Are you a property owner looking to put your real estate on rent? Then there are certain steps should keep in mind before you lease out your property to someone else. A landlord/tenant relationship can be pretty tricky, especially if you don’t take some precautions before and after signing an agreement. If you follow these steps, you will be able to have a smooth and hassle-free renting experience in Pakistan.
Is Your Property Ready to Rent?
The first step is to make sure that your building or real estate is suitable and attractive to potential tenants. People will check if they want to live there based on condition, cleanliness, safety, amenities and surrounding features. The more you invest in fixing up your property at this time, the more value it will have. Take care of cleaning the exterior and interior of the house, apply a fresh coat of paint if your property needs it, check the kitchen and bathrooms for any major damages and make sure that locks and doors are in proper working order.
Based on your property and location, the rent should be decided beforehand so you can make your demand upfront. You want to get the best deal possible for your real estate, so make sure you have a set maximum and minimum in mind when opening the door to potential tenants. The rent depends on factors such as market values, state of your property, location, etc. For example, the rent in Islamabad will likely be different than the rent in Karachi. You can conduct research online and offline to see what is a reasonable amount to ask for.
Get People to Pay Attention
You should market your real estate using platforms such as social media and local word-of-mouth. You can design an advertisement that details your property’s features and your contact information to post on property websites and newspapers. Using real estate websites and property sale forums is efficient and cost-effective because it reaches a wide number of people in a short time.
Hiring a Real Estate Agent or Property Dealer
This can get you in touch with those looking for rental homes and help advertise your property. For example, they can find people who are looking for homes for rent. However, you should be careful when picking someone to handle this important task. Conduct background checks to avoid fraud and dishonest behavior.
Review Your Renters
Your property is a valuable asset, so you should make sure the people you rent it out to are trustworthy and unobjectionable. These days, a number of suspicious people want to rent out properties in Pakistan, so you need to be very careful to not get involved in anything like that. Do an identity and security check. Another good idea is to get an opinion from the tenants’ previous landlords if possible.
Communication is Key
To avoid any future problems that may come up during the course of the tenants’ stay, have an honest and direct conversation about agreement duration, increase in rental rates and other expectations. Each rental agreement is a case-by-case procedure, so make sure to have this conversation before signing the agreement.
Is Your Paperwork in Order?
Agreements, deeds, bills, certificates, identification verifications, security checks, background checks and other documents should be in order and verified legally before any transaction is conducted.
Protecting Your Property
A landlord should make an inventory of the condition of the property before the tenants move in. The details about the house’s furnishings, available amenities, plumbing, electrical outlets, fixtures and other features should be examined thoroughly and listed. The landlord and tenant should both have copies of this inventory so that there are no disputes when the agreement is over.