As a Landlord/ Owner of a residential or commercial property, your main focus and goal is income and wealth generation. For you to achieve this, there are lots of factors to consider.
Owing and managing a property are two different things and improper management of your property will lead to a loss of investment and even in some cases outright loss of your property as a result of health-related instances like improper waste management and refusing to adhere to property pest control measures/policies.
Among many factors to consider, becoming a successful Landlord of a residential or commercial property depends on who is managing the property, you or a property management company.
In this article, I will give you the right tips of being that “Right Landlord” every prospective tenant wants.
Now you have the property. The next step is to decide if you want to manage the property yourself or hire a property management company. I suggest you go to http://www.lapmg.com for a flawless property management experience.
Earning Safe Returns on your Property
The quantum of rent amount, queries on the lease agreement, tenant’s ability to pay, lock-in period, security deposit, verification tasks and registrations are generally a significant concern to the property Owner or Landlord whenever the property is to be rented/leased. Without following the proper sequence and due diligence, giving out property can become a nightmare.
Every failure to uphold the requirements of the law, duty or obligation that pertains to renting out property results in stiff penalties on the Landlord/ property Owners.
Without the right Legal documentation, Landlord/Owners of Residential or Commercial properties expose themselves to risks such like delay or absence in the receipt of rent and illegal activities as a result of a lapse in tenants’ background checks.
Real Estate experts are of the opinion that rent charge is majorly directly related to the home’s value, the state of the property and the location of the property but generally the rental fee is 0.8%-1.1% of the property’s total value.
Other factors that can upsurge the rent amount are the extra amenities provided, the furnishing state of the property; semi-furnished or fully furnished and maintenance cost, which will all affect the rent amount.
The proper rental agreement is an essential tip to note by Landlords and Owners of commercial and residential properties. The rental agreement should be in writing and duly registered, and it should clearly show who will pay for utilities, electricity, water, gas and maintenance charges. The purpose of tenancy must be spelled out. Is the property being used as a commercial or residential purpose?
Also to be in writing is the expression of interest from the Tenant or Landlord/property Owner to extend rent or lease period of the property before the end of an ongoing lease.
Enrollment and Registration of lease agreement
Property experts emphasize the importance of registering the lease agreement under the Registration Act to make it legal and valid.
Screen your Tenant
It is of utmost importance as a Landlord/ Owner of a residential or commercial property in the San Fernando Valley to properly screen the prospective tenant because successfully managing a rental property is hinged on renting to the right tenants.
It’s a costly mistake for a Landlord/ Owner of a residential or commercial property to fail to conduct a credit and rental history check on a prospective tenant. Some prospective tenants hide behind a mask of politeness, appear professional and, but failure to perform a credit and rental history check can leave you with grave consequences of emotional and financial stress.
Keep to your word as Landlord/ Property Owner
One of the characteristics of a right Landlord/ Property Owner is a timely fulfilment of obligations. Keeping up with plumbing works, electrical fault, and carpentry repairs promptly are some of the most important duties of a good landlord/ property owner of a residential or commercial property based on the terms of rent of the property.
Reward Good Tenants
A good Landlord/ Property Owner is expected to be firm and stand up to tenants who are not abiding by the terms and rules of the agreement of the rented property. Notwithstanding, some tenants ensure timely payment of their rent, never cause any problems and are easy going with other tenants. Such can be rewarded periodically to show them that they are appreciated and by that act encourage other tenants to imbibe the same attitude. Rewarding good tenants build a positive relationship between the Landlord and tenant.
In conclusion, this tips and more if adhered to, will yield excellent results for any Landlord/ Property Owner of a residential or commercial property.