If you have decided to rent one of your properties as a side income, you need to consider how you are going to start dealing with the new people in your life: your tenants. The tenants can be your relatives, friends, acquaintances or people you have never met in your life. In any case, there is a possibility that you will face a difficult tenant, although the reasons for this can be diverse. Knowing how to act is vital to avoid complicating things further. That’s why Propadis, the leading property management company in India, presents you with a questionnaire as to how a competent property management company will take care of your asset in order to deal with challenging tenants.
Q: How does a property management company make sure that the potential tenant is reliable?
A: Potential tenants are often asked to submit letters of recommendation from previous landlords as well as proof of their income. Property management companies also do not just take them at face value. They check the veracity of the said letters to gauge the reliability of a potential tenant. They have the right network and connections to ensure the best standards of tenant screening.
Q: What way is adopted by property management companies if they are not 100% sure of the veracity of the tenants in question?
A: They establish a short-term contract of a minimum of six months and a maximum of one year. With this lapse of time, they can easily notice the tenant’s punctuality with the payments, how he/she maintains the physical condition of the property as well as his/her behavior with the neighbors and the other residents in case your property is located in a condominium.
Q: What happens if you have to indulge in improvements and changes to the property?
A: It is imperative that you establish the financial responsibilities that fall on your shoulders and those that are the responsibility of the tenant in the lease contract. Generally, the most significant tasks related to the maintenance of a property are the owner’s responsibility, unless a tenant willfully damages the property. A property management company takes care of this all-important contract and ensures that all the costs, deadlines and reimbursements (if any) are mentioned in writing.
Q: What is done in case a tenant is noisy or partying at odd hours?
A: Although these are usually considered minor inconveniences due to their low frequency, it is vital that you attend to them in time. A property management company intervenes at the right time, talks to the tenants about their behavior and asks them to change their attitude. If there is no improvement, they rescind the contract or take appropriate legal steps to ensure compliance with the terms of the contract.
The long and short of it all is that a property management company can prove to be a lifesaver when it comes to dealing with troublesome tenants. Besides helping you avoid this obnoxious situation altogether, they also ensure the right legal steps are taken to deal with the problem at hand.