Tag Archives: Property

Tenant and Landlord Responsibilities for a Rental Property

Whether you are a tenant or a landlord, it is important that both the tenant and the landlord have a fair understanding of the required responsibilities and rights, to have a peaceful and pleasant renting experience.

Property Dealers in Dwarka involved in renting business offer society flats, apartments and DDA flats for rent in Dwarka. The people who rent these residential properties are called tenants. When a person rent a property, the basic rights and responsibilities of both the tenant and the landlord are spelled out in the lease agreement. To avoid confusion and legal disputes, both the landlord and the tenant must be aware of these responsibilities and rights.

Types of Tenancy Agreement

Indian Tenancy agreement consists of 2 different types of contracts namely The Lease Agreement covered by the Rent Control Laws and the Lease and License Agreement, which is not covered. The first option allows the tenant to get the ownership of property for an undefined period of time. This becomes a big problem when the tenant refuses to vacate and to find a legal solution to this problem may take the court a very long time of 10 or 20 years. The second option however, is more viable as it comes with conditional agreement of ownership for a limited period of time with the option to renew with certain changes in rent and stay. This is the most popular contract which most of the real estate agents in Dwarka choose.

Deciding on Rent

A Lease Agreement is covered by the Rent Control Laws. The landlord can decide on the amount of rent by adhering to a formula devised by the judicial government, local executive or legislative. According to that formula, the maximum annual rent for Delhi is a combination of 10% of the expense of property construction and market price of the land. Both these costs are dependent on the historical values where current market valuation is not taken into account. Therefore, with old properties you can expect smaller rent, whereas new properties can give profitable margins to the landlord. The rent can also be increased marginally by including the cost of renovating a property.

Responsibilities Both Tenant and Landlord Should Share

A responsible tenant should pay off the rent and other rental bills associated, within the mentioned time period in accordance of the agreement. If by any chance, the tenant fails to pay the rent within the mentioned time period, the tenant in Delhi is subjected to pay simple interest at the rate of 15 per cent per annum. The rate of interest should be calculated from the due date of the rent to the period it was paid off.

Similarly, there are also some responsibilities the landlord should share. The Property Dealers in Dwarka, New Delhi should provide a rent receipt as a proof of the paid rent to the tenant. If a landlord fails to provide a rent receipt, the tenant has the right to complain to the consumer court. In such a scenario, the authority can bring a solution by listening to both the parties whereby compensating the tenant by the landlord. There are certain rules which the tenant should follow like complaining within a period of 2 months from the payment date. The tenant has the right to ask for bank particulars of the landlord to deposit the rent money. Without such availability, the tenant can choose to deposit the same through money order.

If a landlord wants to revise the rent, he/she should notify the tenant beforehand. A formal notice according to the rule listed down in the section 106 of the Transfer of Property Act 1882 should be sent bearing the signature of the landlord.

The Evolution of Property Manager Software

Properties include immovable assets such as buildings, apartments, houses, shopping malls, and theater complexes that can be rented out either for residential or commercial purposes. In the last couple of decades, real estate industry has witnessed growth that was never seen earlier. However, the growth was limited only to properties that were well-maintained and properly managed. Hence, it is clearly evident that property management is extremely important to gain maximum value for your assets.

Property management involves handling issues such as renting out properties, communicating with tenants, rental payments, and aspects related to building maintenance and installation. For an individual or a management firm, managing all these issues on a routine basis can be frustrating and cumbersome. The best way avoiding any such discomfort is to sign up for any online property manager software that enables users manage their property portfolios efficiently, thereby saving ample amount of time, money and energy.

When they were developed initially, first-generation property management software were originally based on DOS platform. One disadvantage of these systems was that users found these systems extremely difficult to use, could be used only for accounting purpose, and were inflexible. Also, the software was not compatible with standard hardware and software components available in the market. Users even had to compromise on data storage as they had limited storage facility. Property investors even found it difficult to import and export data across systems.

As the technology evolved, the software also experienced phenomenal changes. Second-generation property manager software, which was based either on Windows-OS or Linux-OS, came into the market equipped with better features and enhanced capabilities so as to provide better property managing experience to users. These programs were easy to install, convenient to use and promised increased functionality. Also, they allowed customers to customize their applications and arrange data as per their needs and requirements. It was now possible to integrate diverse components and different modules into one system, thereby allowing the software to provide solutions to every major aspect related to property management including accounting, marketing, managing tenants and lease issues, maintenance, financial management, and communication. However, one disadvantage with these systems was that they were expensive. Users had to buy the software from the manufacturer and have them installed in their systems. Many times, users even had to upgrade their systems so as to make them compatible with the software.

