Tips for Owners of Commercial Property
As landlords and owners of commercial property, the tips below will help you in discharging your duties effectively and ways you ensures good landlord to tenants relationship.
Acquaintance with law related to relationship between landlord and tenant
Landlords should make sure they acquaint themselves with the landlord tenant law in their respective state. They should understand and follow the law for them to have a good relationship with their tenants. This law can be found in the state real estate commission office and online as we emphasize it to all our clients here. This particular law caters for challenges relating to eviction procedures, security deposit, notice and maintenance. Landlord and owners of commercial property should also acquaint themselves with their federal and state fair housing regulation for landlords. This will not make the tenant accuse them of discrimination on the grounds of national origin, status, sex, color, religion, race and disability. Also, landlords should be aware of the requirement imposed on them by the law before letting out any of their land property.
Thorough screening of tenants
It is not a mandatory for landlords not to accept the first tenant that comes their way. Set time frame for the submission of application by prospective tenant to enable landlords determines the write tenant to accept. The scoring method by the landlord must be subject to objectivism to determine who the best candidate is. Also, the records of screening should be maintained for future use. Landlords must also seek for professionals that we help in screening the tenant for purpose of accepting the right ones. It is important to screen tenants so as to know the kind of people you are accepting into your house.
Be Good to Your tenants
Landlords should know that keeping good tenants will surely help to minimize problems. Landlords should make sure they preform regular maintenance and to also keep their properties in good and healthy conditions. Prompt response to tenants concern and complaint in a fair and timely manner is also important. When tenants cause problems, landlords have to bring the tenants into remembrance of the legal sanctions of their acts. Inform the tenants about the late payment for their rents and remind them in accordance with the written eviction notice made by state law.
Sensibility about Property Improvement
Landlords and commercial owners of properties should make adequate provisions for keeping of properties bright, clean, light, and comfortable and in a healthy condition. Land owners must also make sure they maintain their properties in a standard that they would expect of their family.
Employment of an Accountant and Proper Documentation of Deposits
Commercial property owners should as a matter of importance consider recruiting an accountant that would responsible for collection of real estate taxes, insurance, common area fees and rents. This will help the money to be kept out of the jurisdiction of the property owner which will give the owner peace of mind. It may also as a matter of fact reduce the fees for property management. Also, there must be proper documentation of rents paid by the renter to avoid misunderstanding between the tenant and the landlord. This must include when the time the tenant made the payment and the amount paid at that particular time.
Proper Form of Landlord-Tenant Agreement
There must be a proper documentation of the agreement between the landlord and the tenant. The form must contain the obligation of the tenant. This will enable the tenant know the rules and regulations that will guide him/her during his/her stay. The landlord should ensure that all tenants sign the agreement before moving in. Also, the agreement must be in line with the current legislation. The landlord must also include a rent review clause in the agreement which will enable the landlord review its stance at the expiration of the current agreement.
Now that you have been exposed to the tips that will ensure a good relationship between landlords and tenants, it will make you the best landlord tenants would be proud of.
