Owning a rental property in India can be a very smart investment and a rewarding experience since it generates a stable income. However, this will only happen if the landlord has good clients who do not tear down their units or delay paying their rent, but once the landlord encounters these problems, managing a leasing property becomes time-consuming and challenging for them. Here is a step by step on how to identify a right tenant for your property.
Attracting good tenants/candidates
The first order of this business is to attract only the right type of tenant. This will only happen if you advertise your property and devise a successful marketing policy for it. You need to be familiar with the current market to find a realistic price range of your property and you can start advertising your property online, there are many different websites you can use to post your property like Magicbricks, 99acres, housing.com, common floor etc
Meet the tenants in person
It is very significant to physically meet with your new tenant in order to walk them through your property. Meeting with your prospective tenant in person will also give you some vital indicators as to whether/not they will courteously inhabit your property. You will get a sense of their hygiene by seeing how they have presented themselves, and it will only take a few minutes of your time to conduct this so make sure that you don’t miss this step
Clean up your property
Surprisingly, there are some homeowners/landlords who don’t even bother to clean up their apartments or homes for rent. Consider replacing busted appliances, removing any left-behind junk, spraying for pets, repairing structural deficiencies and adding a new coat of paint will definitely attract an ideal renter.
Handling your tenant’s screening activities
After you have advertised your property, you will definitely have attracted a number of applicants. During the background check of the applicants, you need to have a look at factors like income, rental history, and references. You can check their references by either calling their last landlords or their employer in order to get a clear picture of what the applicant is like
Most property owners in India nowadays are turning to the services of an eligible property management team in order to secure and find good tenants. This specialised team will be able to assist you with all sorts of complicated aspects of leasing your property and dealing with your tenants accordingly and in the right manner.
Without a skilled property management company, it may be very difficult for a landlord to perform certain tasks like preparing for rent, determining the total amount of rent to charge and marketing the property to potential clients/tenants. Professional property Management Company will help reduce the amount of money and time it takes to do all these tasks. Once the tenant decides to rent a property, they will improve tenant retention, and whenever the tenant has a problem, your property manager will sort them out as quickly as possible.
A professional property management company will benefit landlords in many different ways regardless the number of properties you have. These benefits save owners a considerable amount of money and time, plus will make your property more rewarding.