What are the advantages and steps for leasing properties?

Q: What are the advantages of leasing a property?

A: One of the major reasons for putting a property up for lease is to have an extra source of income. Leasing a property is also advantageous compared to selling it, since you can decide to move back into the property if you have a change of mind in the future.

Q: What steps should I follow to put my property up for lease?

A: To ensure your property is rented out quickly, you should:

1. Have a plan – The plan should include crucial questions and decisions including modes of advertising the property, whether you should hire the services of a real estate agent who can help you rent out the property faster and if you should hire a property manager who will oversee screening the tenants and manage the rentals. The plan should include possible measures you will take if you cannot find anyone to rent the property.
2. Ensure the rent is reasonable – Conduct research on the cost of properties in your neighbourhood, considering the size and the number of rooms. If you encounter difficulties, seek the advice of a professional who will provide you with a quote.
3. Know your tenants – To prevent leasing a property out to a difficult tenant, a number of landlords prefer handing their properties to family and friends. Look for information on the tenant, pre-screen them before you hand them over the keys.

Q: Which platforms should I use to advertise my property?

A: There is a number of platforms you can use to advertise your property. An online platform like Jumia House allows you to reach a wider audience both in Ghana and other countries. You can also put a sign in front of the property to show it is up for lease. The sign should include your contact details. Inform family and friends the property is up for lease. They can also help you search for tenants.