14 / 12 / 2020
Useful tips for putting a property in Mallorca up for rent
As a property owner, you might think that managing a holiday rental is quite complicated. This is not the case, although we see many owners making recurring mistakes. To avoid committing them, it is necessary to ensure that no information is missing. Putting a property up for rent is easier when you know all the details and requirements from the start. That's why here at Pollentia Rentals we want to give you a series of useful tips so that you can start the process with absolute security.
Key points about renting out your property in Mallorca
Finding the perfect tenant for your house, and avoiding any inconvenience with the contract, seem at first sight to be the only issues to consider, but nothing could be further from the truth. As mentioned before, avoiding any lack of information is crucial if you want to rent out your property in the conditions you choose.
Putting your holiday home up for rent requires a prior market analysis, so that you can make the decision that suits you best. To this effect, in one of our previous blogs, on health and safety, we particularly stressed the importance of the tenants' first concern: choosing safe destinations for their holidays.
Speed is not incompatible with prudence: observing how other owners act, makes it possible to identify the things that have caused them the most headaches. This implies that you should carefully organize all the steps to follow, to avoid having to rent out your property in Mallorca for the price of the first offer you receive.
Financial conditions and necessary formalities
Conditioning your home to make it as comfortable and liveable as possible, is essential if you expect to get maximum return on your investment. You must ensure that the facilities are in the best possible condition, even if it is an older property. The furniture and decoration, as well as the electrical installation, must be in perfect condition and ready for immediate use. Otherwise this could considerably lower the rental price.
Anticipating any unforeseen circumstances that may arise, will save you unwanted costs. To this end, by taking out an insurance policy, you will be covered in the event of damage, breakdowns or problems in connection with the maintenance of your property. All of this must be stated in writing in the rental contract. However, this will by no means free you from other problems, repairs or renovations that can always arise during the course of the rental period.
Get informed and know the market. Rents fluctuate from year to year, and sometimes even from season to season. The decision on the amount of rent to be charged depends on the area, the associated costs and, of course, the condition and characteristics of the property.
Clearly define the conditions you require, without taking anything for granted. If this is your first time renting out your property, we will be happy to advise you on all the details, although it is always a good idea to make a list before getting started. It will also be necessary to put together all the required documentation, as this will allow you to quickly take action if a tenant appears who wants to enter the property in a hurry. It will also be useful to ask for tax advice, as rent earnings need to be included in the yearly income tax return.
Rent out your holiday villa on Majorca with the best conditions
At Pollentia Rentals we prepare all the necessary documentation for our flat and villa owners. We send them the (holiday) rental contracts, as well as the terms and conditions to be fulfilled by the tenants, in order to facilitate the communication between both parties. We also take care of the maintenance of the rented properties, to keep them in the best possible conditions, thus ensuring that the owners can ask for a higher rent. If you are a homeowner, put it up for rent now, and enjoy your free time without having to worry. For all this and more, we are your real estate agency in Mallorca!