There is a new wave of real estate investors, who are acquiring real estate for the purpose of not staying but to secure an additional income. But being a landlord is not as easy as it sounds. There will be numerous instances where one would have to deal with unruly tenants, following up for one’s own money, repairs and maintenance issues, like that of non-working toilet or emergencies that one has to be prepared for. Below are top 5 tips that one should keep in mind while getting into an agreement for Rental Property Management:
Provide secure premises: We are living in uncertain times with random incidents making uncomfortable headlines. One must be prepared to let out a reasonably secure premise and work towards making it comfortable for future tenants as one would do for their own use. Installation of security cameras, proper lighting, secure grills and fences are the order for the day. A study of the neighbourhood as to how others residents have equipped themselves are good pointers.
Screen tenants: While one is ready to provide comforts to future tenants, it is also expected that one would get good, hassle free tenants for the property. Often we let out properties on face value but it is advisable to run background checks or speak to the prospect tenant references or previous landlords before giving one’s property on rent.
Documentation: All communications with the tenants should be documented including responsibilities and timelines. A good rental lease agreement comes handy which should signed and registered at the local authorities, in case of a dispute arising at a later time. One can get a good lawyer to draft an agreement based on mutually decided actionable and responsibilities.
Handling deposits: A system should be established between the landlord and the tenant for receiving deposits by way of cash or bank deposits or a mix of both. All transactions should be documented and receipts of deposits shared with the tenants timely thereby establishing a fair play.
Make repairs: Before a property is let out, the condition of the property should be evaluated, photographed, and noted so the chances of disputes arising at a later date are less. Also in case the property requires repairs because of natural reasons and that of wear and tear, the landlord should take responsibility and get the service team in place required to correct the repairs, timely. If not, these issues can snowball into larger distress.
Though landlords are expected to be around 24*7 but it is not practical. With advancement of technology, there are real estate management companies like PropCare now, who can take the burden of your shoulders. You can write to us email@example.com or call us at +91-9821391006 to know more about our services.