- 5 Tips On Finding The Right Tenant For Your ApartmentJuly 27, 2018
Real estate is regarded as a lucrative investment and renting is hailed as an investment option which guarantees a regular income. Finding the right tenant is an important of the rental process and care should be taken to ensure that the property is at safer hands.
Following are the steps to be followed for finding the right tenant for your apartment.
1. Research on rental rate
Find out the current rental rate in the locality to ensure that you are on par with the rental pattern followed. Also, a high rental rate for an apartment which does not accommodate additional facilities like furnishing or expanded area will not be preferred by the tenant.
Inform local brokers and realtors regarding the vacancy in your apartment. Advertising the same on the notice board of your housing society or listing the same in your apartment community groups are also effective ways to search for prospective tenants.
3. Police verification
It is considered mandatory to conduct a background check of the tenant. Fill the police verification form and submit it at the local police station along with the proof of identity of the tenant. The police will grant approval after conducting necessary checks and verifications.
4. Rent agreement
This is one among the important step in a rental process. The rental agreement should clearly state the terms and conditions of the rent, the monthly rent to be paid, the duration of tenancy and the conditions which will be considered a violation of the agreement.
5. Register the agreement
The rental agreement should be registered to gain validity under the court of law. The landlord or tenant might have to bear the cost of the stamp duty and in some cases, it is shared by both.
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