About 10 to 15 years ago, the best way to find a reliable tenant for your house was to ask family and friends to refer someone they know. Although this is safe, you will know the person you’re renting to, this was a very time-consuming process. This could also hamper the relationship between you and the person that referred the tenant, especially if they are troublemakers.
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Now, the process of finding a tenant is much much simpler, you can place an ad online on social media sites, you can place a FREE ad on real estate websites like NoBroker.com or even place an ad in newspapers etc. The only catch is, you won’t know anything about the person that is moving into your home. In order to protect yourself and your home, follow these Do’s and Don’ts why renting to strangers-
1. Social Media Research
Thank god for social media! With Facebook, Instagram, Twitter, LinkedIn and more, it’s pretty easy to know if your potential tenant is telling the truth about his background. If he has low or no security settings, or if you require to be connected to him in order to check his profiles, then do so. You can find out if he is working (ability to pay rent on time), his interest (if he is an avid reader or in a rock band) and so on. This will help you make your decision easier.
2. Meet in-Person and Trust Your Gut
When you’re in the same city, state and country, and if it’s possible to meet the potential tenant before signing a Rental Agreement, always do so. When you meet people in person, you can get a better reading of who they are and how they behave. Their real-life personality could at times be very different from what they portray online. If you get a bad feeling, trust your gut, you’d better wait for a better tenant than rush and have a terrible one.
Read: GST on Rent: Understanding Its Impact and Rules
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3. Deposits Make a Difference
The whole reason you ask for a safety deposit before a tenant moves in is to safeguard your home from damage. Since you have no idea who these people are, how they will leave your house and what they will be doing there, it’s best to ask for a deposit. This should be able to fix minor damages and cover a few months’ rent if the tenant defaults on payment.
4. Get a Background Check
It’s important to note that in most Indian states a background check of your tenant is mandatory. If you feel that there is something the tenant is keeping from you, the background check conducted by professionals will give you clear answers. If you need to learn more about a background check, you can take a look at this article.
5. Iron Clad Rental Agreement
The Rental agreement is a legal document and is the best and safest way to protect you and your home. If you’re not sure what should go into a Rental Agreement, then the experts at NoBroker can make one for you and deliver it right to your doorstep, you don’t have to move an inch. This option is also convenient if you don’t reside in India as it can be done from anywhere in the world.
As you can see, now renting to a stranger is not as scary and risky as it used to seem. Follow these tips and finding the right tenant will be a worry-free experience. If you need more assistance, let NoBroker find a tenant for you, this means no wasting time and no stress. just click below to post your property for rent.
Read: How to Retain Tenants in Simple Ways?
6. Discuss the Do’s and Dont’s Beforehand
Getting the right tenant is about finding a tenant with whom you can cooperate. You can ensure this by being straightforward about what your DOs and DONTs are. Be clear about your expectations and rules for renting the house such as the Guest policy, rent payment policy etc. You must discuss this with any prospective tenants and have the conditions stated in the Rental agreement.
7. Consider Hiring a Property Manager
If you feel that finding the right tenant is a hassle, you can always arrange for a property manager to take care of your rental property. a Property manager can take care of the rental woes of your property promptly. This includes the collection of rental payments, maintenance and safekeeping of the rental property and dealing with the issues faced by the tenant.
8. Use a Rental Application to Find Tenants
Finding the right tenant is challenging because it involves asking the right questions. Maybe you should consider using a tech-based rental solution to rent your property. We guarantee that this will help you finish the task faster. The best online rental listing services will enable you to upload a photo of your rental property as well as crucial details such as the rent, security deposit, and geographical data. All this info would attract the right tenants that you need for your property.
Read: Make A Free Listing or Free Ad for Your House & Apartment Up for Rent
FAQ’s
1. How can I attract good tenants to my rental property?
Ans. The sure shot way to attract good tenants is to make a compelling property listing. Here are three things that you can do to ensure that your property gets noticed by the best clients
Ensure that you have professional, well-lit photographs of your property
Take care that your property and its amenities such as water connection and electrical appliances are well maintained.
Ensure that the tenant criterion in your listing is to the point and accurate.
2. What should I do before renting my property?
Ans. Here are three things that you must do before renting your property
Have a well-worded rental agreement which specifies the terms and conditions for the tenant.
Do a background check on your tenant.
Always perform an income check on your tenant
3. What are the benefits of renting a property in India?
Ans. Besides being a passive income source, it will diversify your investment basket. Having tenants in your property gives you the flexibility to sell at any point.
4. How should I shortlist a tenant?
Ans. Once you have a few prospective tenants from your rental listings, you can shortlist them. Ask the prospective tenants to produce identity proof documents and professional details.
You can also ask them to furnish references whom you can contact. You can use all this info to decide on your client.
Read: Family Vs. Bachelor Who Makes a Better Tenant?
5. What is the easiest way to rent out my home?
Ans. Use the NoBroker app to create a rental listing, complete with relevant information and images. Thousands of people use NoBroker every day to find homes. Download NoBroker now and find the perfect tenant for your home.
