewings and how do I get the tenant who suits me?
It is tempting: book an advertisement, quickly copy the text of a current offer. The rent might just be right, after all, the offer is only a few streets away. The photos are quickly taken by mobile phone, the text is written and the ready-made fields are filled in. Of course, you have an idea of your potential tenant and make a brief note of it in the exposé. Just one „click“ further and the ad is online. The gigantic demand market will take care of it. Enquiries are bound to come. Problems and pitfalls do not lurk in copied texts and quick mobile phone pictures. It’s small details that often make landlords realise too late: „I didn’t think of that“, „I didn’t know that“ – perhaps even in a dispute with the tenant in court. Even if you want to rent out your property privately, you have to comply with laws and regulations and fulfil the legal requirements. Therefore, before you rent out privately, you should inform yourself thoroughly both legally and behaviourally. Of course, it takes a lot of time and patience to inform yourself comprehensively, and you still have the insecurity of having forgotten something.
You should be available around the clock.
Unfortunately, today’s rental market situation is more of a curse than a blessing. Every prospective tenant wants to be at the front of the starting application line. Since the internet knows no closing hours, landlords must also expect calls, text messages and voicemails after midnight or at 5:00 am on a Sunday morning. You think prospective tenants will follow etiquette and social customs? Forget it. If you’re looking for a flat urgently, you’ll get tunnel vision and simply tune out side issues such as night’s rest.
Find the right rent.
It may be your flat or house, but you are bound by certain rules when calculating the rent. If the price is too low, you will not only be overrun by prospective tenants, but you will be annoyed in the long run when you suddenly get knowledge of comparative rents. After all, you can’t „improve on short notice“. If, on the other hand, you calculate too high, you risk a possible vacancy or you may have to refund differences in the current tenancy. The current rent index of your city or municipality is compulsory reading, as is an overview of comparative rents and even reading advertisements for similar properties. You think this is time-consuming? You guessed right!
Make sure your advertisement on the internet is secure.
Even as a private landlord, you must provide mandatory information in the advertisement. You may even be liable to prosecution if you make false statements, fraudulently conceal information or if the energy certificate is missing or has expired. The documents must be presented at the latest during the viewing, otherwise you may risk a fine of up to several thousand euros. Just as unpleasant and not exactly rare: after signing the contract, the tenant comes and claims a co-reduction. This may be the beginning of a long, nerve-racking dispute between you and the tenant. Make a checklist of all the documents and information you need.
Data, facts, documentation
As a landlord, you have to process all enquiries, make selections, store data on prospective tenants, collect information and much more. Even as a private landlord, you are obliged to protect the data not only of future tenants, but of ALL potential interested parties beyond the tenancy. The requirements according to the current DSGVO (Basic Data Protection Regulation) are high and violations can cost a lot of money. Be sure to create protocols and documentation, as these serve as proof and thus protect both parties. Before signing, it makes sense to check the general conditions carefully to see whether the selected prospective tenant is at all able to pay his rent and can also prove that he does so regularly at the current point. While you have no guarantee that this will remain the case, it does create a leap of faith. Ask to see proof of salary and check the tenancy with your prospective tenant’s current landlord. Don’t forget the Schufa information. You think this is excessive? You will take a different view the first time you chase your lost money with a rent nomad.
Don’t lose the overview.
With whom have you agreed what? Did you think of everything during an inspection and really not forget anything? Did you mention all the important points and any weak points or did something get lost in the hectic? Which questions or demands on the tenant are you allowed to ask, which are not? What should your potential tenant bring with him in any case? What criteria will you use to select the tenant? Are you more of a rational or emotional person and how does this affect the selection process? Questions upon questions.
If you now say that all this is much more time-consuming than you expected or if you simply don’t want to put yourself through all the stress, then call us free of charge on 0800 488 2 488.
Secure determination of the market rent
Determination of a rent in line with the market, taking into account the economic viability for the landlord, and appropriate advice.
of your property
If you want creditworthy and reliable tenants, you must also address your circle of prospective tenants with professional exposés and high-quality advertisements. The real estate professional prepares your property professionally. This includes first-class photos, prepared floor plans and complete documentation.
In order to find the ideal tenant, it is often not enough to advertise the property in just one medium. The estate agent knows the best internet platforms as well as the relevant print media.
The statutory energy certificate
For most properties, the legally required energy certificate must be available. If this is missing, the real estate professional will support you in fulfilling the obligations according to the Energy Saving Ordinance. He also makes sure that all relevant information is included in the listing so that there is neither an administrative offence nor the threat of a fine.
Flexible organisation of inspections
With regard to viewing times, the real estate professional is flexible and organises viewings with qualified interested parties even at times when the owner may be unable to attend or does not want to tie up his own limited time with viewings. He has already qualified the interested parties in advance. During the viewing, he not only shows the property but also checks out the prospective buyer in a personal conversation.
The real estate professional compiles a pre-selection from the persons who express serious interest in the flat after the viewing. This is based not only on the tenant’s self-disclosure but also on the obligatory credit check.
Preparation of the tenancy agreement
Taking into account the current legislation, the peculiarities of the rental property and the economic viability, the real estate professional formulates the tenancy agreement. The clean and conscientiously documented handover of the flat is also part of his services. In addition, the real estate professional has witness status at the handover of the flat in case there are any differences of opinion afterwards.
Preservation of the landlord’s privacy
The real estate professional also takes over the important buffer function between you and the interested parties who did not get a chance. This ensures that you are not bothered by further unwelcome calls after the letting.
Just as you should hire a professional for handicraft services, you should hire a real estate professional for an optimal result in letting.
The broker’s fee is tax deductible
Even if the broker’s commission may not seem cheap at first glance, this is put into perspective when you set your own time and costs against it. Please also note that you can deduct the broker’s fee in full for tax purposes.