How To Rent Out Your Property In Nigeria

This is a guest post

Author name: Paul M. Stoller

About Author: I am real estate advisor and owner of renting.ng in Nigeria. I am helping people to find their ideal place to live by suggesting to them ads regarding property listing in Nigeria. I have been working on this for over 9 years now and wish to share my knowledge on an informative website.

How To Rent Out Your Property In Nigeria

Nigeria has become an industrial capital and it has attracted many workers from all places to work in those industries. This has created a chance for the people of Nigeria who have property to rent to tenants. There are many empty properties in Nigeria which can be given for rent to the people in need which can help the landlords to gain profits from those properties. 

But before you select a tenant for the property there are a few steps that you should follow. This procedure will ensure that you get the rent that you are asking for. This procedure will also make sure that you stay on good terms with the tenant till they evacuate. These steps are implemented by many landlords for peaceful agreements with their tenants and getting their desired rent from the tenants. Here are those steps that will help you understand how to rent out your property in Nigeria.

Step 1 – Prepare your property for display

The property that you intend to rent out should be well furnished and ready to impress the tenants who are looking for a place. The looks of the property are in direct correlation with the chances of renting out the property. Hence here are some things that you can do to make it renter ready.

• Cover any holes that were caused because of nails.
•  A fresh coat of plaster that will make the house look new.
• A fresh coat of paint will help the process of making your house look new.
• Make sure that the doors and windows are strong and completely intact.

These steps will ensure that your house looks new and renters are ready to move in and start living.

Step 2 – Research the rent rates in your neighbourhood and place ads

If you have a property that you wish to rent out, don’t get your hopes too high because the rates may be different based on the neighbourhood that you are living. You can research the rates of rent by looking for any other tenants living near you and asking them about their rent. You can ask for few extra bucks if you are providing some extra services. Here are some methods that you can use to get the news out.

• Place your ad in the local newspaper.
• Online platforms that show rental properties in Nigeria.
• Place a board that says “for rent” in front of the property.

Local notice boards of the society.

Adverting is an important step in getting the word out about your apartment. There are many online platforms such as renting.ng that shows many rental properties in Nigeria. These steps will surely get the word out regarding the property that you want to rent.

Step 3 – Legal paper works

The paperwork of the place that you wish to rent out should be legally in your name so that there are no further complications with the government. The taxes regarding the place should be paid regularly so that you will have a solid base about the ownership of the property. Even when you find a tenant who is ready to move in, make sure that the Lease agreements of the renting remains clear to both parties. Here are some of the things that you should mention in the agreement.

• Eviction notice periods.
• Maintenance amount.
• Damage responsibilities.
• Rent amount.

An agreement to these terms will make sure that your relationship with the tenant remains peaceful.

Step 4 – Choosing your tenant

This is a vital step because all your above-mentioned efforts were done for this moment. So make sure that you make your choice wisely. There are many background checks that you can perform on 

the new tenant applicant by asking them questions. Here are some questions that will help you figure out a fitting tenant for your property.

• What do you do for a living?
• How long do you plan on staying?
• Do you have guests and friends over frequently?
• Where are you living currently?
• Why do you want to leave the current place that you are living in?

These questions will help you get an insight into the intentions of the tenants that will help you make a better choice.

Here are the steps that you need to follow if you wish to rent out your property in Nigeria.  Make sure to deal with every tenant applicant in a professional way and keep all the documents legal to avoid any future dispute. People who are looking for a place to live are looking to find a place where they can find peace of mind after a long day of work, so make sure you treat them in the appropriate way.