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Things To Consider When Looking For New Tenants
When letting out a property, it is important to do due diligence. If you want the property to be in safe hands and for yourself to remain out of trouble, proper screening is to be conducted before you let out the property. Again, there are certain steps that the landlord needs to take to ensure tenant retention.
If your tenant has been paying rent on time and have been no-nonsense, you would definitely want them to continue. This is not only to earn an income but to retain good tenants. Background checks are essential to screening out potentially troublesome tenants.
It is important that you follow a consistent approach when looking for tenants. This would help avoid trouble with the law in the worst case.
How and where do you start?
1. First Contact – the prospective client calls up. They ask for more information about the property/apartment. You need to ask some basic screening questions at this point to make sure they are not going to waste your time. The questions could be geared around which area do they want to live in, how long do they intent to stay, what are their requirements in terms of area (1BHK, 2BHK, etc.), what is the range of rent they are looking for, etc.)
2. The tenant has passed step 1. They also showed an interest in checking out the property. You have scheduled a meeting time for a face-to-face interaction. Before they are due to arrive, check to see you have fixed any problems or have a plan to do so. Are there any USP you can talk about? A nice view from the balcony or an IT park close by, or a park for morning walkers and joggers or well furnished homes could be the talking point. If they are visiting in the evening hours, turn on the lights. Show them the house the way it looks best. If its during the morning hours, throw the windows open to let in the sunlight. See if they have any negative remarks to make about their previous owner. Are they in a rush to move in? If so, what are the possible reasons? Are they complaining after the visit? Will they be paying the rent on time? It is also in your best interest to know what they are looking for and to understand if you can provide them that.
3. The tenant is still interested. And you also want them. Ask them for further details such as their source of income. If they are into regular jobs, it is an indication that you may receive your rent on time. Part-time employment, free-lancing tenants may make you wait. Ask for details of their previous rental residence.
4. Take some more time. Both the tenant and you will need a week to make up your mind. Don’t sound desperate and make calls to ask for the next date of meeting. When they call, get the papers ready.
5. While you get the lease document ready, also get the place ready for their stay. Any repairs or new requirements that you said you would accommodate should be taken care of. The apartment should be painted and clean before they arrive.
6. If at any point after this you feel something may go wrong, don’t be afraid to speak up and tear the document after informing the tenant.
Ensuring that a potential tenant doesn’t have a negative rental history helps to prevent potential losses. While you have done your bit to ensure your property is in safe hands, things could still go wrong later. Hiring a property manager will ensure that you keep track of any trouble-monger before they create troubles for you and others in the neighborhood.
Have you heard of SANGAU in Bengaluru? They have offered their property management and rental services to people for nine long years. Professionally managed properties suffer lesser problems as they are handled better. Your apartment or villa will be in safe hands with SANGAU.
Visit www.sangau.com for more details.
Call: +91 7816 988 988 / +91 78997 48170
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