Landlord Tips for Managing Properties
Managing rental properties can be daunting if you are a landlord. One of the things that landlords need to do is to supervise the properties and ensure that problems don’t occur. Those who are starting out their career as a landlord might find it challenging to run a property. Thus, this article will give you landlord’s helpful tips for managing properties. As a landlord you may consider selling and if you do, sometimes its easier to find a cash home buyer if you live too far from a property, learn below how this can be an option.
Don’t Discriminate on Potential tenants
The Federal Fair Housing Acts prohibits landlords from discriminating and denying potential tenants because of their race, color, religion, sex, and disability to name a few. Landlords can only base their decision on the credit history, income, and employment history of the prospective tenant.
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Create A Rental Agreement
One of the landlord’s responsibilities is to create a written rental agreement that both you and your tenant will agree. The written agreement depends largely on the type of property that you have. For instance, if you are supervising a residential area, the lease agreement should specify the rental terms that will serve as a guide for the landlord and tenants to have a good relationship with. The agreement should also include the names of the tenants, length of stay of the tenants, amount of security deposit, who is involved in specific repairs, and the amount of monthly rent to name a few. It is also important to include the form of payment accepted, due date of payment and grace period for late fees. You can also try a lease to own option unless you plan on selling to a cash home buyer or other landlords when the time comes to sell.
Make Regular Inspections of The Property
As a landlord, one of your responsibilities is to inspect the rental property especially if there are repairs needed. You have to take note that if a tenant sustains an injury in the property, the landowner has a legal responsibility to pay compensation to the injured tenant. The landlord should not behave recklessly and should not violate safety and health regulations. Part of the inspection is for the landlord to be aware of any criminal activity in and around the rental property to protect the tenants’ safety.
Notify the Tenant Before Entering the Rental Unit
The tenant has the right to privacy. Once the tenant has signed the rental agreement, the landlord is prohibited from entering the rental unit without asking permission from the tenant. Moreover, the landlord can only enter the unit until only for a few specific reasons such as making repairs, inspecting the property, or for emergency reasons. Before entering the rental unit, the landlord also needs to create a written notice addressed to the tenant to enter the premises within 24 hours unless it is an emergency.
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Make the Necessary Repairs in A Prompt Manner
Part of the landlord’s duty is to make the necessary repair to maintain the rental property so that the units are fit for occupancy. This is referred to as the “implied warranty of habitability.” This means that most states require the rental units to have plumbing, heating, electricity, and gas as the common utilities. Failure to violate the utilities is a violation of the law. On the other hand, when the landlord fails to make the necessary repair, the tenant can either withhold the rent, carry out the repair by himself or herself and deduct the cost from the rent, move out, pay the rent then sue the landlord, or inform the local building inspectors. As a landlord, you have a lot of responsibilities in managing your rental property. You have to take note that the success of the rental property does not only depend on the building itself but the efficacy of the landlord. Having a good landlord is the reason why your rental units are full and that you don’t have a vacant property.