Management of properties is a highly dynamic environment that also changes from one state to the other. It is therefore almost impossible to get a uniform guide, policy or procedure for all properties. However there are tips, Policies and Procedures Manual and Management Guides for Real Estate that can be applied across board to avoid problems with tenants and the law. This will also help you safeguard your investment.
Tenant screening is a requirement by the state and will also be for your own good. You do not want an explosion ripping off your floor or a tenant who cannot pay perpetually. Engage professional agents to check the background and ensure that you allow only high quality tenants. However, never discriminate because the law will be on the side of the tenant.
Ensure that all agreements with managers and tenants are in writing. Verbal agreements will not stand the legal test and can be challenged since evidence does not exist. For instance, you should agree on the rent to be paid, when it is to be paid, mode of payment, rates and intervals of increase, penalties, etc. The contract should be scrutinized by a legal expert to ascertain that it is within the threshold required by law.
Regular inspection and repair is paramount. Should tenants sustain injuries and the blame fall on your negligence, you will have to incur huge penalties. You are permitted to inspect the premise on regular basis especially for maintenance purposes and to identify illegal activities that may be taking within your premise. You should act as fast as possible whenever a tenant raises an issue with your property. This will save you a lot of trouble in future if a mishap occurs.
The security deposit from tenants should be handled with care. The contract should capture the deposit comprehensively including how it should be handled and refunded depending on circumstances. Have a clear mechanism of setting the deposit and have it available to a tenant whenever he or she is required to move out. Be guided by the contract to avoid conflicts and unnecessary lawsuits.
The security of rented premises lies in your hands. Tenants sue landlords and managers whenever they lose items within rented premises. Ensure that the perimeter fence is intact, entry and exits are covered and CCTV cameras are there to aid in recovery. Such measures will keep you off trouble.
Are there environmental hazards that tenants within your premises are exposed to? It is time to disclose them and even rectify them. Failure to take such action puts you at a collision path with tenants and the law. Tenants will sue you for health complications that can be linked to your property. They could be related to lead or mold, among other hazards. The law is very harsh in such cases.
Though the property is under managers, you need to oversee it. This ensures that the managers take proper steps to keep it in pristine shape. The contract with managers should stipulate their responsibilities and obligations. It will be easier to identify the culprit or responsible person whenever a problem arises.
Tenant screening is a requirement by the state and will also be for your own good. You do not want an explosion ripping off your floor or a tenant who cannot pay perpetually. Engage professional agents to check the background and ensure that you allow only high quality tenants. However, never discriminate because the law will be on the side of the tenant.
Ensure that all agreements with managers and tenants are in writing. Verbal agreements will not stand the legal test and can be challenged since evidence does not exist. For instance, you should agree on the rent to be paid, when it is to be paid, mode of payment, rates and intervals of increase, penalties, etc. The contract should be scrutinized by a legal expert to ascertain that it is within the threshold required by law.
Regular inspection and repair is paramount. Should tenants sustain injuries and the blame fall on your negligence, you will have to incur huge penalties. You are permitted to inspect the premise on regular basis especially for maintenance purposes and to identify illegal activities that may be taking within your premise. You should act as fast as possible whenever a tenant raises an issue with your property. This will save you a lot of trouble in future if a mishap occurs.
The security deposit from tenants should be handled with care. The contract should capture the deposit comprehensively including how it should be handled and refunded depending on circumstances. Have a clear mechanism of setting the deposit and have it available to a tenant whenever he or she is required to move out. Be guided by the contract to avoid conflicts and unnecessary lawsuits.
The security of rented premises lies in your hands. Tenants sue landlords and managers whenever they lose items within rented premises. Ensure that the perimeter fence is intact, entry and exits are covered and CCTV cameras are there to aid in recovery. Such measures will keep you off trouble.
Are there environmental hazards that tenants within your premises are exposed to? It is time to disclose them and even rectify them. Failure to take such action puts you at a collision path with tenants and the law. Tenants will sue you for health complications that can be linked to your property. They could be related to lead or mold, among other hazards. The law is very harsh in such cases.
Though the property is under managers, you need to oversee it. This ensures that the managers take proper steps to keep it in pristine shape. The contract with managers should stipulate their responsibilities and obligations. It will be easier to identify the culprit or responsible person whenever a problem arises.
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