Nourishing or sustaining a rental business is a trusted method that is one landlord’s top priority, especially nowadays. Since the coronavirus outbreak and the new travel restrictions imposed across the globe, it is quite challenging to secure new tenants or keeping up with the current ones. Many are dealing with vacancies or issues with their rental properties. With the ongoing crisis and the epidemic caused by the covid-19, many are now striving to solve the problems as it is more important now. It is really essential for us all to switch to positive thinking and keeping our minds calm and make the situation work in our favor. Also, there are other options that are suggested that are suitable for tenants and for owners as well. Since many are losing their jobs or are unable to pay their rent, you should know that in case your tenant offers you the proof that they are financially impacted and cannot pay the rent.
Below we have listed some suggestions that you can consider:
– You could try asking the tenant to offer you a well-structured payment plan. They can make the payment in installments spread over a long period.
– Now, you should know that they might need extra time to pay the rent, well, you can give them that and therefore, can accept the late payments.
– Try extending the contract as some tenants might not be able to leave the country or even the city that they were in during the travel bans. This means you can consider extending the rental contract for a certain period of time.
Another way you can take care of the property is to connect with one of the best and trusted property management companies in India. Property managers have knowledge about negotiating the rent payments with the owners. In case you are away and wish to have someone to take care of the property, you can explain everything to them and they will ensure that everything goes as per the situation and your wish. You may not know but you can even ask them to freeze all transactions or payments to earn some time in order to keep the business up and going until the situation improves and becomes better. This will allow you to lower the rent of the tenant.
Now, before connecting with them, you might be wondering what exactly is property management. Well, property management is a trusted solution or method for operating, maintaining, controlling, and supervising the real estate or property for someone who is living overseas. The real estate could be a residential or commercial property. Nowadays, there are many agencies that deal in taking care of properties and help with adding value to the property by looking for the tenants and maintaining proper communication between the owner and tenant.
Why you need a Property Management Company?
Living abroad and owning a property that is in India can be challenging as there are many hassles and obstacles. From illegal violations, paying the taxes timely to ensure that the property is clean and safe, and even maintaining the property, all this is not a piece of cake. So, if you are renting the property, it is important for you to find a tenant who is credible and not at all shady. Since doing so can be challenging when you are overseas, having property management professionals on board comes in handy as they help with finding, verifying the tenant, negotiating the rent, and ensuring that the property is well-maintained and safe.
Once you have an experienced team of property management professionals, all you have to do is hand over the keys of property, and the rest will be taken care of by them on your behalf. They maintain constant communication and everything between you and the tenant.
Below listed are the basic services offered by most property management companies.
– Regular Maintenance of the Property: Let’s say that your property is vacant and has no tenants, it will be covered in dust and will require a bit of care. That is when a company sends their professional with years of experience for regular visits to make sure that the property is in perfect shape and is not hitting the rock bottom. In case the property is on rent to a tenant, the company will ensure that the tenant is not creating any fuss and are following the terms of the agreement.
– Find verified tenant: Being abroad and away from your property can make it difficult for you to find tenants that are not mischievous. They are professionals and can help you find good tenants after conducting proper verification. This is done to ensure that they are not into any illegal activities or that they create no trouble later. They rent your property only after ensuring that the potential tenants have a clean record.
Well, amid all travel restrictions and considering that traveling back and forth to your property can be challenging. Get in touch with Connecting NRIs as we are one of the best Property management companies in India. What’s stopping you, then? Contact us!
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