You have just bought your first investment property in Istanbul. Congratulations!
You may have just invested because you wanted a holiday home or perhaps you did it just to make some money. Either way there are times as an overseas investor where you will need to generate some income from renting out your property.
If you’re lucky, all this will be in place when you purchase the property but what happens if the burden of finding a tenant and managing the property falls on your shoulders?
Often investors find themselves scratching their heads and spending large amounts of time trying to figure out how to rent out their property in a foreign country.
Many give up and end up just renting out their holiday home to friends and family or worse still leaving it empty. That investment property which carried your high hopes for a happy investment journey are derailed at the first attempt.
To use the cliché, always do your homework on a property first before buying and use the following 5 steps as a useful guide.
Research The Local Area
This should really be done before you even think about investing in any location. There are many variables to consider but the most important of all is tenant demand. If you know it exists and this was your reason for investing then you shouldn’t have much problem.
If you are about to purchase a property and haven’t looked into local demand then it may be time to investigate how many rental properties there are and in what condition. If it’s a holiday let, is the area popular with tourists and if you’re looking to attract local tenants what level of rent can you expect to receive?
Seek Out Local Knowledge
Local knowledge is invaluable whether you are renting out a property in Istanbul or anywhere else in the world. A local property management company can be invaluable in saving you time and money and they will also know the local market, the expectations of tenants and the kind of rents people are willing to pay for your property.
Take Good Photos
How often do you hear that a picture is worth a thousand words? Then how often do you see a property advertised with pictures that make a room look small, badly lit or like the pictures have been quickly snapped on a mobile phone?
A good photograph might not get you a tenant immediately, but it will show off the property and attract interest.
Make Sure Your Property Is Listed In The Right Places
The Internet is great for advertising your rental property in Turkey. The only problem is everyone else recognises this too and you will need to advertise your properties on websites receiving a good share of the traffic or that cater for a niche audience.
Websites such as holidaylettings.co.uk, homeaway.co.uk or more specialist websites such as www.evapart.org can provide ways to reach your target audience both in Turkey and Internationally.
Holiday Let Or Long Term Let?
There is a big difference between letting out your apartment in Istanbul city centre to a long term tenant and a holiday villa somewhere on the cost.
For a start, a holiday rental will require more advertising to attract a steady flow of tenants and you can expect longer void periods outside the main holiday season.
In both cases a property will be more desirable if it is advertised as furnished rather than unfurnished.