Income from Property is an ideal way for many people to get return on their investment. Renting your Property in Pakistan was an easy way as people didn’t search about their potential tenant and on simple or on a weak reference rent out their house or building to unknown person. This trend is very dangerous and can cause a lot of trouble for you in certain cases.
Pakistan is facing security and law & order issues, War against Terror have already claimed lives of thousands of innocent people and our defense personals. We can’t afford to go with same attitude and trend as every person have to lighten his own lamp to eliminate the terror factor from our society.
As a landlord, your role is very important in war against terror, as properly verifying the your prosperous tenant could avoid any problem for not only, but can also avoid any big incident just like APS Peshawar Attack or any other, as Terrorists planned their devil activities by getting a property in targeted areas.
Moreover as a landlord, a renting a tenant without proper verification could cause you financial los in shape of cash, damage to home, unpaid or unclear rental income and may some other legal action for certain reasons.
Here you can avoid any such loss or damage by giving attention to details and by proper verification.
Here is basic guideline for choosing right tenant for your property(s).
Face to Face Meeting:
Face to Face meeting is very important before renting out your property of any type, try to meet twice in two different phases as it will help you to draw a conclusion about applicant. Hiring a Real Estate Agent could be a solution for you, but the Real Estate Agent should be trusted one with good reputation in region. In case you are out of city or country, you can appoint a person as a liaison who can take care of your property, a well known person in any relation could be good one. You can also fix a Phone Call if you are not available for face to face meeting.
Source of Income of Tenant:
After properly meeting tenant, you need to know about source(s) of income of your tenant, either he/she owns a business or works in any organization. It is important to about that as you can know about potential of applicant that weather he/she can pay you rental payments on time or not.
Verifications of Documents:
You must verify the documents of applicants, it may include verification of National Identity Card, verification of region of applicant, verification of employment or business etc. don’t forget to get a clearance certificate from your regional police station.
Submit Record of Tenant to Police Station:
Punjab Government has made it mandatory for every landlord to submit the record of tenants to nearest police station. This include name of applicant, copy of his/her identity card, agreement copy, details of property, conditions of agreement and any other relevant detail. The new laws bound landlords to submit the credentials of tenant(s) to Police Station else will be penalized and/or sentence to 6 months behind Bars according to laws.