Tips for Landlords
A rental property is just like any other form of business. Therefore, there are some rules and guidelines which landlords need to follow in order to gain the most from their properties. But what are some of the things that a rental property owner needs to know? Below are some tips that landlords can use.
Five Important Landlord Tips
Some of the most effective landlord tips that a property owner should follow include:
1.) Understand the Landlord Act
Every state has laws for rental property owners. One of the most important pieces of advice for landlords is to understand these laws. This is because violating these laws can easily result in legal action. The landlord act usually covers aspects such as rent, the landlord’s obligation, evictions, and security deposits among others. You can get these laws from the Department of Housing.
2.) Implement an Effective Tenant Screening Process
Screening is crucial, especially if you are looking for a new tenant. It helps to find out the tenant’s occupation, previous renting profile, and credit score. A good credit score usually starts from 700 going upwards. Anything under 600 score should be considered not so good.
Overall, you need to filter all the potential applicants in order to choose a responsible tenant. Looking at the previous renting history is important because it can help you establish if the tenant can pay the full rent monthly. Besides that, criminal history is also crucial.
3.) The Rental Agreement Should be Written
One of the most crucial landlord tips is having a written rental agreement. This tenant-landlord agreement helps to clearly outline the terms of the agreement. Some of the provisions that should be in the agreement include:
Full names of the tenants
Amount of rent
The duration of the tenancy
Number and type of pets
Handling of specific repairs
This agreement should clearly highlight the landlord’s preferred system of payment and the due date of the rent. Besides that, it should indicate who (between the landlord and the tenant) is responsible for handling specific repairs and whether pets are allowed in the rental unit or not. In the agreement, the landlord should also indicate if they offer a grace period or if there are extra charges for delays in payments.
4.) Frequently Do Maintenance and Do Repairs on Time
It’s important for the landlord to carry out maintenance of the property frequently. Besides that, it’s their duty to repair the rental unit on time. This is because the law requires that a rental property should always be fit for inhabiting, especially if there is a tenant. So, the landlord should be ready at any time to handle repair issues relating to:
Water and heating system.
Note: the tenant has the right to fully or partially withhold rent if the repairs are not done on time. Besides that, they can sue you in case they suffer injuries or inconveniences as a result of neglect.
5.) Don’t Discriminate Against Anyone
As a landlord, you have a right to choose who occupies your property. However, don’t reject a potential tenant because of discriminatory reasons. According to the Federal Fair Housing Act, a landlord shouldn’t reject a prospective tenant based on:
Sex or gender
Tired of Being a Landlord?
If you follow the above tips, you should be able to maintain a positive relationship with your tenant(s). However, if you are tired of being a landlord, you should consider selling your property to a real estate investor, tenants and all. This is a quick and advantageous option that provides you with cash for your property and allows your tenants to maintain their residency while you sell. If you are interested in selling your rental property for cash, give us a call at 949-438-4343 and we’ll answer any questions you may have about the process. You can also email: email@example.com