With around fifty percent of the Cayman Islands population being expat and many of these holding short term work permits there is a large pool of potential tenants and a strong rental market for landlords to lease property in. The Cayman Islands has the highest income per capita in the Caribbean and employs many high earning attorneys and accountants in positions relating to the Cayman Islands financial industry thus providing a high calibre of tenant looking for rental properties of an equally high standard. These market factors mean that the Cayman Islands is a great place to be a landlord and own investment property for good return on investment.
Cayman Islands Sotheby's International Realty is able to offer the highest level of service to landlords looking for tenants to lease their property. Cayman Islands Sotheby's International Realty is the only company on island that offers professional quality photography as standard for all of its long term rental property listings making it very easy for landlord’s to choose which real estate company will represent their property. Once professional photos have been taken of your rental property it will be displayed on the most comprehensive real estate web site for rentals in the Cayman Islands: www.sircaymanislands.com
It will also be disseminated throughout the various Sotheby's International Realty websites and their affiliates including www.sothebysrealty.com, Wall Street Journal and the New York Times. Locally, print media will include weekly placement within the highly visible Cayman Islands Sotheby's International Realty rental section of the Caymanian Compass.
The three major components in getting your property ready for renting & making it an easy choice for a tenant to pick your property as their next long term rental home are listed below.
As with the sale of a property, time and effort should be made to ensure that the property is in tip top condition with regards to the basic mechanical, electrical & plumbing, this is often more pertinent with a rental property because at least when buying a home the price can be negotiated with a view to the purchaser making upgrades to the house or condo themselves, tenants prospecting for a future lease want to have an immediate level of assurance when looking at a property that the landlord maintains his properties to the highest standard, this will give them confidence that if something does require repair in the future the landlord will be quick to remediate the problem.
As with any product or service being sold price is key, it is critical to price your rental property according to the market and the most successful landlords are usually those who realize that negotiation of price is a great deal more cost effective than leaving the rental property empty for even a couple of months. Your Cayman Islands Sotheby's International Realty rental agent will be able to advise you as to the best price at which to bring your rental property to market and will be able to negotiate the best price possible for the lease.
Presentation is closely related to preparation but is more concerned with the finer details, preparation is to ensure that everything is working correctly but presentation is equally as important in making sure your rental property is looking its best. It is essential that your rental property is clean, that is SPOTLESS! If a previous tenant has just completed a lease, the property may benefit from a fresh coat of paint, carpets or tiles make need to be professionally cleaned and close attention to detail should be paid in areas where hygiene is of paramount importance to tenants, these include the kitchen and bathrooms. Missing or broken crockery should be replaced, as should any bed linens or towels that are showing signs of wear. Once all remedial and improving work has been completed your property is ready for its professional photo shoot, the temptation to get things moving as quickly as possible and schedule a photo shoot for the day your previous tenants move out should be avoided, in the long run you will spend more time sourcing a tenant than if you wait to take photos of the property when it is looking immaculate.