Renting out a property is not a small thing. So, naturally, the process brings the urgency of following a proper method and getting professionals involved. If you are a property owner who has opted to put their flats for rent Noida or in any other big city of India, then remember you are also putting yourself up in the front ground for scams.
Sadly, rental scams are extremely common in India. And every year many property owners because they didn’t follow a proper procedure before putting their flats for rent Noida. Don’t repeat the same mistake as them. It is better to invest some time and money into following a proper method than regretting later on.
Moreover, when you put your flat up for rent, you are basically temporarily giving possession of your property to an outsider. Now, this may feel not that risky in the beginning but think about it, you are also opening doors for potential chances of damage to your property.
So, in this blog post, we are going to list down some of the things that you should follow during a renting procedure. Following these steps will make sure that even if any problem arises in the middle of the agreed-upon rental period, you’ll still have ways of resolving it.
- Type of rental property – Before you put your flat for rent it is extremely for you to fix your rental goal and ascertain if you want to rent out your property for residential purposes or commercial purposes. This is important because commercial rental lease and residential rental lease is very different from one another.
- Consultant a property insurer – As we already talked about it, renting out your property automatically opens doors for potential property damage. But if you get your property insured by putting it out for rent, then your insurance agent will be able to help you to get the maximum coverage for your property.
- Maintain your flat property – Even before you start searching for a tenant, get some maintenance work done on your property. Get the walls colored if they hadn’t been in a very long time, clean the floors of the entire property and the tiles of the kitchen and bathrooms, and repair any leakage or damage. Always remember, it doesn’t matter how big or small your flat is if you don’t keep it in a properly maintained condition then you won’t be able to get the best rental price for it.
- Set a justifiable rent amount – See, we all want to make some money, and renting out our property is one of the best and risk-free ways of doing it. But that doesn’t mean that you will charge an obnoxious amount for it because doing that will just leave you with zero rental proposals. So, first, assess your property, analyze what is the general cost of rent in your area, analyze what facilities are you offering your tenants, and then set a rent on the property.
- Post your rental ad on a good site – The days of hiring a broker for renting out a property are long gone, most property owners of today just use a good real estate website to post ads about their properties. These websites are great because they have a proper verification procedure before letting someone rent a flat or post an ad about their flat. Click some good pictures of your flat, from all corners, including all details about it, list down all the facilities that you are offering the tenant, and also list down tenant criteria. It is very important for you to specify the kind of tenants you want, is your property open for students, bachelors, couples, or just families This will help in making the whole process swift.
- Run a check on your tenant – Remember renting means opening the doors of your property to a stranger, so always run a background check on them. Ask for their identification cards, and ask them questions about why they are moving to the city. Never forget to do this before you open the doors of your flats for rent Noida.
- Sign a rental agreement – Rental agreements are a must if you are renting out your property in India because they help both the property owner and the tenant to complete the process in a safe and easy way. Rental agreements are generally made for a year, if it exceeds that time range then get it registered with the local authorities. Registration is extremely important because it can work as a great form of evidence in case any conflict arises between the tenant and property owner.
Are you planning to rent out your property in India? Then create your account on one of India’s most genuine real estate websites, NoBroker.in. Here you will only get to meet genuine tenants, which will eliminate the chances of you getting scammed. Also, read this blog to find out what you should do in the event of renting out your property in India.