If you are considering renting out your property in cayman, whether it be your current residential home, or an investment property that was purpose bought, there are always a number of question that are asked of us as agents.
You may be considering using an agent. I hope that this will be a good starting point for you.
Is my Home Rentable? There are four basic things that tenants look for when choosing a rental home;
Clean & well maintained standard
1. Price Tenants are looking for a good deal, and in many cases a bargain and Landlords are having to accept that the rental income is probably not going to cover all monthly costs and expenses.
In order to speed up the process of placing tenants you should make sure you are realistic with the price you are expecting based on the current market.
Compare your property with others of similar standard in your area. Here at Limestone Rentals we are happy to meet with and give owners advice regarding the marketability their property here in Cayman.
2. Location Location is so important to everyone. Many of the people looking to rent are from overseas who are looking forward to the many benefits of moving to a tropical island. One of the most common requests when hunting for the ideal property is to escape from the big cities and the commuting. Desired location varies drastically from client to client depending largely on their place of work. This also plays a factor in the price you can expect . Generally speaking the further away from the main areas of South Sound, George Town and Seven Mile , the lower the rates will be. However, although these are the most requested areas, we do regularly get requests for other districts including East End and North Side.
3. Clean and Well Maintained Standard Everyone agrees that clean and well maintained is what you expect for a rental property here in Cayman. Taking care of those little things like dripping taps, over grown yard/ garden or walls that need a lick of paint, an owner is increasing the value for rent as well as protecting his/her most important investment.
4. Living Cost The living cost is the last thing that people think about but it matters. No one wants to live in a house that they will not be able to pay for. So here at Limestone Rentals we go over with the tenant the true cost of living in the Cayman Islands.
Why use us ( Limestone Rentals ). Some Landlords do indeed place tenants themselves without the help of anyone.. Many do it successfully and without much bother. Others will tell you that they will always use a rental company. The reasons these owners do this are numerous but we have only listed a few.;
Our agents are well experienced in tenant placement, with properties from small economy studio apartments to million dollar homes all successfully rented here in Cayman.
Tenant placement is time consuming – placing advertisements, screening prospective tenants, showing the property, taking inventory, negotiating can be an unnecessary inconvenience.
We have legally drawn up lease agreements on hand that provide both the tenant and the landlord with protection and obligation, providing for a harmonious tenant/landlord relationship. These agreements may be changed to suit your needs.
We have marketing tools at our disposal that not all landlords have available; – newspaper advertising, huge client data base, fax/email links with major companies, referrals from Government and major companies on the island and a purpose built web site.
In addition, many owners, especially those off island, will use us to manage a property on their behalf. By having someone experienced on island, taking responsibility for your investment, you can sit back and enjoy the rewards without any of the hassles that come with dealing with rental propertys.
Insurance Tenants are responsible for their own stuff when residing in your property. The insurance of the property and your contents is your own responsibility although tenants are liable against damage under all lease agreements. We recommend that you always get insurance when renting. There are insurance policies for contents, public liability loss of rent and mortgage protection as well as the usual building insurance, all of which should be carefully considered here in cayman.
Tenant Placement Fees Leases 6 months or more in length 100% of one month’s rent Leases 4-5months in length 50% of one month’s rent Short Term Fee (3 months or less) 10% per month