Managing a property is a challenging task, especially if you are a new landlord.
From handling a dispute with a tenant, dealing with the lawsuit and late rent payments, a landlord is likely to be troubled by many things.
In this profession, it is always better to prevent the issues before they occur. How?
All you need to go through the points listed below:
- Screen Tenants:
What will you do if a tenant stops paying rent? Or he takes a stay against eviction. Many landlords complain that their property is destroyed by keeping bad tenant. You don’t want to go through such troubles created by your bad tenant. Therefore, screening your prospective tenant is an important step you can’t afford to skip. Check his credit history, references and background before letting him in.
(READ HERE THE REAL LIFE STORIES OF TENATS HARRASING LANDLORDS)
- Agreement Should Be in Writing:
Make sure to use a written lease or monthly rental agreement to state the terms and conditions for a tenant to use your property. For example, you can include when and how a tenant will give a rent and what action will be taken if he fails to give rent.
Remember, it is a legal document between you and the tenant that will help you in case of rental disputes or other issues with a renter.
- Inspect Your Property Very Often:
There are many reasons you should inspect your property regularly:
- To see how your tenants have maintained it. You can charge from them in a case of damages to wall, windows or other contents.
- To check if they are indulging in any illegal activity.
- To make repair and ensuring safety to avoid legal troubles if your tenant sustain injury due to the faulty parts of the property.
- Notify Tenant before Entering the Rental Unit:
Learn about your state’s guidelines on tenant’s right to privacy. Most states permit a landlord to enter the rental property only to make repairs, inspect the property, show the property to potential tenants, or in emergency. In all cases, expect during an emergency, a landlord is required to give a written or verbal notice to the tenants to enter the rental unit 24 hours prior the entry. However, a notice is not required when you have to alert them during emergency like gas or water leak.
- Abide By the Law of Your State:
Being a landlord, you should be aware of the laws of your state regarding the rights for the tenants and the owner as well. It will help you avoid the situations where you find yourself in violation of the law accidently. Besides, you will be able to resolve any issues that arise.
With the help of such steps, you can manage your property by warding off troubles with the renters and legal issues occurring from them.