With the advent of advanced concepts such as internet and e-commerce, the software has further evolved so as to support these concepts. Now, property management solution providers are developing property manager software based on a special platform called ASP (Application Service Provider) so as to integrate them with the web and can be accessed anywhere anytime in the world. When compared with traditional programs, web-based programs are advantageous in many ways. These are extremely flexible and provide users with unlimited data storage space. These programs are user-friendly, have broad compatibility and are easy to maintain. Since they are web-integrated, users can have access to real-time information, thereby allowing consumers to respond quickly according to market fluctuations and gain maximum profits. In addition to these benefits, web-based programs are extremely cost-effective and allow users have complete control over their properties.

The entire objective of any software is to integrate technology with the day-to-day processes of life, thereby facilitating users define their tasks and successfully achieve their objectives along with optimal utilization of resources. In this regard, property manager software is an exact fit as it helps property managers plan, organize and handle multiple tasks related to their properties in an efficient and effective manner. At present, there are many types of property manager software available in the market. However, one should employ bit of care while choosing the right one. There are many useful resources available on the internet providing valuable tips on how to choose good property manager software.

Understanding Property Curbs

‘Property curbs’ is nowadays a very frequently heard term in wealth management space. Nations across Asia, such as China, Indonesia, Hong Kong and Singapore have implemented property curbs in the recent years. Property curbs can be defined as property policies set by the governments to curb excessive increase in property prices. Property curbs are also called as property tightening or cooling measures. The policies generally target the residential sector. An excessive increase in home prices can lead to property bubble and make housing unaffordable and out of reach for a wide section of population. When property bubble bursts, it generally has far reaching consequences on the economy. This is because the linkages between banking sector and property sector are usually strong, in the form of mortgage lending to home buyers and project lending or construction loans to developers.

Property tightening measures can be demand side measures or supply side measures. Demand side measures are targeted at decreasing speculative/investment demand, in order to soften the prices. Some of the measures include i) decreasing the availability of funding, ii) increasing the cost of loans, iii) increasing the down payment on loans, iv) rising taxes such as property tax or capital gains tax, and iv) tightening eligibility criteria for home purchase. Funding availability can be tightened by not providing loans/mortgages for second or third home purchases. Further, even if loans are sanctioned, the initial down payment can be higher and interest rates can be higher. For example, the minimum down payment on first home mortgage is 30% in China, while that on second home mortgage is 60% (70% in tier-1 cities such as Beijing). Capital gain tax hike impacts second-hand/secondary home market and controls speculative demand. An extreme form of curbs is to prevent a whole section of population from purchasing property. Non-locals (within a particular city or country) may be barred from buying property. Hong Kong in October 2012 levied a 15% tax on property purchases made by foreigners. Supply side measures aim to increase the supply of homes in order to control price gains. Some of these measures are i) increasing land supply/availability for property development, ii) government developing affordable homes for lower income population, and iii) imposing hefty fine/penalty on land hoarding (keeping land idle for long time).

Whether property curbs are effective is the question. China introduced property curbs in 2010 and has been able to avoid a property market crash till now. Hong Kong implemented curbs in 2012, while Singapore and Indonesia imposed them in 2013. When price rise is due to shortage of land and housing, like in the case of Hong Kong, demand side policies may not be effective, unless they are stricter policies such as banning certain population from purchasing home. Compared to demand side measures, supply side measures take longer time to have any impact on the property markets. Property acts as an investment or storage of wealth, when household savings rate is high, deposit rates are low and there is a lack of investment channels. In such a scenario, measures tightening the mortgage market may not have a significant impact, as home buyers fund purchases out of their savings and do not depend on mortgages. Other measures such as allowing alternative investment options may divert investment away from property and contain investment demand.

Real estate asset class provides investment opportunities to investors. However, investors should consult financial advisors in order to better understand the regulatory environment in different markets, assess the various risks associated with them and invest accordingly.

Internet Marketing Your Investment Property

So you’ve made the decision to make additional income by flipping or wholesaling investment real estate, and you’ve acquired the property following a profit formula. What is your plan to market the property to find a buyer?

