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Originally Posted by mushtaq
I have had problems renting out my apartment to locals in the past, I think a lot of owners don't need the hassle (including me), what is the best way to protect the owners?
I know a few owners who have not got the promised rent in the end and bills not paid, so in effect end up worse off.
I think if there are clear ways to remove the hassle then more owners will be willing to rent out their apartments rather then leaving them empty for the market to pickup.
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You are quite right Mustaq,
All i can say about it is that we try and cover things as best as possible with a general rent to safeguard our clients and their homes (in this specific request it is easier as it is the company who is paying, not the person living there).
But let's say regularly, we make a proper contract between ourselves in name of the owner and the renter. We ask for a 2 month deposit plus a month rent in advance, which rules out any students or people with no money.
To overcome utility bills not being paid; we want the person renting to subscribe in their own name and pay for those fees, so there will not be any outstanding debts in the owners name during the rental period. After the rental period the re-connection charge is either for the new renter or if the home owner does not want to rent out anymore, we cover this from our own fee for the owner.
Any damages, will come out of the deposit (which is always large enough to cover for broken plates/glasses or touching up paint on a wall)
If the rented property is on a complex we'll ask the care taker to keep an eye out for any unwanted behavior, as we handle a 3 warning system.
3 written warnings regarding breaking complex rules or general unfitted behavior, gives us the right to evict the person from the property in name of the owner.
Fortunately this has never happened yet
For the owner's side we ask the following:
- sing an agreement with us stating rental price, period and a million other things)
- provide us with a power of attorney (for a period of min. 1 year) with which we can disconnect and reconnect utilities in their name
- covering insurance (3rd party) for their property and a contact person in Turkey to handle claims if needed (can be covered in the POA).
- title deed in their name
- tax number
- Turkish bank account to transfer monies into
- rules and regulations of their complex (if the property is on a complex)
If people have a service agreement with our company (property checks, bill follow up, holiday let advertising etc., power of attorney costs) we take care of their tax returns as well regarding the rental income.
If not, we can only give them an overview of monies collected over a certain period, and they have to take care of this themselves.
Also we than cannot disconnect and reconnect utilities officially, so we check bills coming in (or go to Tedas & Belediye with their subscription numbers) and at rent collection time, we ask for this amount as well.
If bills are not paid for 1 full month we cancel the let and take the outstanding amount from the deposit.
In general i would say that if you are renting out your property for a long term let, make threshold that is high enough to keep irresponsible bums out and get serious people with steady jobs in.
the threshold is usually a large deposit and an advance month in rent.
besides that, have an agreement with the company that rents it out in your name, as they should represent you and your property (if needed chase them up on the fact if rent is collected and utilities have been paid that month)
Also you are the owner, you can set the rules and say what people you want in your home and who not.
(i've been rejected many times by Turkish home owners for being a single foreign woman, and we reject many many students or seasonal workers looking for furnish homes)
Are you ever 100% safe with a long term let? No, but you can get pretty close.
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