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What is Some Good Advice for New Landlords?

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0 2024-11-19T20:26:31+00:00
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Hey. I have a couple of properties which I’ve given on rent in Pune. So, I can share some tips for new landlords like you. Being a landlord has its set of responsibilities, so being aware of those is important. You need to maintain a balance between being a good landlord to the tenant while taking your stance when needed. See this as a business and set the rent by considering factors from a business perspective. Let me tell you more below.

Advice for First Time Landlords

Here are some tips to follow if you’re a new landlord:

  1. Understand the legal aspects of renting out your house. There are specific roles and responsibilities of landlords and tenants. Get well versed with them to avoid exploitation and wrongdoings. Also, there are rights of both landlords and tenants. So, check those too.

  2. Analyse the rent in your area for similar properties like yours. You’ll be able to get the average rent and set the right monthly rent. 

  3. Set a screening process for the tenants. Like Amol said in his answer, post ads on property websites, find tenants, and run a screening process. Ensure to run a background verification by the police. 

  4. Another important thing is to maintain the house when it isn’t on rent. Till you find the tenant, you need to keep the place clean and well maintained. You can consider hiring a property manager to find tenants and maintain the upkeep of the house.

So, these are some tips from my end. I hope this helps. 

Make the Most Out of Your Property with NoBroker Owner Plans! Some related information:

What are roles and responsibilities of tenants and landlords once tenant move into rental property?

  

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0 2020-08-20T12:44:05+00:00
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I faced a lot of problems while renting out my flat for the first time. To be honest, I almost gave up on the thought of renting out my flat even after meeting and showing the flat to so many suitable tenants. However, a close friend of mine suggested these few things before looking for a tenant. 1. Fixing the rent amount - Fixing the rent amount helps to narrow down the unnecessary enquiries about your property. Also, while fixing the rent, do check with the neighbours and local people about the rental rents in your area. 2. Decide on who you would like to rent out the flat - You should be very clear about this. Decide if you want to rent out your property to only families or bachelors or your property is open to anyone. 3. Publish ads - There are many online rental websites where you can post about your requirements. I used NoBroker.

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Amol

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