What Comes into your Mind when you find a Tenant for your Rental Home?
There can be many things that pop up into your mind like security issue, delayed payment, the reluctance of advanced security deposits, property damage. There can be many dilemmas that may run around your mind.
Picking the right tenant that is hostile and has good etiquette is as difficult as finding a property for yourself. As a landowner, it is important to choose the right tenant in order to save the property and investment you made.
In order to make this process, simple BivocalBirds offers some of the very important tips to look for a good tenant is a property owner.
Checking the Creditworthiness of the Tenant
Before making a decision and closing the deal, it is important to know about the financial condition of the tenant. As the question arises in mind, will he/she be able to pay the monthly rent in advance? At your first interaction, you can get an idea about the financial situation and monthly income of the prospective tenant. For instance, there might be a possibility that a person is a student but he says that he earns on a part-time basis. So here, in this case, you should know about the details of the prospective tenant to have an idea about the financial background or will they be able to maintain the flow of income
Security and Advance Deposit
Preferably to avoid any financial insecurity, ask for the advance security deposit and also prior one month rent. If the tenant is not able to pay both on time, note that he is not reliable and not financially sound to make the payment on time. Also, if the prospective tenant is negotiating for the security deposit, you can grasp the financial condition from here only.
Related: How Can the Model Tenancy Act be a Blessing to NRIs?
Type of the Prospective Tenant
The preference of a tenant is entirely determined by the landlord. While some people desire a family, others are content with students or working people. While the property of a family may experience some wear and tear from time to time, for individuals or students, the prospect of departing the property too soon or without notice may be a concern. Similarly, the number of persons residing in the premises must be considered. Furthermore, the type of tenants would be determined by the size of the property. While a family would be more comfortable in a 2BHK or bigger arrangement, students or professional individuals who live alone would choose a 1BHK flat
It is usually preferable to have a tenant who will stay for an extended duration. For example, one year should be the very minimum. However, how long you want to keep a tenant relies on you as the landlord. Landowners, too, do not always desire to maintain the same renter for an extended period of time.
Verification and Documentation
Before making your final selection, you must do a police verification and background check. It is usually a good idea to maintain a copy of the tenant's verification documents on hand, as well as having them checked with the police.
Also Read:- Know your rights as a landlord under Model Tenancy Act
Practice ethics while selecting a tenant and do not judge a tenant based on his caste, creed, colour, or religion. Treat all the tenants fairly and consider a tenant based on other factors like behaviour and trust.
BivocalBirds is an initiative to provide solutions for all the rental home issues. It’s a platform where you can post your property for free everytime. If we compare other renting property portals, they provide you with a free property listing only at certain trials. Later on, it becomes paid. Here at BivocalBirds, you are free to post your property with no money for ‘n’ number of times. Our relationship manager connects you and asks your requirements. He finds you a tenant based on your preferences. Once you are fully convinced with the tenant, he conducts your online meeting with the tenant. We also manage the key of your property safely through our key management system. The verification and documentation of the tenant is also a part of our responsibility.
Once the deal is done, we prepare for the e-rent agreement and get it stamped and recorded. You can welcome your new tenant without any hassle. Most important thing is that we don’t charge anything from the owner’s end. Yes, it’s true…….we don’t accept any payment from our owners.
So you just have to post your property on our portal, to let our work begin.
Related: Know Your Rights as a Tenant under the Model Tenancy Act