DIFFICULT TO MAINTAIN THE DATA OF YOUR RENTS AND DOCUMENTATION? 7 WAYS TO MANAGE IT!
May 11, 2022
Being a property owner and tenant comes in handy with high responsibilities as well as troubles. This includes finding a trustworthy tenant, getting rent on time, dealing with a lawsuit, and so on. If you are one among them, you would know the troubles faced by tenants, and handling them can be quite stressful.
Here are some of the most common problems that are faced by tenants in India. Further on, we will discuss the solutions and various methodologies to manage them.
1. FINDING A TRUSTWORTHY TENANT:
The task of finding a reliable tenant is highly time-consuming and tough, especially for new tenants. Finding a tenant requires time, and money on advertising, running background checks on the tenant, and doing the necessary administrative work to replace the old tenant with the new one. If you spend a lot of time and effort trying to find a new tenant, you can get engulfed by severe financial trouble.
You can find a reliable and trustworthy tenant by asking for a legal rental application, and finding a good and authenticated place to advertise where there is less risk.
2. LATE RENT PAYMENT:
Quite often owners deal with late rent payments, the tenants who are irregular can be aggravating and repetitive with their irregularity. This can be quite tiresome for the tenants.
3. HIGH TENANT TURNOVER RATES:
The inconsistent flow of tenants can drain the cash flow of the owner. When a tenant has left the property, this increases the investment of time and money for the advertising, background checks, and other administrative tasks to get a new tenant in.
As many tenants leave due to lack of maintenance, unexpected increase in rents, and deficiencies in the amenities that are provided to them.
4. LAWSUITS AND LEGAL TROUBLES:
It is necessary to learn the regulations related to the tenants. It is a difficult task to learn all the laws related to tenants. The property owners must know these laws to avoid any type of legal trouble. There are laws implemented by central and state governments to protect the rights of tenants as well as tenants. It can cause serious harm personally as well as financially when one gets stuck in any legal situation with the tenant, especially when the tenant is legally right.
In case of avoiding legal issues, the government has enforced the Model Tenancy act to preserve the rights of tenants as well as tenants. Keep yourself updated about the laws related to renting, and know about it in detail to keep yourself aware of the loopholes.
5. ORGANISATION TROUBLES:
The continuous and consistent paper organization can be tiresome. Also when not maintained can get quite disorganized. It can be added to the stress also when any important documents lost can land the owner in legal trouble.
The way to be organized is to keep everything to date documents. This will make sure these documents will help you avoid any disputes.
6. INABILITY TO PREPARE A LEGAL RENTAL AGREEMENT:
Many property owners, especially new owners, are unaware of the aspects of the rental agreements, therefore they fail to file an agreement. This documentation of the rent protects the rights of the tenants as well as the tenant. This helps to avoid legal issues as well as unwanted lawsuits.
The preparations of the legal agreement are quite important to keep you away from legal lawsuits. Know about the government laws that are implemented for the tenants and the tenants.
7. EXCESSIVE STRESS IN HANDLING PROPERTY MANAGEMENT RESPONSIBILITY:
Property management is one of the riskiest parts of being a property owner, also it is not an easy task. You have to deal with a lot of responsibilities, including the verification and background check of tenants, collecting rent, dealing with frequent complaints, satisfaction and comfort of the tenants, and a lot more. All of these tasks can take a toll on the mental health of the owner.
The efficient way of handling this is that hiring a professional property management company is the greatest option for a worry-free investment experience.
These are some of the steps to maintain the rents and documents as tenants. Following these steps helps the property owners to avoid difficult situations and lawsuits. Also to have a peaceful resting period, to avoid the tenant's high tenant turnover flow.