Advertising Your Flat

You can advertise your available flat through Web sites like 99acres, magicbricks, craigslist, and mymakaan. These sites are used both by people who want to give their flat on rent and those who want to live on rent.

You could also contact brokers in your area. But make sure not to contact more than one broker because they have their own network. If you contact two brokers from different networks, they might not want to share the brokerage.

If you involve a broker, you will have to give him a key to the flat so that he can bring parties to see it. If the broker engages a party, his fees are usually one month's rent.

Choosing the Right Party

You may have heard that giving your flat on rent to a company is better than giving it to an individual because you can be sure that the company will not take it over. However, nowadays that rarely happens because there is a formal agreement signed by both parties making the process very safe.

Remember when you sign a contract for a certain amount with a company, your rent reduces to the extent of the TDS (tax deducted at source). So while signing an agreement with a company make sure that you charge an amount that will give the in-hand rent amount that you need.

Once you zero in on a prospective tenant, you need to ask them a couple of important questions. For example, find out where they are from, which company they work for etc.

This will give you an idea about the kind of people they are and whether they will be able to make payments on time etc.

It is best to rent out your flat to a family or a married couple rather than a group of young girls or boys. This is to make sure they does not cause a nuisance to the society and jeopardise the arrangement in any way.