Ten Tips for Landlords
Ten Tips for Landlords
Here are a few tips that landlords or property managers need to be aware of before renting out their property to a tenant.
1. Screen tenants
One of the most important things you can do before renting out your property is to screen the applicant. Don’t rent to anyone before checking for reference, credit history, and background don’t be afraid to get in-depth with the questions, remember this is your property that you are renting out and you want to make sure it’s in good hands.
2.Handle security deposits properly
Right off the start establish a fair system with your tenants on how you will be collecting, holding, and returning the security deposits. Make sure to inspect and documents the condition of the rental unit before the tenant moves in, to avoid any dispute of the security deposits when the tenant moves out. Always make sure that the tenant understands all the conditions in order to obtain the security deposit.
3.Get it in writing
Make sure you use a written lease or month-to-month agreement in writing no matter what kind of relationship you have with that person. Some of the things you should include in your written documents are when and how you handle tenant complaints and repair problems, when the rent will due and if there will be late penalties.
4. Provide secure premises
Don’t let your property or tenant become an easy target for a criminal offense. Keep your property’s security up to date and take responsible steps in protecting it. Most often the best practices to keep your tenant and property safe are fairly simple, just have some proper lighting and trim the landscape, which are not that expensive and can greatly increase your security from criminals.
5. Make repairs
One of the main issues that some tenant and landlords has is staying on top of maintenance and repair when needed or when requested. Make sure you don’t let this happen to you always stay on top of maintenance and repair, if the property is not keep up to date or in good condition the tenant may gain the right to withhold rent. There are other issues that may occur due to lack of maintenance for example a lawsuit due to injuries caused by defective conditions.
6. Provide notice before entering
An important thing to keep in mind, is respect your tenants right. You should notify your tenant before entering the rental unit, and provide as much notice as possible, preferable at least 24 hours.
7. Oversee managers
If you have chosen to hire a manager to oversee your rental unit make sure you have done a full background check on the individual. Make sure to supervise your property manger, because if they were to commit a criminal offense or are incompetent, you may be held financially responsible and not the property manager, do an in-depth background check and list out all the manager’s specific duties to help prevent any kind of problem.
8. Disclose environmental hazards
If there are any kind of hazards such as mold or lead on the property, tell your tenants immediately. More landlords are being held responsible for the tenant’s health due to these toxic environmental exposures. To avoid these kinds of action make sure to upkeep your property, but if this case does occur make sure you inform your tenants right away.
9. Resolve disputes
Always try to work out any kind of disputes with the tenant without involving a lawyer if possible. If you have a dispute with the tenant over deposits, rent, repairs, your access to the building, noise complaints, or any other issue that doesn’t constitute for an immediately warrant eviction, try meeting with your tenant to see if you may resolve the problem together rather than hiring a third party.
10. Obtain insurance
Be sure to purchase enough liability and property insurance, in case any unforeseen accidents were to occur. A well design insurance plan can protect you from lawsuits by tenants for discrimination or injuries as well as losses for your rental property such as fire and storms to burglary and vandalism. With the proper insurance plan you can protect yourself from all these kinds of mishap.