As a land owner, it is very important to collect your rent payments on-time every month. Unfortunately, this is one of the aspect that many property owners have little control over. The only step a landlord can take against the late rent payers is to evict them from their property.
Retaining a good tenant is a very serious business. If you or your property management company does not pay close attention to boosting tenant retention, chances are that you will witness more number of rental turnout that you do not expect. Additionally, you may have to deal with property vacancies for an extended period of time which will result in cutting down on your annual income deeply.
Property managers or landlords have plenty of costs like building maintenance, repairs, updates, and interior and exterior paints to consider before renting out a property. There are wide varieties of products and techniques, available in the market that promises to reduce energy costs of the building.
Although, demonetization of higher currency notes caused a temporary slowdown on the realty market, this government step doesn’t seem to have any major repercussion on the rental market. The commercial/office rental market has continued to grow in the year ending 2016 and is expected to continue this streak in 2017 as well.
Many said that post demonetization scene in Chennai would be heartening for property buyers. Is it actually happening? Are prices falling, so that fence sitters can make best of the opportunity? Yes, the supply and demand scene says so. Prices of real estate, in some segments, are seeing a drop in price making it ideal for first time property buyers to go for their dream home before it’s too late.
Property owners need to keep their tenants happy for the most obvious reason: RENT – longer the tenants stay, more the revenue for the owners. One of the best ways to achieve higher revenue from rentals is by hiring good property management services .
Demonetization and Home Buying
The real-estate market of India so far has largely been financed by black money. With the recent demonetization of 500 and 1000 rupee notes, experts see recalibration in the way property development has been funded. However, some tend to have guarded opinions on the impact of demonetization on stemming black money into realty market.