Be flexible with the terms of the lease
Most of the people are in a fix and planning in the air due to pandemics. Hence landlords should be flexible in their terms of the lease if you don’t want to lose out on tenants. If you wish to retain your existing tenants, offer them concessions.
Be cautious who you rent to
You must keep your guard up while picking up the tenant in the present challenging time. Conditions are extremely challenging due to job losses and other financial constraints caused by the pandemic. Check their employment and ensure they are in a resilient job. Verify their credit history to avoid altercation regarding the rent collection.
Set-up competitive rent
The pre-pandemic condition doesn't exist when there was a queue of people asking for a rental apartment. On the contrary, now a large number of houses are lying vacant looking for tenants. Keeping in mind the current trends, set up competitive rent as per the trends. Refrain from pre-pandemic rent such rent will drive your tenant away. Try to set up competitive rent to lure new tenants and offer concessions to existing tenants to retain them.
Align your property with current trends
The current year is shaping up to be challenging for the landlords. It is significant to follow the right strategy armed with the market information regarding market trends. Working remotely and studying from home requires a different setup.
Understand the need of present tenants and make sure your house align with these requirements.
Tips for Tenants
Presently, tenants will find themselves with more leverage than the pre-covid period. From reduction in rent to other concessions and offers, landlords are ready to get their tenants renewed. Let’s understand the right strategy to be followed by the tenants.
Negotiate for concessions
Now, most of the landlords are strapped for cash as several tenants are behind on their rent. So if you offer a handsome advance, you can strike a good deal. If you are an existing tenant, you use various other negotiating tools to get concessions from your landlords.
Proper documentation
All the concessions offered should be signed and documented. Verbal commitments are not good enough, it is necessary to have a written record of all the points mutually agreed on.
If it is not possible to meet with your landlord in person due to a pandemic, summarise the complete detail in an email and get those details confirmed by your landlord in the mail.
Negotiate on things other than rent
Presently, the rental market is offering leverage to tenants to negotiate on various things other than rent. If you require any kind of modification in the house owing to changed working and studying conditions, that can also be asked to the landlord. Landlords are ready to do modifications to retain their tenants. Ultimately, you have to ask for such things.
Be ready to change house
It is the time tenants if your landlord doesn’t agree on your terms and asking for high rental. Don’t hesitate to your due diligence and research to find an apartment as per your choice and budget. There are many vacant apartments to choose from.
It is not easy to assess how things will pan out in 2021 for residential landlords and tenants. If we look at the job market, the picture is not rosy and pandemic is causing constant damage to the economy, it will trickle down to landlords.
Whether you are a landlord or tenant, property renting can be challenging, especially when you are starting. From finding tenants / right house, creating and following the rental agreement to disputes over repairs, etc. there are several potential issues to deal with.
Being in real estate renting for a long time we offer some beneficial tips to develop a healthy relationship between tenant and landlord.
RENTING RULES FOR LANDLORD
1.TREAT YOUR RENTAL PROPERTY AS A BUSINESS
It is very significant to be very professional while renting your property. It may not be your primary job to manage your rental property but still, it is a business and an extra source of income. Renting a property means various rules and regulations so it is important to take time to conduct research related to renting systems and processes in view to protect yourself from potential liabilities and claims.
2. SEARCH TENANT ONLINE
Due to lack of time and COVID -19 pandemic impact, everybody tries to search property online which means the most effective way to find the right tenant is to create an online listing on various portals. Through online listing highlight the best property features, upload pictures of your property to attract the tenant as per your requirement.
3. PROPERTY MANAGER / RENTING CONSULTANT
If you want to have a hassle-free process, it is good to hire a property manager, he will help you in dealing with tenant issues, preparing the right agreement, etc. He will also save your time and manage your all responsibilities related to rental property.
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4. KEEP YOUR PROPERTY SAFE
As a responsible citizen and landlord, it is his responsibility to keep your property free of all sorts of hazards, which means, the gas pipeline is properly installed, all-electric systems are safe, smoke alarms are operational, etc. Before renting your property, double-check everything, and ensure everyone is up to date and all utilities work.
5. SET THE FAIR MARKET RENT PRICE
Pricing your rental as per market price will help you to attract good tenants so you can rent your property quickly. It is important to set the right price to have the right tenant because if we get a tenant at high rent who doesn’t pay on time which makes things more critical.
6. SCREENING TO FIND RIGHT TENANT
The sole objective of tenant screening is to search for a quality person who can pay rent on time and take proper care of your property. To select a responsible tenant it is important to filter out the right tenant. To find out the right tenant, you should look for a tenant who has a good salary/business, good rental background, and doesn’t have any criminal background.
7. CHECK CREDIT BACKGROUND
Do check the credit background to know whether the potential tenant is financially responsible or not. A review of the prospective tenant’s credit background will inform you that the tenant will pay rent on time and will treat the property with respect as if his own property.
8. RENTAL AGREEMENT
Having a written rental agreement is the most important and effective process to protect yourself in legal situations. A written document duly signed by both parties is the most effective tool to face any type of legal implication. It is difficult to prove what was agreed upon without any written document.
9. MAINTAIN DIGITAL RECORDS
As a landlord, you should keep records of everything: deposit receipts, rent receipts, maintenance receipts, and a record of all landlord-tenant communication. Digital records become more significant, If you want to escape from any type of clutter and want to keep your document in a secure and organized manner.
10. DO NOT ENTER THE PROPERTY WITHOUT PERMISSION
Once you give the property on rent, you don’t have the right to go there whenever you want because you own the property. Even if you want to inspect your property, you have to inform your tenant and take the time to visit the property to conduct an inspection.
RENTING RULES FOR TENANTS
Being a tenant, it is important to know your rights to protect yourself from any unfair treatment. While moving into a private property you have many rights and responsibilities.
1.RIGHTS OF A TENANTS
To use the property peacefully during tenancy, it is important to know your rights. All the facts related to your rights and obligations should be properly drafted in your lease agreement. It should be fairly drafted mentioning everything such as your security deposit should be returned to you when your tenancy ends. Be protected from unfair demand and eviction.
2.REVIEW AVAILABLE INVENTORY AND MARKET RENTAL ONLINE
There are many online portals available to go through all the available inventory and to know about the market rent.
3.CHECK YOUR INVENTORY THOROUGHLY BEFORE MOVING IN
It is important to have a detailed check of your property, if you skip this step, it would be difficult for you to get your deposit back when you move out. The best way is to go into the empty house/property and take photographs of everything. This will be proof of what was in the house when you moved in.
4.SEEK PERMISSION FROM YOU TENANT BEFORE ANY PROPERTY IMPROVEMENT
Never try to make any changes or improvements to the property, you might be making the place nicer but it will result in losing your deposit when you move out of the property. If you want to repaint or put up anything, first check the terms of the agreement and take the permission of your landlord in writing before initiating any work.
5. INFORM YOUR LANDLORD IF REPAIRS ARE REQUIRED
If you spot any sort of damage or requirement of repair, inform your landlord as the majority of repairs are his responsibility. You should only attempt to repair the rented property if it is mentioned in your agreement. Most of the landlords want to know about any problems in their properties quickly and want to fix them at the earliest before any further damage.
In a view to enjoy a peaceful and happy tenancy period, it is important to stick to the terms of your lease agreement and always pay your rent on time, it will allow you to have a hassle-free living experience.
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