Being a landlord is not an easy task; you have to look after your property, expand and manage it and then look for tenants to take it over. If either of these fundamentals is skipped, all your efforts and cash will go down the drain, leaving you regretting empty handed. Rental property project management requires a lot of skill and insight of the concerned area, helping you attract potential clients and generate excellent profits.
Get the right tenant!
The key to successful renting business or even an office space in Business Bay is securing the trust of people who are worth working with. In order to make sure that you don’t end up battling with the parties for clearing payments, find those who appear more promising and responsible. A tenant who is likely to take everything seriously is usually:
- A property owner. If your client hesitates to pay rent on time or refuses to pay it altogether, you can always fire a charge against their personal property. You can even add this clause to your agreement, ensuring that all the conditions of a civilized landlord-tenant relationship are met in the future. Do not, however, trust the other person’s words; it’s wiser to get a paper proof of the property and to check in with the land registry department of the area.
Make yourself clear!
Rental property project management dictates that you should make yourself clear to the tenant. Draft a proper agreement that should include all the conditions you expect your client to meet. Make sure it covers all the essential parts like mortgage, critical duration of rent payment and so forth. It should also include the penalties you expect your client to offer if he breaks the agreement, your right to place a charge against their private house or land, etc. The duration should also be mentioned in explicit terms, that is, the number of years that the client is obliged to live in your house. Make sure the document is legal and is signed by both parties in the presence of witnesses; at least one of them should favorably be a lawyer.
You don’t need to wait for a tenant to show up for your serviced office for rent in Business Bay in order to discuss all the essentials with him, trying to reason with him to see your point and agree to it. Just attract the right type of clients to save yourself from the hassle of useless negotiations. Don’t waste your time with unnecessary people; highlight all your requirements in the advertisements to ensure that only people who are willing to fulfill your conditions show up.