Blog Information

• Posted By : Tom Netbusiness
• Posted On : Jul 10, 2024
• Views : 37
• Category : Travel
• Description : If you rent out your property as a legal person, registering a tenant in a Land Book is technically optional, but highly advisable.

Overview

• The process of renting out Latvian real estate is rather straightforward, and is somewhat similar to the process of selling a property, but simpler. While a specialized guidance of a real estate agent is not obligatory, it may still be useful to hire one for certain services, especially when it comes to paying taxes.
  In general, renting out a Latvian property involves the following steps:
  
  document preparation
  determining the price
  searching for a buyer
  negotiating
  signing a rent agreement
  registering residential tenancy in a Land Book (if needed)
  Document preparation
  As a rent contract does not include a change in ownership, merely in residence rights, the only document you are likely to need in most circumstances is the rent contract itself. This is further reinforced by the fact that in Latvia people who are leasing a property are seldom interested in anything other than the price and the living conditions. Nevertheless, below you can find a list of documents that might be asked for by your potential tenants, so it would be wise to prepare them in advance, just in case.
  
  a Land Book excerpt
  A Land Book excerpt contains information on the ownership and legal status of a property, including thing such as easements and encumbrances. The data basically act as a proof to the fact that the property leasing deal is legal and honest.
  Technical and landscape documents
  The State Land Services provides a variety of technical documentation about any property, including building and land plans. Sometimes tenants are interested in the building/apartment plan, especially if it is residential property you are selling. Naturally, for industrial and commercial real estate the surrounding land plan is almost essential, as their infrastructure often strongly influences the area in the vicinity.
  Determining the price
  For a property renter, the price of a real estate is weighed against its value to him/her, which means that determining a correct and attractive price is the question of making or breaking the deal. To set a correct price, it is advisable to follow certain principles:
  
  Do not set the price based on what is offered by others
  According to Latvian real estate experts from ‘Realia’ property agency, one of the most widespread mistakes in setting a price is looking at what others ask from their potential tenants. It is important to remember: the price that real estate owners ask for their property (offer price) does not always equal what they eventually get as a result of negotiations (deal price). Deal prices are known to real estate agencies, and they usually are willing to share the knowledge with their clients, which is why it is advisable to become one.
  Preparing a presentation
  Before making a decision, buyers usually wish to take a look at the property in question, both in person and even before the visit. This is why preparing a good presentation is essential - it has a high chance of determining the first impression, which in some cases decides the fate of the whole deal.
  
  First, a pre-visit presentation is necessary, as almost all real estate agencies include online advertisement in their marketing strategy, and that requires visuals, specifically photos, of your property. The following are some tips on how to make a good property presentation photos:
  
  remove personal belongings and objects that are not sold together with the property from the frame
  make wider, horizontally positioned pictures that include at least three walls, or at least as much horizontal space as you can - this helps understanding the real appearance of the space
  take the photos at the level of human eyes, so that the potential buyers can have a better feeling of the premises
  do not forget to show all the vital parts of the property, including as many internal spaces (e.g. rooms in an apartment) as possible and auxiliary property that is sold together with the main one (e.g. land, parking spots etc.)
  When employing the services of a real estate guidance agency, you usually do not need to worry about good photo presentation, as they hire professional photographers to do the job. So, if you want to save time and ensure high quality, it is advisable to hire an agency.
  
  The preparation for a client's visit is somewhat similar to preparing the premises for taking good photos, and follows the same principles - exclude anything unrelated, include everything related, make it understandable for the buyer. If it is impossible to remove personal belongings, try to place them in an orderly fashion. If the piece of real estate is big, prepare a building plan, so that any buyer is able to understand which part of the property is what. And, once again, do not forget to demonstrate auxiliary and common property, such as basements in apartment complexes.