Renting out your property to someone unknown is a headache. If you are renting out your property in Turkey for either short or long term, you can either get services from an agent to assist you, or do it yourself. There is no legal obligation to use an agent.
An agent will typically charge you a commission equal to 1 month rent. For example, if you want to rent out your property for 1,500 TL per month – the agent would take 1,500 TL as his commission.
It is strongly advised to sign a contract with the agent or client, outlining any conditions and clauses you have such as
- Pets policy
- Smoking Policy
- Rent Payment Cycle
- Guests Policy
- State whether fully or partially furnished
- Security deposit for any damage that may occur
- If you require the property to be re-painted before a long-term rental may finish.
- Notice time period required to vacate the property etc.Ensure yourself or agent that the deposit has been received for the property before any keys are handed over to the tenant.
Renting Season and Security Deposit Tips:
Tip 1: Turkey being the tourist hub welcomes thousands of foreigners and travelers during the vacation season. For faster renting, there are many facebook pages for renting and accommodation in Istanbul that can be really helpful for you.
Tip 2: When renting for the summer season or to holiday makers, there is normally a deposit taken to reserve the property. As per the market trend, average figure of the security deposit is 40% of the total rental cost per month. The remaining balance can be paid 3-4 weeks before the clients arrive.
However, you may also ask for the amount equal to one month rent which you will see as a common practice in Istanbul especially during summer to rent out the houses or flats on short term basis to the foreigners.
Tip 3: It is strongly recommended to add a clause for limited cap on electricity usage because when air-conditioners are installed in rental properties they may be left on by the tenant even if they don’t need it. Same goes for the heat system in winter season such as starting from November to April as the gas consumption drastically increases during winter season.
Tip 4: Also state the internet usage is included in the rent or there should be a separate bill for it.
Tip 5: It is suggested to use a checklist against the household items, furniture and fixtures inside the property. Tick off a check list after the tenants arrive and before they leave the property (both yourself and the tenant can sign this).
Health and Safety:
If your property has a pool it is advisable to have a sign stating no running or diving etc. if necessary. Fire extinguishers and blankets where appropriate and smoke detectors and exit signs in place.
If possible, security cameras are also a good option to install at the entrances on the house.
Answering your Questions Makes us Happy!
If you need any more help or any consultancy about the above mentioned or any other related scenarios, we are here and will be happy to assist you. Just visit www.piturkey.com to fill the contact form and wait for a call from us. Or if you are too excited to wait for working with us then call us at +90 (530) 016 67 86, we shall be glad to assist you.