Giving house on rent is not an easy task can become a serious problem if not handled properly. The problems include searching for new tenants every few years, negligence/ misuse of the property by the tenant, delay in payment of rent, not paying maintenance fees or refusal to vacate. Renting property also includes marketing of your property. There are certain challenges at the time of giving property on the rent including finding the right tenant, ensuring premises are not being misused by the tenant, and also ensure there are no delay in rent payment and maintenance fees.
We will discuss some important points below so that you can keep those important points in mind to avoid hassles at the time of giving your house on rent;
Fix the Rent
The first point towards renting your property is to fix a rent. Before you fix this rent amount, search in the market about the trend of rent. Fixing rent higher than the market rate would make it tougher for you to find a right tenant. Moreover, even if you fix rent higher than the market trend, make sure you justify it by giving extra benefits like furnishings, security devices, or automation.
It is advised to make a legal rent agreement at the time of giving your property on rent. Make sure that the papers are rightly signed and the terms and conditions are correctly put across. To make the process easier and efficient for both landlord and tenant, signing a legal contract is the best solution. This way the legal rent agreement will bind both the parties, which they mutually agreed upon.
Marketing the Property
In today's era, where buying a property is just a click away, it will be wise to make your property catch more eyes using various real estate websites including kkrealtor.com These website provide the service of 'Rent Facility'. All you need to do is to make a profile and upload the property details with photographs of the property you want to give on rent. You can also use the traditional way of advertising via a newspaper.
Hire a Broker
Hiring a broker has many merits. Brokers ease the complete process of finding the right tenant. Broker agency give services including making legal rent agreements, tenant verification and other paperwork. However, their services come at a cost but, the process becomes hassle-free and less time-consuming.
Advance Rent Increase
Ensure you take two month's rent in advance. This is a compulsory rule for all the tenants to pay two months’ rent in advance. A landlord is authorized to ask this amount of rent as a precaution charge for any damage of property or if the tenant may not able to pay rent for a month or two by giving any valid reason for that (in case).
This process is must to check the tenant's background. Police verification lowers the risk of giving house on rent to a person from a criminal background. Take identification proof details of your tenant along with the verification form which can be downloaded easily from the state police department's website and submit it to a nearby police station of your locality.
No Commercial Use
There are some tenants that use the rented residential premises for commercial use to avoid high rents for commercial purposes. A small office or a tuition Center is accessible in a residential property. To avoid such situation, a landlord should mention it clearly in the legal rent agreement and also, give time-to-time visits to the house.