The percentage of homes purchased by people looking online can’t be ignored. From the National Association of REALTORS (NAR): according to the latest NAR Profile of Home Buyers and Sellers 2009, 90 percent of buyers used the internet as an information source in their home search. With figures like this, doesn’t it make sense to have a planned internet marketing strategy?

Real Estate Related Websites

One of the best sources to find buyers for retail home owners and investment buyers is Craigslist. With a reported 59 million visitors in May 2010, Craigslist (CL) is a great site to promote your property and drive traffic to your business – and it’s free.

Using CL is one of the simplest ways to start an online marketing campaign. I’ve received most inquires and built our buyers list from CL ads over the years.

After you’ve posted your property on CL, post the same property on other online real estate related websites. They are mostly free, requiring you to only fill out an online form for your information. The great thing about some of these other websites is that they automatically post your property on other real estate or “for sale” websites.

Some of my favorite sites are Postlets.com, Houspads.com, Loopnet.com, MyHouseDeals.com and Sellpoint.com.

Video Marketing

Make a video of your property. Video marketing is one of the most popular ways to get your property seen by retail buyers and investors. A good video only has to be about two minutes long. The most important part, if it’s an investment property, is to show how the financial numbers look, the investor’s monthly cash flow. Also, in your videos, remember to always give your viewers a “call to action” at the end, by going to a website, filling out a form, etc.

Start your own YouTube page – also free, and start posting your videos there. YouTube will give you a place to where you can send people to see the properties in your ads.

Article Marketing Site or Blog Site

Have a blog site or article website where you can post articles on various subjects in real estate and draw buyers/investors to you. If you have a blog site already, update your articles on a consistent basis. It can be once a week, once every two weeks, but as long as you’re adding new material, real estate buyers searching for information will find you.

If you don’t have a blog site, sign up for a free account on Squidoo.com. Squidoo allows the user to create a “lens” of a particular subject. Make a lens of your property using the wording from you CL ad and you can also embed the video that you have on YouTube for readers to watch your video all on one site.

Social Media

Hopefully by now you have a Facebook account. Yes, you can use FB to keep in touch with friends and relatives, but you can also build it to use FB as a way to promote your real estate properties. I’ve written an article on how to start using Facebook as a marketing tool. Check it out: “Facebook Internet Marketing for Newbies”.

With consistent promotion and updating, potential buyers/investors will funnel down to your website or final property page from these various sources.

There are other aspects to internet marketing, such as SEO and keyword use that will be covered in other articles or you can research the importance of their uses yourself.

But also remember, that face-to-face networking, is marketing that should always continue and not be forgotten in this internet marketing world.

Learn Internet Marketing

10 Property Management Tips

Are you looking for some useful property management tips? If so, you may want to read the following 10 tips from experts in the field. With these tips, managing property will be a lot easier for you. Read on.

Provide Important Information

Make sure your customers and clients have access to the information about the properties. If you really want to get the listing, you should be able to share all the relevant information in an efficient manner.

Be Punctual

You should be committed as far as making arrangements for a meeting or appointment is concerned. Try your best to get to the meeting point at least a few minutes earlier. This is a good way of leaving great impression on your clients.

Presentation

You should be well dressed when seeing your clients. This will encourage your clients to treat you well. Moreover, your dress code will tell a lot about you.

Honesty

You should be honest while providing reports and statistics about your properties. Providing misleading or false information to clients is the best method to destroy your business. What you need to do is find a strategy to deal with the situation and get a solution instead of providing false information.

Marketing

You should market your property in an effective way. The vender may have unrealistically high hopes, but you should be realistic and shouldn’t agree to the price offers without taking the time to think about everything. After all, you don’t want your property to sit vacant for months just because the price tag was too high.

Advertising

Advertising your property is of great importance. Make sure the advertisement is available at the right time. Therefore, you should be ready with a draft on time. Aside from this, it’s better that you get approval from the vender prior to uploading the advertisement on your site.

Photography

Make sure you take some professional photos of the properties and upload them on your site. Ideally, it’s a good idea to take at least 4 pictures of each property. The pictures should be taken from different angles. Putting a few videos along with photos is also a great idea.

Stay in Touch

You should send updates and reports to the property owners on a regular basis. As a matter of fact, maintaining great relationship with your clients pays. Losing a client is easier than gaining a new one. Therefore, you should stay touch with your clients.

