Thursday, July 25, 2019
So, you have a property you would like rent, but before you start here are 5 things to know about property rent before you get your first tenant. While there are always exceptions to the rule these basic guidelines will help any landlord, new or old to make the best decision when renting there property's:-
Renting your property is a Business
From day one, treat your property rental as a business. Too many property owners just try fly by the seat of their pants, hoping to figure things out as they go along, but this type of thinking will in most case result in undue tension with the tenants, their neighbors, and even your spouses. Organize systems and processes that guide your “business” and making sure your receipts are in order from day one. Log every request and complains made by the tenant, this can be done inside a hardcover book if needed. Having a log serves as a piece of good evidence if a tenant disputes request or timeline.
More is better
Attract as many tenants as possible. The more tenants you can attract, the better your options will have to find the best possible tenant. Use as many sources as you can, while the Gleaner is one of the greatest sources for the mass advertisement of property here in Jamaica, but it’s not the only one. There are platforms including social media such as Facebook, Twitter, and Istagram along with property management sites, both free like fiwiyaad.com or paid sites like propertyadsja.com, word of mouth also works. The point is, the more applicants the higher your chances of finding "the perfect tenant". So you need to open up your funnel to as many interested persons in as many possible ways as you can think about. There is a popular saying "less is more" well not when it comes to that tenant search, "more is more". After all, no landlord wants to be stuck with a horrible tenant or waiting forever for applicants to trickle in, that is costing you time and money.
Screen, Screen, Screen
Finding a great tenant is the most important thing in ensuring a great profitable property rental future or living through years of hell, beating yourself up for getting in an unhealthy, stressful relationship. If you can find the ideal tenant then 90% of the hard work is completed. So when screening tenants, what should you look for? Well here are some of the common factors to look at as per recommendations by property managers but locally and aboard:
Income:- it is usually best practice to find someone with a Gross income at least three times whatever the rent is. In addition to a standard income, you should find some with an alternative source of funds, should an emergency arises.
Job Stability:- make sure their job isn't temporary and that they have been there for some time, usually about a year.
Rental History:- have positive rental history reviews from previous landlords and no prior evictions it is great indicator, after all people are creatures of habit. We don't really change all that much. How a tenant has been is probably, is how they're going to be no matter what they say or how much they try to convince you that they've changed.
Gut Feeling:- "if yo spirit nuh tek dem" then don't do it. Surprisingly there is a lot of truth to this. Our subconscious self tends to notice small factor about people before the realized it. So if it doesn't feel right, then it probably not the best for you.
Have a rental Contract:
Having a rock-solid rental/lease contract is very important. These documents will spells out all the terms of the rental period as well as the rules and regulations that govern the relationship between landlord and tenant by taking away of the “shooting from the hip” decisions that comes with property rental. Rental Contracts can also protect you and the property legally in case something goes terribly wrong: like tenants want to have a dog, well, what's the contract say? Water pipe broken, what does the contract say? Tenant destroy the property, well, what does the contract say? Finding a lawyer who specialized in Property Management to help to draft a rental contract is a wise investment.
“Be Firm but Fair”
As a landlord, these four words are very important, follow the rules and guidelines you put in place when renting your property. Have penalties for late like late fees when tenants break the rules, don't bend because you heard a sob story not only does it hurt you and your finances it actually ultimately hurts the tenant imagine this: the tenant calls and said there were some mishap with their pay and they're going to be a week late on rent, you let it slide and now you've trained them that that's okay. So two months later, it happens again, but this time it's a couple weeks late and later it's a month late. Now their three months behind rent and they are hiding from you and you've got an evict on the tenant costing you time and money.
This website/platform, FiwiYaad.com offers many feature to help both landlords and tenants to have the best rental experience and what is best the site is completely free, such as Rental History Screening, Property Research and more. Read more about it at Fiwiyaad About Us.