6 Do’s and Don’ts When Renting Your Properties
As a property manager, you have to manage routine tasks and staff members and adhere to local property management laws. Of course, the rental property management experts will reveal that you can always fall back upon legal advice to make sure you’re staying within the boundaries of the law.
However, read on to know more about the important considerations when you’re renting properties.
Renting Properties: 6 Do’s and Dont’s
Here we have 6 Do’s and Dont’s for homeowners and property managers to adhere to when renting out properties.
- Don’t: Make a stopover.
If you rent your property, remember that your tenants have a right to their privacy. So, never drop in unannounced. Rather, you should give advanced notice if you have to go over for repairs, inspection works, or maintenance jobs.
Do: Make use of mobile communication tools.
Because dropping in unexpectedly can disturb the occupants, you might want to consider using mobile communications tools (such as sending text messages or emails) to announce your arrival beforehand. By doing so, the residents remain informed and are better prepared.
- Don’t: Follow an irregular screening process.
The renowned rental property management companies adhere to a uniform screening process and avoid discrimination among applicants. Remember that discrimination based on gender, caste, color, among other considerations, is against the law.
Do: Conform to a consistent screening process.
Be consistent when it comes to screening applicants. A top-ranked property management company in Delhi endorses using technology to develop a standardized screening process to make things easier.
- Dont’s: Avoid raising rent charges midway
You’re breaking the law if you’re increasing the rental charges in the middle of the lease period. Only if you’re rendering additional services midway, you have the right to charge higher rent.
As per rental management laws, you can increase the property rental costs only during a new lease or lease renewal.
Do’s: Follow your lease terms.
As part of good rent management practice, both parties should stick to the lease terms. If any party is not adhering to the stipulated conditions, they are liable for punitive action.
- Don’t: Expel lessees to sell your property.
Property owners have the right to sell their homes only after the expiry of the rent period, not before that. A reputed property management company in Delhi NCR will suggest buying the renters out of the lease before the lease ends if you want to sell your property before the lease expiry date.
Do’s: Use online platforms to share information.
The benefits of using an online portal are manifold. Such platforms help to share maintenance updates, lease agreements, and property details.
- Don’t: Withhold the Certificate of Occupancy.
Under property maintenance services, you’re advised to produce a Certificate of Occupancy to the renters to confirm that you own the property. When you do so, you can assure the occupants of a safe dwelling place.
Do: Ensure your property conforms to the local codes
As part of property management services Gurgaon, property managers are required to adhere to all the local codes. These include inspecting the property periodically and executing the mandatory maintenance jobs.
With property management software, you can also check the completed jobs and pending works – all of which ease your workload.
- Don’t: Overcharge for a rental deposit.
Check whether you can overcharge the tenants, depending on where your property is located. In some cases, you cannot charge more than one month’s rent. Always comply with local rules to be on the safer side.
Do: Mention deposits in lease agreements.
To maintain full transparency between both parties, you must mention the rental deposit amount in the lease agreement. Renters are entitled to get back the deposit money when they’re moving out. In case of property damage, landlords can deduct the money from the deposit amount. Here, make sure that everything is in writing to protect everyone’s interests.
About LuXia LLP
At LuXia, we understand how important it is to comply with property management laws. We adhere to the given rules to avoid penalties and other hassles. As a general rule, we ensure all involved parties study and follow the local laws.
More so, we are transparent in our dealings with our clients and follow a regular screening process. Also, we use advanced digital communication tools to keep all parties informed about the latest updates.