Being a landlord or running a property management business can be difficult at times. Here we provide you with some useful tips which can be helpful for you to run your property management business and live stress less as a landlord.
1: Check Thoroughly!
Always check the credit history, his record whether the person pays rent on time or not, the background of the person and what are his sources of income. Most often the landlords or the companies managing the property business miss out this fact and it results in a lot of hazards. So it is always good to check the background of the tenant. How well he maintains the property, dose he invites undesirable people to move into the property. To do a proper survey about the tenants have a written form which contains different questions and answers to be answered either by the interested tenant or his previous landlord. This will help you get more information about the person you are thinking about letting the property.
2: Keep A Written Record
It is very important to your lease agreement in writing. If it is a month to month contract then it is advised to keep the monthly rental agreements, rent payment receipts and other documents which are considered important. Other important documents can be a record of how you resolved the complaints of the tenants, the repairs you done for the tenant, the notice you have given the tenants to enter the property and other related documents. It is also important to put appropriate terms in the lease agreement. The lease agreement should be drafted wisely! Property management is not a piece of cake, it has to be dealt with properly.
3: Security Deposits
Security issues cause much problem in a landlord and tenant relationship. It is better that the landlord or the property companies inspect the property thoroughly before letting and note the conditions of the property is leased. Doing this let you know what the condition of the property was before letting and after the lease agreement is over and whether to deduct anything from the security deposit for the damage done to the property.
4: Well-Maintained Property
Always let out the property in a well-maintained condition. And if there are any complaints from the tenants regarding any repairs within the property then it should be done immediately to keep the good relationship with the tenants and to avoid losing good tenants. If you will not be quick in responding the tenant’s problem they might delay the payment of rents. Avoid responding the complaints of the tenants with delay because if any harm is caused due to the defective state of the property the tenant can sue the landlord for the injuries.
5: Avoid Complaints
It is wise to keep all the landscape on the property in a good condition and take reasonable steps to make the property secure before letting. By doing so you give the tenant the minimum chance make any criminal complaint against you for negligence.
The tenant has the right to privacy so if you wish to visit the property then it is good to give the tenant a notice for visit at least 24 hours before you wish to visit the property.
7: Make The Tenant Aware Of The Hazards
It is good to disclose all the facts about the property to the tenant. If there is mould or any other defect on the property, the tenant should be informed about it because if any injury is caused to the tenant the landlord can be held liable for his negligence for failing to disclose the possible danger.
8: Select A Good Property Manager
Choose a property management company that is competent, experienced and well aware of its duties. If the manager commits a crime then you can be financially held liable for his mistakes according to law. So check before you hire a manager and make him aware of his duties.
It is good to have a property insurance to avoid any legal claims. The insurance can cover any injuries caused to the tenants on the property or can also cover any claims due to the negligence of the property manager.
If you have any issues with the tenants regarding the late rent payment or any damage done to the property then try resolving the disputes without going to the court yourself or by involving a third party which can be helpful with little or no cost whereas the proceeding in the courts can cost a lot.