Once you invest your money in a certain property, the ownership is handed over to you. Now it is your turn to give that property an attractive look, which can impress your next buyer or renter. You, as a property owner, should take care of every single issue related to the property, whether you are planning to allot it for renting or leasing purpose. Until and unless the property is only a vacant land, you need to think about the property and manage it with expertise. If you, as an owner, want to manage your property on your own, then you have to take care of various factors.
The very first thing you should keep in your mind is that though the property is owned by you, still the property will be used for renting or leasing purpose. The amount of rent solely depends on how much beauty it carries. This article will narrow down the real estate management process which will definitely help you to become a good owner cum property manager.
The important factors on which an investor should concentrate are:
• Condition of the owned property: If you handover a damaged property to the new tenant, then every day you have to face their complaints against the property. So it is better if you manage the property in advance. When you are asking them to pay so much rent, then it is your responsibility to maintain the structure, clean the area, repair the leakages, mend the water pipes and renovate the terrace. It should be the owner’s headache to groom the property and make it attractive for the tenants.
• Repair at the earliest stage: The tenants are the owner’s clients. So, it is necessary to look after their basic requirements. They are paying for the product they are using. To serve their emergency needs, the investor should assist them with the emergency services or provide them the help line number for any such service.
• Abide by the rules and regulation for and against the tenants: Government has implemented various laws in the favor or against the landlords. Be aware of such small rules which you may require at any point of time.
• Security service: Often tenants ask the landlord to post some security service for their safety. As a reliable and responsible property manager, you can fit close circuit camera in the property.
• Marketing of the property: As soon as the property is vacated, the investor should clean the premises and post the requirement for new tenant. Newspaper, website, banner are the best possible ways to reach clients.
It is easy to get a tenant, but difficult to get a good one. Talk in details regarding the agreement, as well as rules and regulations. Maintain a record of all the rental history, rental documents and other necessary paperwork. Unless and until your property is ready for move-in, do not promise any specific date.
Many investors hand-over their properties to the professionals in order to avoid complications. However, there are some disadvantages of doing so. Being a property manager and owner, you should know every detail regarding your owned property. You are the best person to sort out those issues and handover a perfect property to the client and maintain your reputation.
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