Being a Landlord can be an enjoyable way to make money, but it can also easily become a complicated legal hassle. Here are some easy tips for Landlords to follow that will help strengthen your relationship with tenants, prevent disputes, and help you to be well prepared for any issues that do arise.
Always Screen Your Tenants: In order to avoid problems and to be more confident in the reliability of the tenants you choose, it is important to check their history and credibility. It is important to always call references, look into their background, check credit history, and get ID to be sure they are providing you with the correct information. If you fail to do this you could miss some important information that would have influenced your decision to rent to the tenant. Use their rental application to screen them well and be sure to include any questions that will be relevant to your decision such as information on their rental history. Lastly, be creative. Use Facebook or Google as tools to learn about an applicant. You can learn a lot about them from these sources and a few minutes on the Internet could save you a lot of hassle in the future.
Always have proof: Having everything in writing and being specific about the details on the lease are both very important. It your agreement is in writing and signed there is no disputing it. The lease should include any topics or issues that may come up throughout the time of the lease such as dictating responsibilities, the term of the agreement, the amount of rent and dates it is due as well as the process for handling late payment or bounced checks. Having the specifics in writing will provide you with proof that tenants agreed to the terms and provide you with a way to settle any disputes that may arise. If you send a notice it is important to have proof that it was sent so if the tenant later claims they did not receive the notice, you can prove it was sent. A good way to do this is to use certified mail so you have a copy for yourself as well.
Keep up with maintenance and repairs: It is important to fix any necessary repairs that come up during the lease and to be timely and precise about any repairs. This is important for a number of reasons, it will help you to keep good tenants around as well as keep your property up to date and ready for the next tenant with minimal maintenance. This will also prevent injuries and possible legal issues in the future. If your tenant requests a repair that you neglect and is later injured because of your neglect, this could result in difficult legal issues. It is important to remember that you are the owner of the property and responsible for its upkeep.
Provide notice before entering: Many tenants are specific about their right to privacy.
You may own the property but they are paying you for the rights to reside in it – making it “their home.” When you notify your tenants that you plan to enter the apartment try to provide at least 24 hours of notice and to arrange your visit around their schedule. Many tenants do not feel comfortable with the Landlord entering the apartment while they are out so be sure to check with them before just dropping in.
Obtain insurance:
It is important to purchase property insurance in order to minimize your liability. A good insurance plan could save you a lot of time and money in the future. It can protect you from lawsuits as well as accidents such as fires or burglary. There are many different packages and you can speak with an insurance agent to find the one that is best for you.
