Once you decide to give your property on rent, there are some most important points to keep in mind.
Before Selecting the Tenant
- Go for a property dealer of repute.
- Always talk about commission of property dealer in advance because the commission of rented properties varies a lot according to the nature of property and rent.
- Fix up a day like Sunday and fix time for showing the property otherwise some property dealers will wake you up at night to show your property.
- Get a background check of tenant done. If you cannot do it yourself, hire an agency.
- Tell the tenant that you will get a registered agreement done and take the full amount by cheque.
- Take post-dated cheques for the full period. If your tenant is going to stay for 3 years you must have 36 cheques with you.
- Ask for references and guarantors
After Selecting the Tenant
- Get a rent agreement for full amount and the full period for which you want to give the property on rent.
- Get a government registered agreement done.
- Get police verification done.
- Note down the electricity, water and piped gas reading and give it to tenant as well.
- The rent agreement should be comprehensive which should include the details of post-dated cheques as well.
Once the Tenant is living in your premises
- If your rent is overdue for more than 2 months and your tenant is giving false promises immediately file a case of cheque bounce.
- If your tenant is damaging your property or creating nuisance report the matter to police in writing.
Atul Gupta
Panelist - Consumer Rights Mission
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Consumer Rights Mission is dedicated to empower and further the cause of consumers.
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