When it comes to recurring income and supporting your Pakistani families, then one reliable income source for many foreigners is the rental properties. As soon as you have invested in a home, then don’t just leave home empty when you can make the most from it by putting it on the market for rent. Now the question is how you will manage rental properties in Pakistan while living abroad? Here is what you need to do for this purpose.
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These days, property listing is the most straightforward task which anyone can do. You can make an account on Apna-makaan.com and Zameen.com. Upload pictures or videos of your home. Share your contact details. It’s good to share your WhatsApp number because calling you abroad is a decision that comes with cost. So, let the internet help you drop down this cost. Get connected with your prospects and start getting quotes for your home. Know how to boost up rental worth of your home.
As you are living abroad, you can’t present your home to prospect. It would be best if you had someone who will act as a landlord on your behalf. If you have a confident there, you should ask him to connect with the tenant. However, when you don’t have relatives or family members who can handle this task, then another idea you can use is to find the best real estate agent in Pakistan. This search won’t be hard as tons of Pakistan agencies are enrolled on platforms like Apna-makaan.com and zameen.com. It’s very easy to get their contact details and ask them to work for you.
There are two ways you can try to investigate about the tenants. One way is to ask a real estate agent to investigate. Another way is to do-it-yourself. For this purpose, you need to ask your prospective tenant whether he has some references from his previous landlords. Make sure that you also inquire about his steady income stream. How to Screen Potential Tenants.
Get the contact details of his employer and talk to him. You need to give your home to a person who has regular income else he will give you a tough time, and you won’t be able to get a monthly payment on time. A real estate agent will help you get an idea about the reputation of that person. You also need a police report so that an agent will come handy for you.
The most crucial step in your rental property management is setting the terms. It would be best to tell your tenant what would be acceptable for you and what you won’t accept. When you have a real estate agent, then he can manage the entire contract on your behalf. Also, he can guide you on what you should add in contractual terms. It’s vital to sign an agreement that will prove useful for you in the long term.
You must have two months rents in advance in the form of security. Besides, you will keep count of all fans and bulbs that you are giving alongside your home. Keep pictures that showcase your home condition. In Pakistan, people don’t care about rental properties much. Make sure you give your home to a family who cares a lot about the home cleanliness.
It’s indeed the simplest part of rental property management as you are done with the deal, then now its tenant who will take care of the rent. Decide a date when you need rent. When it comes to collecting the rent, you can rely on various options such as PayPal, online bank transfer (when you have one account in Pakistan, then this option is viable). Even Western union is the right choice, but it would be a costly option for your tenant. Another right choice is to rely on your family members living abroad. Your tenant can give cash directly to a family member. Must Read: how to become a successful real estate agent in Pakistan.
It’s quite simple to manage rental property in Pakistan. You won’t have to do much but to make sure that a reliable person is handling everything on your behalf. Even when someone is not there to assist you, make sure that you are done with a deal and then taking all the payment matters in your hand. It might possible that a tenant gives you a tough time. In that case, when you stay strict with them, then it won’t be hard for you to get on-time delivery of rental payment. If you keep a real estate agent to help you with all this, he would ask for commission. You can’t hire him permanently, as it would cost you money. So, make sure to handle every single thing on your own.