Frequently Asked Questions for Owners

Property Management

1. What services are included in property management?

  • New tenant acquisition.
  • Screening of tenant and sharing of report with owner.
  • Execution of lease/leave and license agreement with tenant.
  • Collection of rent and deposit from tenant.
  • Inspection of property whenever required or on owner's demand.
  • Handling of tenant complaints and repair requests.
  • Processing tenant termination and security deposit refunds.
  • Carrying out repairs and renovation on tenant change to prepare the property for a new tenant (at the outgoing tenant's cost).

2. Who does the repairs and who pays for them?

  • Rental Spaces can provide assistance in getting repairs done, through trained supervisors and a list of select vendors. However, owners and tenants are not obligated to use Rental Spaces assistance to carry out repairs.
  • When the property is being handed over to Rental Spaces for the first time, the cost of repairs is borne by the owner.
  • The cost of ongoing repair is borne either by the owner or the tenant, depending on the nature of the repair and its cause.
  • The cost of ongoing repair is borne either by the owner or the tenant, depending on the nature of the repair and its cause.
  • On tenant termination, if repairs and renovation are required in the house due to damage, etc. caused by the tenant, they will be paid for by the outgoing tenant.

3. Do I need to have any amenities to tie up with Rental Spaces?

No, it’s not necessary to have any amenities at your property but based on our experience and customer research, we have developed a list of typical tenant expectations from a rented property. Meeting these basic requirements results in quick rent out of the apartment, these are:

  • Ample lighting everywhere in the house, including bathrooms, balconies, utility area.
  • Fans in all rooms, including living and dining area, study room and servant's room.
  • A minimum of one 2-door wardrobe in each bedroom.
  • Kitchen should be furnished with cabinets below the slab; a sink; a water tap and an exhaust via chimney, exhaust fan or window.
  • Each bathroom should have a hot water connection (with geyser), wash basin, mirror, towel and cloth hangers, western style commode, health faucet, shower, soap dish and exhaust fan.
  • A doorbell is also mandatory for the house.
  • The property should be cleaned with all the fittings in good working condition.

4. Who will be the single point of contact after i rent out my apartment to Rental Spaces?

We will assign a Relationship Manager for your property or you can reach our support team on support@RentalSpaces.in

Security Deposit and Rent Payment

1. Who pay the security deposit?

Rental Spaces will pay you the security deposit. You can keep the security deposit for as long as you have a contract with us.

2. What is the mode of Security Deposit payment?

Rental Spaces will pay the Security Deposit to you either by cheque or online transfer.

3. Do I have to return the security deposit every time a tenant vacates the apartment?

No, you do not have to return the security deposit every time a tenant vacates your property. As long as you have a contract with Rental Spaces, we will take care of tenant deposits and refunds.

4. Who determines the rental price for my property?

Rental Spaces, using its algorithms will determine the right rental price for your property.

5. How do you arrive at the right rent for the property?

We provide you with the best rent possible using extensive market research through different sources, coupled with our analytical models. The rent also depends on the tenancy type chosen by you, i.e., whether you want to rent your house to singles or to a family, size of the house and number of bedrooms, newness of the house, apartment's amenities; furnishing, if any.

6. Do you negotiate the rent?

No, we do not negotiate the rent with owners or with tenants.

7. When will I start receiving rent from Rental Spaces?

You will start receiving rent from the date a tenant occupies your property, we will process the rent to your bank account as per the date agreed in the agreement.

8. Will you deduct TDS from my rent?

If you are transacting in a domestic resident bank account, we will not deduct any TDS. If, however, you are an NRI operating in an NRO account, TDS will be applicable as per government rules. As per the current rule, 30% of rent should be deducted and paid to the income tax department against owner's PAN number for NRIs operating in NRO account.

9. Can Rental Spaces withhold rent payments?

Rental Spaces doesn't withhold owner's rent. Rental Spaces can however, make deductions post owner's consent for repair bills or any payments to be made on behalf of the owner.

10. What deductions or adjustments are made in monthly rent?

In general, we don't make any adjustments apart from:

  • Our service fee, which is accepted by the owner in the agreement, and
  • Repair bills which are approved by the owner.
  • On request, we can make payments on the owner's behalf and deduct them from the monthly rent.

11. What happens if a tenant doesn't pay the rent?

Rental Spaces will follow up with the tenant for up to a reasonable time. If the rent is still not paid, Rental Spaces will serve the tenant with a notice to vacate the property. The owner will continue to receive rent without delays till the end of tenant's notice period.

Agreement

1. What agreements do I need to sign?

The owner signs a rental power of attorney. This authorizes Rental Spaces to sign a rental agreement or a leave and license agreement with tenants on the owner's behalf. We also sign a property management agreement, which cover all necessary terms including rent guarantee.

2. What agreements do you sign with the tenant?

Rental Spaces with the owner's power of attorney, signs a leave and license agreement with tenants.

Tenant Relations

1. Will I be able to inspect my property while it is occupied?

Yes, you can inspect your property while it is occupied. Give us 24-hours’ notice and we will check tenant availability and organize the inspection.

2. What happens if tenants create a nuisance in my property?

We check the validity of complaints raised and issue a warning to tenants, for the first complaint. For repeated offences, we can ask tenants to vacate with short notice.

3. Will I get the tenant's details?

Yes, you will get the tenant's details. Rental Spaces screens tenants and their documents, and shares the report with owners. Rental Spaces will decide whether or not to rent out to a particular tenant after the Rental Spaces screening process is complete.

4. Will I be able to communicate with the tenant?

Yes, you can. However, we prefer that you communicate with Rental Spaces and allow Rental Spaces to manage the relationship with tenant.

5. Who will refund the security deposit to outgoing tenants?

Rental Spaces will refund the security deposit to outgoing tenants.

6. If you rent to a group of bachelors, what will you do if 1 or 2 members leave?

In such a scenario, tenants need to inform Rental Spaces about the change. Rental Spaces will get the agreement updated and signed again, for documentation purposes.

Property Usage

1. How will you ensure that the property is not damaged by tenants?

We make tenants understand the importance of managing the property by agreement and instruction. We conduct periodic and on-demand inspections to ensure that the property is well-maintained.

Despite that, if tenants cause property damage, they need to bear the cost of repairs.

2. How does Rental Spaces ensure that the apartment is maintained well?

We have a specialized team of professionals who deal with repair requirements.

3. What happens if a legal issue arises, in relation to the tenant?

Rental Spaces tenant screening ensures that such situations do not arise.

However, in an extremely rare scenario, if this occurs, Rental Spaces will assist the owner in legal proceedings, help in recovering rentals and support tenant eviction, at the owner's cost. Rental Spaces will not assume any liability of the legal proceedings and/or any consequential losses to the owner including rentals.