Real estate has traditionally been considered a critical investment. For most investors, the rent on their property is a valuable source of passive income with an asset base that will appreciate with time. This rental is even more important when paying off a home loan. Augmenting rental income is not just important for getting the most out of your buck. It can also be instrumental in making sure that you can earn a profit over monthly EMIs or add to your retirement corpus.
ApnaComplex offers a one-stop rental management solution to property owners. With a dedicated Estate Portfolio Manager (EPM), our end-to-end support starts from scouting suitable tenants to handling tenant verification and handling online rent collection. While the platform offers comprehensive support in ensuring maxising returns, as a landlord, you must also go the extra mile in ensuring that the returns on your investment can be maximised.
Maximising Rental Income
Ensuring high rentals depends on various factors, including finding the right tenant. Simply hiking the price does not work. Tenants will pay a high rent only if the property is well maintained and offers them value in terms of high quality fittings or a prime location.
Retrofit for energy-efficiency
The first step is to ensure that your property is energy efficient. It reduces energy usage and promotes sustainability in the long term. More importantly, it can help in attracting tenants who are willing to pay higher rentals in return for lower bills and more conscious energy consumption.
Keeping the property in good condition
You cannot attract a good tenant to a property that is shabby or unkempt. The house must be cleaned and painted during apartment viewing. Damaged floors, appliances, and furnishings should be repaired or replaced. A property in good condition also encourages the tenant to follow suit. They are more likely to take care of your home as their own and see that no damage occurs.
Furnished or semi-furnished?
This is often the dilemma when it comes to augmenting rentals. A furnished home can be more expensive to fit out, but this can be realised through higher security deposits and rents. However, we must also take into account the depreciation over time. Such apartments also often attract short-term renters, such as students, professionals on tenure, or in general, people who want the mobility of moving on without carrying extra baggage.
Many landlords also do not want to invest in fully furnishing their homes. A semi-furnished home with important fittings like wardrobes, is often seen as a better alternative. While the rents are lower, you are likely to attract more long-term renters. The overall asset depreciation will also be lower.
Verify your tenants
What happens if your tenant packs up their home and leaves in the middle of the night? Or if they have made false claims about their income and do not have adequate means to pay the rent. This can impact your own rental income as you are forced to look for a new tenant. Verification is also important to ensure that the tenant does not have any legal or financial liabilities.
If you are not sure about how to carry out this critical function, ApnaComplex includes KYC and tenant verification as part of their rental services. The process involves scanning the renters’ backgrounds for any red flags that may impact their ability to pay on time.
Make it easy for tenants to pay rent
A tenant is more likely to pay their rent on time if it is an easy process. Traveling to the other side of the town to pay a landlord in cash is always going to be more cumbersome than a simple online transfer that can be made anytime and from anywhere. ApnaComplex offers an online rent collection facility where tenants can pay their rents through their preferred payment gateway. To further ensure timely payments, tenants also receive alerts and reminders.
Make it legal and secure
It is always advisable to ensure that tenants are onboarded through a legally-binding rent agreement. This must be followed even if the tenant is a friend, relative, or a highly trusted individual. A legal document protects both you and the renter from any unfair demands and sets clear expectations from both parties. It clarifies their fiduciary responsibilities and important details like the monthly rent and security deposit. Needless to say, it legally binds your tenant to pay on time.
Stay updated with rentals
When you do not live in the same region as your rental property, it can be easy to lose touch with the rental trends. Rent amounts can change at different rates even in the same city. Hence, it’s always advisable to check the average rentals in the vicinity when looking for new tenants or renewing the rent agreement.
With ApnaComplex rental and resale services you can be assured of staying abreast with the latest rental rates. Our dedicated team makes sure that you will get the best possible returns on your property. We also charge a reduced service fee for the users of ApnaComplex. In addition, there is no signup or upfront fee, which further augments the overall gains.
If you want to know more about ApnaComplex one-stop rental management services, call us at 0120 71173344 or write to us at email@example.com