Security in rental is essential for both landlords and tenants. Ensuring a secure rental involves taking measures to ensure a process without issues and with the least amount of risks possible.
Whether you are a landlord or a tenant, here are some tips to achieve a secure rental in Madrid.
The perfect combination for a secure rental
Rental security is not just about “rental insurance”. It involves combining various techniques to ensure that the process unfolds without incidents or financial losses.
The goal is for the property to be returned in the same condition as received, to prevent defaults, to resolve any issues amicably, and to ensure the return of the deposit without delays.
While “rental insurance” does exist, it’s essential to understand its limitations. Some policies only cover one or two months of non-payment, or until the case reaches the courts (often the second month), leaving both parties vulnerable.
Instead of relying solely on insurance, the best approach is to combine pre-screening techniques and unite trustworthy landlord profiles with qualified tenants.
The importance of a secure rental
Conducting a thorough property inspection before signing the rental contract is a necessary precaution. This ensures that any damage or issue is recorded in the contract, avoiding future disputes.
Consequently, to secure a rental, it’s important to have a clear and comprehensive rental contract that includes information such as the property’s condition, rental payment terms, contract duration, among others.
Rental security for Landlords
For landlords, verifying potential tenants’ backgrounds is crucial. This includes checking credit histories, previous employments, and references, or coming from a reliable source (such as IE Business School or a company’s HR department).
The key to secure rental lies in combining different measures according to the specific situation and finding the balance that protects both the landlord’s and tenant’s interests. This article provides you with a guide to successfully renting out your property.
Rental security for Tenants
On the other hand, tenants should also investigate landlords before signing a rental contract. Online reviews and references can provide insight into the landlord’s reputation and property quality.
Investigating the neighborhood and location is fundamental. Ensure that the area is safe and has the amenities you need, such as shops, restaurants, and public transport. It’s also important to verify the proximity of emergency services, such as hospitals and police stations, and consider the option of tenant insurance for added protection.
When choosing a rental, make sure you understand the terms and conditions of the rental contract.
Taking out renter’s insurance during your stay that covers theft, damage and liability can give you peace of mind. Make sure you read and understand the terms and conditions of the insurance before you take it out, and choose a policy that suits your needs and budget.
Don’t underestimate the importance of having the right insurance policy.
Guarantees for a secure rental
In addition to pre-screening techniques and collaboration with qualified tenants, many landlords request a six-month deposit to secure their rental income.
Others opt for specific “rental insurance” policies that cover defaults and property damages. Some hand over their properties to the Madrid City Council or consider hiring a “Property Manager” as their best option
Companies like DFLAT Madrid ensure rentals by selecting reliable tenants. In this regard, risk control is essential.
DFLAT focuses on finding corporate executives and high-quality profiles, and expands relationships with HR departments. This ensures secure rentals under the format of seasonal contract, providing greater control.
In conclusion, ensuring a secure rental in Madrid involves background checks, signing clear rental contracts, conducting property inspections, and selecting reliable tenants. Both landlords and tenants must take precautions to ensure a successful and hassle-free rental process.
A good property manager’s goal is to provide secure rentals to all parties involved.
