Rent your property long term easily

Rent your property long term easily

In most cases it makes plain sense to both owners and tenants to rent properties on a long term basis.

Whether you own beachfront villas in Phuket or town houses in central Phuket, the same principles apply. In short your property is more likely to spend less time empty and waiting for a new tenant if you carefully position your property to attract long term tenants. A typical long term rental or lease would be to rent the property for a year or more. Shorter rentals require more management and will put a much greater strain on maintenance. All sorts of people will be staying in your property over a short period of time. Although it may take longer to find a more permanent tenant, short term rentals are in no way reliable or provide consistent occupancy. It would make sense to spread out the use on the house over a year or so with one carefully selected tenant.

With a little more attention and planning it’s possible to benefit from preparing your property for long term rental, compared to short term. There are many owners of beachfront villas in Phuket who do well from focusing on long term rentals.

Many long term tenants are happy to rent out a property fully furnished. However some long term tenants will have their own furnishings to ship. Bearing this in a mind if you are looking to rent your property long term you should be flexible in respect to providing furnishing. Have some space available to store furniture if it is not needed. It would also help to not over-furnish the property but to leave plenty of space so that the new tenants can add their own things. This also applies to decoration, leave empty spaces and see what you can take away rather than what you can add. Long term tenants are likely to want to bring homely decorations such as family photos and artwork, so they can make their new home as comfortable as possible.

A typical long term tenancy agreement would require a two month deposit and one month in advance. Some contracts will specify a break clause whereby upon giving a couple of months’ notice, the tenant may opt to exit the contract early without penalty. The second option is to forgo this clause and require the tenant stay the full term or risk losing the deposit. It does make sense to assure your tenant that they do have the option to exit the contract, so long as notice is given. Being flexible will give some kind of guarantee and confidence which will help attract tenants.

Another way to bring in long term rentals would be to offer a sliding discount based on how many months in advance the tenant pays for the rental. Shrewd tenants will look to pay a year upfront for the right price in the right property.

There is demand from parents of children starting at the international schools in Phuket whose term starts in August. This demand for good family housing with long term rental options starts in the run up to August.  Houses that are close to the schools or within a 15km distance are the first choice.  

With a little extra thought and planning it can pay dividends to target your condo, house or beachfront villa in Phuket towards long term tenants.

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