Making your rental agreement a win-win situation

  • 06.December 2019
  • Like us on Facebook

You’ve found your perfect long-let property and now’s the time to secure your rental. What’s next?

Or maybe you’ve finally decided to put your property up for rent. How should you proceed?

We’re here to help with the nitty gritty.

A well-crafted rental agreement should benefit both parties – the landlord and the tenant. Above all, it is a crucial communication tool that should set you both up for long-term success.

Here are our top three hints for making your rental agreement a win-win situation.

DO: Get advice from experts.

A rental agreement can be quite a complicated legal document. There’s lots to be thought through from both the landlord and tenant’s end. Whichever side of the coin you’re on, we strongly advise getting advice from the right people.

The negotiations that precede your rental contract will set the stage for your future relationship with the other party. Besides that, you want to ensure you’re not signing a piece of paper that will come back to haunt you in the future.

An experienced lettings agent will always be one step ahead of you and at the top of his or her game. They are the market experts and will have been party to numerous negotiations and deals, so they can clearly explain the options you’ve got open to you.

By presenting your agent with your priorities and needs, you’re guaranteed that the eventual black and white agreement is watertight.

DO: Be specific.

Sit down with a pen, paper and a strong cup of coffee and start listing your long-let goals. Your rental agreement needs to be complete and precise, and this is something you need to get right from the start.

We suggest having an initial brainstorming session and then refining this list with the help of your property agent – who may also have a sample template that you can use. These are a few things you need to consider:

  • Term of rental (e.g. fixed-term contract or monthly rolling basis)
  • Start and end lease dates
  • Residents’ and landlord’s names
  • Rent amount and late-payment fees
  • Rent schedule and payment instructions
  • Deposit (amount and payment/refund process)
  • Utilities (e.g. to be included in the rent or not)
  • Maintenance (e.g. who takes care of repairs)
  • Additional fees
  • Pet requirements

To make sure you never lose out and to guarantee you reap all the benefits of a robust rental contract, these terms should be fair, thorough and descriptive.

DO: Nurture relationships.

Both moving into and letting a property can be stressful processes.

Your landlord is the person who’ll decide whether or not you’re allowed pets and probably who you’ll be dealing with when things aren’t quite right with your rental.

As a landlord, you’re trusting your tenant with your property. A good relationship could make the difference between expected wear and tear and unthinkable damage.

Make things easier by approaching your tenant/landlord with friendliness, politeness and positivity. And, most importantly, listen. For long lets, this is even more important.

Not to be forgotten, though, is your relationship with your property agent. This is the person who could make or break your potential rental – so be clear about your needs and wants, but don’t forget to be respectful.

Your top priority is to be a good tenant/landlord. So, keep that high among your thoughts and actions. And, above all, remember that it’s really quite simple because you both have the same goal: you’re both in this for success, ease and peace of mind.

Whether you’re a potential landlord or tenant, speak to a member of the RE/MAX Lettings team today to find out more about renting property in Malta or Gozo.