As landlords and property managers, we must be cognizant of the fact that renting a property can often prove to be an expensive process. For most homeowners, renting is the only option for them when they cannot sell their property because of certain unavoidable reasons like relocation, divorce, death or bankruptcy of the former spouse, move out of the area and so on. These situations often force the former homeowners to rent out their property by signing a lease agreement with the prospective tenant. A good rental agreement should protect both parties, help the tenant to pay the rent in time and in a manner that the landlord can recover his investment. Also, it should be clear to the tenant that he is obliged to pay, on what basis and how much time will be given him to pay.
For those who are renting a property, the process of finding a reliable and competent agent can be quite daunting and confusing. The best way to go about it would be to ask around from people you know and trust for advice and tips on how to find a suitable property manager/reips agent. You could also browse through the internet to find a list of reputable reips agents. Once you have shortlisted a few names, you could make another call or send a follow up e-mail to each one to ensure that they are genuine and have a proven track record in the industry.
When renting a property, it is important to know how much control and authority you have over your tenants. The home owner has the full right over the tenants’ personal things like furniture, appliances, carpet, wallpaper, pictures etc. But the tenants have the right over the things that belong to the landlord. These are called ‘accessorial usage’ and the landlord should be charged for any breach of this. More so when you find yourself in a predicament where you need to evict a tenant for breaching the terms of the lease agreement, make sure you explain this to your tenant’s first and foremost before making use of any legal remedies.
Apart from all these, there are a few things like damage control and preparation for possible repairs that the landlord can take care of himself. However, this is at the expense of the tenant because he would have to bear all the cost of repair from his own pocket if there is a need to sue the landlord. Thus renting a rental property means getting something back out of the money that you have invested in the home.
There are different rules applicable to rental properties depending on the state that you live in. There are certain regulations that the tenants must follow and there are a few that the home owners’ property maintenance department usually implements. The state and local governments often regulate the times that the tenants can occupy the property and even set a limit on the number of days that they can occupy a rental home. There is also the option for homeowners to get themselves a lease extension that can be used to extend the time frame for which he can occupy the home.
As a landlord, it is very important to understand the real estate market and how things work in your area so that you can rent a property with complete confidence and ensure that you get the most from your rental home. Property for rent in dubai The best way to approach the landlord market is to hire an experienced property management company. These companies will be experts in their field and can help you find good tenants and keep them in the home. You can even get discounts on the rent as well as the mortgage and you can save a lot of money on your monthly budget. Property management companies will help you take care of the most important aspects of the property such as advertising and get rid of the hassle of looking for tenants.