A landlord is an individual, group of people or enterprise who owns real estate property and then leases or rents that asset to a different party as tenant.
Knowing that ‘Land lording’ is not a formal phrase, the intention is to keep the term clear about any person who owns a real estate asset and put it up on rent or lease for potential tenants in the property market.
The leasing party is classified as a tenant or renter. Landlords as well provide maintenance or repair services over the tenancy period while the cleanliness and general maintenance of the property is the responsibility of the tenant themselves.
However, there is a documental contract called tenant agreement that defines activities of both owner and tenant during tenancy session. Same thing goes for a lease agreements as well, where each party’s specific duties and responsibilities are all stated in the form of documental evidence.
Key points at a glance
- An owner of land who rents or otherwise provides tenant ,with housing
- A real estate agent carries out the duties of selling, renting or otherwise supplying the tenants’ accommodation.
- A tenant agreement has to be signed by both tenant and landlord before finalizing the property renting process.
- Outsourcing landlord service means, playing the roles a landlord use to carry out for his/her property on behalf of the real asset owner.
Land lording insights
Land-lording is much more than just investing and renting in a property. Day to day activities of a property ownership counts several peripheral activities. Next to the actual asset purchase comes several activities.
Activities such as maintaining, paying governmental tax and bills for that property, tenant maintenance, complaint handling and so on. These functionalities are carried out at a daily land lording process. Hundreds of processes go through an immobilization closure from tenant search to finalizing contracts.
Everything would certainly go wrong with several cogs at work. The true work starts once you have the home ready for tenant as now you must consider finding a tenant for it. As the scheduled transaction continues, you must keep a close eye on tenant’s correspondence and other regulatory demands.
Principle aspects of land lording
Marketing strategies are available to locate residents, but nothing matters until you meet the needs of the consumer. In property rental business four aspects make the whole difference:
- Property rents
- Property costs and expenses
- Terms and conditions under tenant agreements of the property
- Property location.
In order to undertake the tenant scheme, all these four aspects have to be considered and carefully monitored.
You must now cross-check them, after locating a prospective renter. In land-lording, nothing is more relevant than proper screening. The screening will eliminate most of the problems and potentially give you more money. You want to know their past, where they lived, paid rents, have a history of the harmful property, are on the register of sex offenders, etc.
You have to keep an eye on your turnover as well. This has to be observed as long as you take care of renters while they reside in your property. Customers who believe that landlord have not fulfilled their rental requirements don’t stay long as tenant. Therefore when requests for repairs or similar are received from renters, initiatives must be taken immediately. At the end of the day most rewarding thing in land-lording is property turnover.
Our service summery
In short, we provide multiple functionalities in the sector of land lording service of property chapter in Bangladesh. Functionalities such as public notifications for rent availability to scheduled rent and due noticing and collecting timely Rent and dues. In addition with that, outsourcing land lording role also encompasses maintenance & remodeling facilities, regular bookkeeping & property administration, specific tenant turnover monitoring and management to evacuation and tenant readmitting activities.