Know thy tenant before renting out your property!

Offering one’s property on rent is a common practice around the world. This not only helps the owner earn significant rental income to cover any financial debts but also keeps the property in a working condition. The urban centers have found swift demand due to the increased influx of migrants that keep coming in search of better livelihoods. They all seek an abode to live in the city and those having additional property or spaces therefore find active takers. However, leasing out one’s property also warrants some precautions so as to avoid the unsought implications, some of which could be really horrible for the owner.

In a country like India, where social and economical crimes have been rising continuously, offering property to a person who is a stranger could be problematic. Besides, there are other dimensions too that need to be taken care of before leasing the property to someone. Here’s what you should know about your tenant before offering him/her the place on rent–

  • Ask for the credentials and IDs

This should be the first step towards deciding whether or not to lease one’s property to someone. Authentic credentials offer the first inference regarding the identity of the person and serves as an essential guide towards saying yes or no to the seeker. In India, Aadhaar Card and Voter Card bear prime importance as for ascertaining the identity of the person. Ask for the same!

  • Have a social talk

Have a general cordial talk with the person because this allows getting a behavioral orientation of the person and his background. No one wants to lease his property to a rude and arrogant person as this can cause troubles in the future.

  • Inquire about his earning portfolio

Also ask the seeker about how he earns. This is important to remain assured that the rent will be paid on time. A person not having a consistent source of income may not provide rent timely; even if he readily agrees to pay the same at the inception. This is also important for the purpose of general information and to ensure that you do not offer your property to someone who is engaged in scrupulous means of income.

Ask for employment details if the tenant claims to be employed or get the company details if the person is self-employed

  • Why does the tenant want to have your property on rent?

This is a simple question to ask as to why the seeker wants the property. Whether he wants to live there or plans to use the same as a commercial place, it is generally not

Ask the locals and intimate the regional police station!

Inquire the locals and learn about their perception of that person. Also, inform the police station in due format about the tenant. This serves as an additional buffer for safety. 

  • Get an indemnity signed from tenant on the terms &conditions of leasing

If you have decided to lease your property to a person, always insist to get an indemnity signed by them. This indemnity will be a legal document prepared by a lawyer and enlists the terms and conditions of agreement; including the 11 months leasing clause.

Given the paucity of time and expertise, it is cumbersome for any individual to carry out this tedious process, however, with Reniso as your property manager you do not have to worry about all that. Reniso’s leasing service aims at providing you with the best rental returns on your property investments along with proper tenant screening, verification, onboarding and management-

  1. An experienced Reniso property manager shares a rental analysis for the property based on true market demand and communicates the same with the Owner.
  2. Reniso assists all prospect tenant visit coordination and finalize the tenant based on the preferences suggested by the owner.
  3. Tenant KYC checks are carried out which include personal identity, credit history, court records, and employment verification.
  4. The Reniso property manager then closes the cycle with legal documentation and tenant move-in assistance.

Reniso ensures the entire process is seamless, transparent and hassle-free for both the owner and the tenant.

By | 2018-09-26T07:15:12+00:00 September 27th, 2018|Articles|0 Comments

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