Property management is dynamic from one state to the other and changes on regular basis. Getting unified rules, procedures or policies is therefore almost impossible. However, there exist overriding policies and procedures manual and management guides for real estate that cover the basics regardless of the property, landlord or state. These policies are meant to keep you within the boundaries of the law by protecting you from penalties.
Screening tenants is mandatory for legal and personal reasons. It helps you keep away unwanted characters and incidences from your property including terrorists or rent defaulters. There are professional agents that will help you with vetting so that your tenants are safe and of high quality. Screening is not a license to discriminate since it will land you in trouble with the law.
Write all agreements entered into with your managers and tenants. It is challenging to defend a verbal agreement entered especially because there is no evidence to proof. Some of the items that must be entered in a formal contract include amount to be paid as security deposit and rent, how rent will be paid, when it can be increased, the percentages and penalties that a person will incur for late payment, etc. By engaging a professional legal drafter, your contract will be admissible in court in case a dispute arises.
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.
Be cautious with the security deposit you ask and get from tenants. Indicate clearly about existence of a deposit and how it can be retrieved, used or handled in different circumstances. Set the deposit at a reasonable amount, hold it in liquid form and be ready to return it whenever the tenant wants it back, albeit through the guidance of the contract. This helps you avoid disputes with tenants when it is time to leave your property.
The landlord has an obligation to keep the premise secure. Most tenants will sue you if theft occurs within the properties. It is worse if such provisions as a CCTV camera are not available to assist in investigations. The perimeter fence also needs to be in place to guarantee security alongside properly manned entry and exit points.
Be wary of hazards that tenants will be exposed to within your premises. The most common environmental hazards include lead poisoning and mold. They should be notified of the existence of such so that necessary precautions are taken. The law is usually very tough whenever such disclosure is not made. You will have to pay hefty fines for failing to disclose them and thus harming the health of tenants.
You retain the overall responsibility of the property despite managers taking control of daily oversight. Sign a detailed contract and supervise its execution. In case a problem arises, the responsible persons will be easier to identify and ensure that they take responsibility.
Screening tenants is mandatory for legal and personal reasons. It helps you keep away unwanted characters and incidences from your property including terrorists or rent defaulters. There are professional agents that will help you with vetting so that your tenants are safe and of high quality. Screening is not a license to discriminate since it will land you in trouble with the law.
Write all agreements entered into with your managers and tenants. It is challenging to defend a verbal agreement entered especially because there is no evidence to proof. Some of the items that must be entered in a formal contract include amount to be paid as security deposit and rent, how rent will be paid, when it can be increased, the percentages and penalties that a person will incur for late payment, etc. By engaging a professional legal drafter, your contract will be admissible in court in case a dispute arises.
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.
Be cautious with the security deposit you ask and get from tenants. Indicate clearly about existence of a deposit and how it can be retrieved, used or handled in different circumstances. Set the deposit at a reasonable amount, hold it in liquid form and be ready to return it whenever the tenant wants it back, albeit through the guidance of the contract. This helps you avoid disputes with tenants when it is time to leave your property.
The landlord has an obligation to keep the premise secure. Most tenants will sue you if theft occurs within the properties. It is worse if such provisions as a CCTV camera are not available to assist in investigations. The perimeter fence also needs to be in place to guarantee security alongside properly manned entry and exit points.
Be wary of hazards that tenants will be exposed to within your premises. The most common environmental hazards include lead poisoning and mold. They should be notified of the existence of such so that necessary precautions are taken. The law is usually very tough whenever such disclosure is not made. You will have to pay hefty fines for failing to disclose them and thus harming the health of tenants.
You retain the overall responsibility of the property despite managers taking control of daily oversight. Sign a detailed contract and supervise its execution. In case a problem arises, the responsible persons will be easier to identify and ensure that they take responsibility.
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