Choosing a tenant can be tricky. With so many news of Airbnb trashing and vandalism, it can be quite a challenge when tenants come looking for your property. All landlords must be careful that tenants or paying guest are respectful to your property and treats them like their own. You can rent out an entire floor or choose to set up ladies pg in btm layout. Here are some important tips which will help you in choosing the right of tenants.
- Check the Credit Worthiness
It is important to know whether a tenant is able to pay his rent every month. His type of income and the industry information can be very helpful. Although it is rude to ask someone their salary amount, you should make an agreement stating the terms and conditions in case he fails to pay the rent. If you have any known person in the industry, you can also conduct background checks on the tenant before confirmation.
- Security Deposit
It is a common phenomenon to ask for a month’s rent as security deposit. You can also ask for 2-3 month’s rent depending on the property you own. Paying such amount will tell you if a tenant is in the right financial position. Negotiation usually occurs but you will get to know if a guest is reluctant to pay.
- Preference of Tenant
Preference of tenants or paying guests solely depends on the landlord. Some can prefer family while others prefer renting to working professionals with highest paying jobs in India. Many landlords make PGs for students. Someone with family is the popular for many landlords because they are know the importance of security and responsibility. If you are a landlord in BTM neighborhood, you can also make a pg in btm for ladies. Women only accommodations are also safer for some. No matter what kind of tenant you choose, do not degrade yourself in judging a tenant by their caste, creed or religion. Try to maintain basic ethics and self-respect and integrity for yourself by not making any discrimination.
- Stability of The Tenant
Whether you want to provide short term stays or long term stays, it’s totally up to you. For example, tenants with family used prefer long term stays while students moving to a new city for exam preparation can require shorter stays. There is nothing wrong in any of them. Sometimes shorter can be more profitable than longer stays. It all depends on the type of involvement you want.
- Identification and Documentation
The most important part when renting out an apartment or a room is proper documentation. It is important that the tenant provides their Aadhar Card for making a lease or rent agreement. Always make agreement on legal stamp papers, giving one copy in the local police station. Steps like police verification is must nowadays as it is a concern of safety and security. Outline the terms and conditions that both parties have agreed on. This will prevent future hassles if situation arises.