Just posting an advertisement for Homes for Rent in Bangalore is not how you’ll get the tenants you want for your property. You have to do a lot of work when renting your home.
So, for all the upcoming landlords, we have compiled this guide for you that you must follow. After reading this, we assure you you’ll have a smooth and hassle-free experience.
Set A Clear Objective
First and foremost, you need to decide what you want to rent your property for – whether for business, such as coaching classes, an office, or for people to live in (residential).
But you must know that if you rent it out for people to live in, your steps will differ from renting it out for business purposes.
Usually, when renting a property for business, the rental agreement is for an extended period than renting it out for people to live in. Additionally, the rent for a commercial property is generally higher than a residential property’s.
So, carefully decide what would be best for your home and read the Bangalore Rental Agreement Online for each.
Get Your Property Insured
Proper landlord insurance is crucial if you rent your house in Bangalore or elsewhere. Such insurance is a safety net to protect you from the significant damage your tenant may cause.
This document gives you the power to take action against tenants if something is going wrong with your rentals. It is important to note that the landlord’s insurance will not pay for a tenant’s belongings. They have to buy rental insurance in case their stuff gets damaged.
So, to become a smart landlord, you must arrange insurance for your property before you even consider renting it out. Contact your insurance agent and ensure you have the maximum liability coverage for your house or flat.
This way, you can live peacefully, knowing your investment is well-protected.
Fix A Rental Amount
Once you decide whether to rent your Homes in Bangalore for residential or commercial use, it’s time to figure out how much you can charge your tenants. This is an important step, and it should be based on fair calculations and careful considerations.
In some cases, if your property is part of a housing society, they might charge you a fee for renting out your house or flat, even though the tenants can enjoy the society’s amenities.
Generally, for residential apartments, the rent usually falls in the range of 2-3 percent of the apartment’s annual value. But remember, the exact rent can vary depending on the location, available facilities, and other factors specific to your property.
So, as a newbie landlord, you can take the help of house rental management experts who will help you determine the correct rent amount and understand the terms and conditions of the rental agreement.
Get Your Property Ready
When preparing your rental property, there’s no better way than starting with a thorough, deep clean or a fresh coat of paint. These steps work like magic and brighten your rental house’s inside and outside. While fancy upgrades can be nice if your goal is to attract the best possible tenants, essential cleanliness and maintenance tasks are an absolute must.
Plus, the exterior of your estate should be taken into account. Make sure the lawn and gardens surrounding your property are clean and well-tended before you decide to put a “for rent” sign up.
Prepare Necessary Documents
When renting out a property in India, you must have proper paperwork done, along with the lease agreement. There are several essential forms and documents that you should have ready well in advance of renting out your house. These documents include:
- Credit Check Authorization Forms
- Rental Applications
- Move-In Checklist
- Move-Out Forms
- Disclosure Forms
- Notices to Tenants
Set Certain Rule For Tenants
Setting clear criteria in your rental application and mentioning them in clear writing is essential. This way, when you come across a potential tenant who seems like a good fit for your property, you can provide them with a document outlining your expectations. These criteria should cover a range of factors, such as:
- Monthly Income Requirements
- Credit Score Standards
- Occupancy Limits
- Pet Policies
- Smoking Rules
By setting these rules in advance and providing them to prospective tenants, you ensure that everyone understands your expectations, and this will also help you make an informed decision about whether your property is the right fit for them. Plus, it will also help you avoid misunderstandings in the future.
Tenant Background Check
It’s essential to ensure a good fit between the individuals who want to live in your home before renting it. You’ll need to obtain personal information from their former landlord, employer, and friend to verify their background. Before signing a rental agreement, you must ask for police verification to confirm their identity and see whether or not there are any previous convictions.
This will protect you as the property owner and ensure the person moving in is trustworthy. You can take the help of house rental management services providers, who will do tenant verification and other management tasks for you without any hassle.
Give Your Tenant’s House Tour
You must allow your tenants to see the property before they move in. This helps them get a feel of the space and figure out if it’s really what they want.
It also lets you show off your rental house and convince tenants that this space is good for them. You can tell them about facilities like a swimming pool, gym, playgrounds, and other amenities in and around your property.
Register Rental Agreement
You need to know about registering your lease when renting for the 1st time in Bangalore. Under the 1908 Registration Act, a rental agreement shall be obliged to be registered with local authorities if it lasts more than one year.
It must be registered if you rent your home for over a year. This registration is necessary because if your agreement has not been reported for one year or more, you cannot use it as evidence in court where there are future disputes and problems.
On the other hand, if your lease is for 11 months or less, you don’t have to worry about registration. All you have to do is pay the stamp duty, and you’re good to go. This will make it easier to conclude short-term agreements.
First of all, we congratulate you as a new landlord, and we hope you have a wonderful experience in the future. But we understand being a landlord is a challenging task. It requires a lot of responsibility from your side. Most landlords believe that they can handle all the processes without any help. Yes, you can, but to make it smooth, you can take the help of property management companies.
So, if you seek smooth and efficient house rental management, visit ORO Proptech. We are here to serve you. Our broker charges for house rent in Bangalore are affordable, and we will help you with all the services, such as finding tenants and screening them, rent collection, and house management, so you can focus on your business.
Hand over your property to us; we will take care of the rest.