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How Do You Manage Your Own House(given For Rent) In India When You Are In Us

Discussion in 'General Discussions - USA & Canada' started by gknew, May 10, 2017.

  1. gknew

    gknew Gold IL'ite

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    Hi all,
    I own a house in India and I came to US last year. I have given my house for rent and the lease is gonna end and I need to renew it with increase of rent. The tenants are good so far and I have told them the increase of rent as 6%. Usually there will be 10 to 12% increase every year as per market standards in Bangalore. But the tenants are not OK for the increase and they want to continue the same rent amount for this year too. They didn't accept 6% increase rent deal. So, they are vacating.
    Now my main query is, how do u all manage ur house there? How do u place new tenants ? Do u all go to brokers to get new tenants and pay brokerage?
    I have few frnds who can take care of rentals if I say them. But I don't wanna disturb them during their work hours or weekend by simply walkin and tour our home for everyone who coming up to see the house(thru online ads). So, I m planning to go for brokers. How to find genuine brokers? I don't have any idea on brokerage amount. Do anyone have such experience. Pls share in your thoughts.
    Sorry for the long post.

    Thanks.
     
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  2. blessings1010

    blessings1010 Gold IL'ite

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    From last few years, I have relied on Sulekha for placing adv. My dad and sis are in the town to show the house to prospective tenants. I generally limit the showings on weekend- with at least 2 days notice. This is also mentioned in the adv. So far it has worked.
    For fresh lease and lease renewals, I have given POA to my dad and sis. We have a real estate lawyer that we have been using for a long time, so she takes care of leases, renewals, payments everything.

    In last 3 years, I have raised the rent only once, as my tenants are very good and I have an assurance of steady rent and good maintenance from them. Having said, that my home loan is almost coming to an end. So I am not really looking for increasing the income from the house rent. Keeping the house vacant is a strict no-no for me. So i choose the trade-off between average rent and continued occupancy.

    I am still not comfortable hiring brokers in India. But if the need arises, I would work with only the pre-authorised brokers suggested by the society in which my house is located. That way, the broker can show the house only when the society manager is around. That way, my dad and sis do not have to waste their energy.

    Hope it helps!
     
  3. ashneys

    ashneys Platinum IL'ite

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    Sites like 99acres, magic rock, sulekha r widely used for property search. U can try those.

    For showing of the properties, brokers r much more comfy as we don't wana disturb any friends or family. Also it limits to weekends or days when they are available only. Were in a broker can show rite away. So d deal also ends faster. Instead of property being vacant.

    I know a good broker we used in d past in B'lore. He even negotiates terms n agreements for both d sides n roams around many times to finish the job and even help out after its signed too. So Pm me it u want his number and check.
     
    Last edited by a moderator: May 18, 2017
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  4. gknew

    gknew Gold IL'ite

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    Thanks a lot for your reply. It really helps me a lot.
    I have my loan and that's the reason for the increase in rent. Its good that you just increased the rent only once in 3 years. Though my tenants are very good, I have to increase just a small percent in my rent. Will check out with my society association and decide abt brokers.
    Thanks.
     
  5. gknew

    gknew Gold IL'ite

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    Thanks a lot for ur reply ashneys.
    I will check with my society association first. Will surely get back to you if I need his number. Will you mind if I ask how much did he charge u for brokerage?
     
  6. blessings1010

    blessings1010 Gold IL'ite

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    Nice. Just make sure if you intend to hire a broker, do make a registered lease agreement with a notary or a real estate lawyer. On the lease, you mention the names of your tenant, broker and also have copies of their ID cards to make a complete lease agreement. Registration is a bit costly but it is totally worth it when you are not around the country to look after your house. Also, it just adds another layer of protection to your house, especially if you are working with the broker for the first time.

    Good luck!

    blessings1010
     
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  7. gknew

    gknew Gold IL'ite

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    Thanks for ur inputs on this. One of the owner (a retired person)in my society association is doing this broker work. Not a legal broker. He just get the key and tour the house whenever ppl comes in. He will mention his number in the ad board displayed in the gate and also online. He will charge some amount(10k-15k). I should get the legal agreement even if I place the tenant thru him.
     
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  8. ashneys

    ashneys Platinum IL'ite

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    He usually charges 15 days to 1 month of the rent amount. Depending on different situations. U can negotiate dat.
     
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  9. gknew

    gknew Gold IL'ite

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    Thanks for the quick reply ashneys...
     

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