Basic Tips for Success as a Landlord
You are a landlord? Well, you may be asking: “How can I maintain my property in the right way?”. And what is my goal when I already am a landlord?
There are some main tips that are very important because if you own a property, you give your efforts to reach one goal, which is: to maintain it adequately, right? Because being a landlord is not just easily collecting rent checks each and every month, it requires much more work than that.
Beside the fact that you have an income from rent, tax benefits for owning rental property and being your own boss, there are also so many things that you should take care of. For example, you should also manage finances, you have to make sure that your tenants pay rent on time every month, you should handle with the disagreements among your tenants and also respect many laws and regulations that are set up between the owner and the tenant… Here are some tips that can make your role as a landlord being played perfectly easy.
Landlord Tip 1: Don’t You Ever Discriminate Against Potential Tenants!
Discriminatory reasons for rejecting a prospective tenant such as: race or color, disability, national origin, sex, or familial status, are prohibited. The landlord can make a decision for rejecting a tenant only if the factors are: employment history, credit history and income. Also, the reason a prospective tenant was rejected has to be kept as a written documentation by the landlord.
Landlord Tip 2: The Landlord/Tenant Agreement in Writing is Very Important!
The second landlord tip is also one of the most important tips. The rental agreement with the tenant can really affect on your landlord/tenant relationship because if you have it, your tenant will know exactly what requirements are you looking for, otherwise you can leave an impression of an irresponsible and undecided person. The most important data your agreement should contain is: the names of your tenants, the length of their tenancy, the amount of the security deposit, the amount of rent… And you should also make a lease agreement which specify the acceptable payment form, when rent is due, whether returned check fees and late fees apply…
Landlord Tip 3: Inform Your Tenant Before Entering the Rental Area!
The tenant’s right of privacy is very important. If your tenants think that their right of privacy has been violated, it is very possible that they will be looking for another landlord. This is a huge mistake because it can cause you to lose your tenants. The landlord can only enter a rental area for some specific reasons, such as: making repairs, inspecting the property, showing the property to some prospective tenants, or in some case of an emergency. In all of these purposes, except in the course of an emergency, a landlord must notify the tenant with a verbal or written form of the intent to enter the rental unit 24 hours before his entry. In this case your tenant’s right of privacy will be respected and this cannot be the cause of you losing your tenants.
Landlord Tip 4: Inspect Your Rented Property Regularly!
Another very important tip is keeping the safety of your tenants. The point is that the law allows a person to recover compensation when he is injured on a property and the landowner behaved careless or with some intent, didn’t made certain repairs, or health and safety regulations were violated. So, it is very important to not cause the injury of your tenant with not making certain repairs, or not providing security features to protect your tenants from any criminal activity, such as: security lighting, deadbolts and locks on the windows.
Landlord Tip 5: Make the Repairs on Time!
The landlord’s duty is to provide the basic features, like: heating, electricity, plumbing and gas. If the rental property is not fitted for occupancy, your tenants have some options that are not great for you at all. In this case, your tenants can withhold rent, keep the cost from the rent and make the repair, or even move out.
Being a successful landlord does not require as much as it seems. Those are some of the most important tips that can ease your function as a landlord. Being loyal to your responsibilities as an owner of a small business (being a landlord) can guarantee your success.
www.lapmg.com
