Leasing has become one of the most common forms of housing in the country. According to the latest Quality of Life Survey (ECV) from the National Administrative Department of Statistics (Dane), 4 out of 10 Colombians live in rent, that is, only 39% of the country’s families have their own home, a difference from 2019, the percentage was 42 .2%.
Due to this demand, the real estate business has become stronger and more attractive to those seeking an opportunity for economic growth. In fact, investing in real estate is one of the most attractive investments for Colombians, especially because the value of a property increases and increases by 4% every year.
Although many are interested in investing in real estate, they are concerned about the difficulties they may encounter in doing business. There are essentially two ways to do this: directly or through a real estate agency.
Metrocuadrado.com, one of the largest portals for searching used and new housing in Colombia, has analyzed the advantages and disadvantages of each method and compared the experiences of its millions of users. Which is the best and most convenient? We’ll tell you below.
Direct leasing: your responsibility
Many people believe that the best place to start is to take responsibility for the entire process. However, concluding a direct rental agreement requires great effort and attention on the part of the property owner. According to analysis by Metrocuadrado.com. These are some of the responsibilities you will have to take on:
- Conduct a property valuation to determine the right price for your home. Avoid random positions or you may lose or ask for too much.
- Find ways to offer the apartment. You must post notices on the windows of the house, on the gate of the complex or on official websites.
- You need to make a list of documents that you will request from potential tenants to obtain financial information about each of them. These include: employment certificate, bank statements for the last 3 months, co-signer with or without real estate and, if you choose, rental insurance.
- You cannot forget the contract, even if it is a close person, such as a family member or friend. Verbal promises do not count in the event of a problem; everything must be recorded in writing and agreed in a document.
- You must have time to view the property. It is important that not just anyone presents the house, both for security reasons and so that interested parties can obtain all the information about the house when viewing it.
Once you hand over the apartment, you must constantly monitor the condition of the apartment and collect rent. If you want to remove someone, remember to give the tenants some time to move out after the eviction notice.
Advantages and disadvantages of renting from a real estate agency
Although some people describe this option as involving additional costs, experts recommend concluding rental agreements through a real estate agency for security reasons. According to the portal’s analysis, these institutions are responsible for the paperwork, which is a significant part of business life.
The real estate agents handle the entire rental process, ensuring that all legal requirements are included in the contract, checking the background of applicants to rent the property and carrying out a study to analyze whether they are suitable for doing business.
In addition, they await the fulfillment of the contract, with legal support and under all the conditions provided for by law. Unlike direct rentals, it is not necessary for the owner to know the condition of the rental property, as this is the responsibility of the institution.
Finally, the portal points out that real estate agencies save owners headaches by acting as intermediaries in the event of a problem. Since they are responsible for the rent, they are the ones who have to respond if something breaks in the apartment or there is a problem with payment.
Avoid a headache and go to the landline
In summary, it is best to rent your home through a real estate agency. Although this involves additional costs, entering into a direct rental agreement requires time and knowledge to be able to properly respond to problems that may arise with the tenant.