Database

You should know your database. Your prospective clients should receive the same level of respect as do your existing clients. Therefore, it’s a good idea to take a look at your list of clients from time to time.

Background checks

Make sure you do background checks on your tenants. What you need to do is do rigorous background checks on the personal information, tenancy history and employment history of your tenants. This is a great way of making sure you are on the safe side.

In short, you should follow these tips if you want to do your property management in the right way.

Real Estate – Selling – The Long List of What to Include in Internet Marketing For Your Property

If you are selling real estate in any form then you need to know about internet marketing. Do not spend your time with marketing methods from the past. Do not deal with Realtors who are stuck using old marketing methods.

The marketing methods for today and tomorrow are on the internet. You need a web marketing strategy for any type of property you are trying to sell. If your Realtor doesn’t have one for your specific property, then you must get someone else to do it for you, or get a different Realtor.

Often I am asked what is included in when we do customized Total Web Marketing Strategies for real estate properties for sale.

Below is a sample list of the types of things we recommend you do for properties after creating a custom website apart from Realtor or FSBO websites.

Sample Custom Internet Marketing Plan

– Website Marketing

– Onpage Optimizing with Keywords

– Search Engine Optimization

– Search Engine Submissions (Over 200 search engines)

– Authority Sites Back Link Development

– Email Marketing Campaigns to Targeted Buyer Groups

– Automatic Followup System – Setup & Maintenance

– Custom Flyer Creation & Distribution

– Buyer Contact List Building

– Video Marketing of Your Property (20 online video sharing sites)

– Audio Marketing of Your Property (30 online audio sharing sites)

– Press Release Distributions

– Google Local Search Engines Setup & Optimization

– Creation and Promotion of a Listing on Google Search and Google Maps

– Local Internet Directory Submissions

– Blog Creation & Blog Postings

– Real Estate Forum Postings

– Social Account Creation

– Social Bookmarking Submissions

– Article Directory Submissions

– RSS Feed Submissions

– Content Management

– Website Content Writing

– Graphic Design

– Property Branding

– Online Promotions

– Pay Per Click Advertising Setup & Maintenance

– Podcast Production & Marketing

– Webpage Sales Copywriting

– Web Traffic Analytics Setup & Analysis to Determine Website Traffic Sources

– Ongoing Monitoring to Determine Most Effective Channels for Marketing Your Property

6 Quick Tips For Writing Effective Property Listings

A lot of potential buyers look to the Internet and magazine and newspaper listings when looking for property. For this reason it is imperative that your property description is as well written and attractive as possible. The last thing you want to do is waste valuable advertising space and money with a boring listing. Here are some tips to make you listings effective in selling a property:

1. Start with a Catchy Subject Line

As with most things you have a limited period to grab a potential buyer’s attention. When writing property listing, the subject line is where you make the first impression and it is essential to make it eye-catching. Don’t use words like “3 bedroom” or “2200 sq. ft.” or the property’s address in the subject line, as this information will be displayed in property features and facts section. Rather use the words like spacious or roomy to describe this feature. The sentence shouldn’t be long, so use your words wisely.

2. Sell The Area In Your Description

The description should rather focus on information regarding location, such as the fact that it is close to the beach, or 20 minutes from the city center, close to schools in the area and other amenities. This will give the potential buyer a better idea of where the property is, what lifestyle it offers and why it is such a good buy. If you don’t have a dedicated area to add features and facts about the property you can use bullet points to highlight the amount of rooms, bathrooms, garages etc.

3. Words to Avoid

A recent study showed that words like “curb appeal”, “move-in condition”, and “landscaping” are better to use than words like “motivated seller”, “good value”, “as-is”, “clean” and “quiet”.

4. Highlight the Positives

Words like “small garden” imply a lack of space, but instead of stressing the negative, rather turn that into something positive like “easy-to-maintain garden”.

5. Use Good Language and Grammar

Show your professionalism by ensure that the language and grammar you use are correct. Let someone proofread you copy and run it through a spell checker before you publish it.

6. Avoid Boring Cliches

Words like “gourmet kitchen”, “luxury bath” “bargain” and “cozy” are very commonly used. To stand out from the crowd you need to be unique in every way.

When you are listing properties, it’s vital that your content are presented in a way that is attractive to potential buyers. Include as much information as possible and remember that all this translates into a higher likelihood of a sale.