Tips for Landlords with Every Rental Agreement

July 4, 2015 Facebook Twitter LinkedIn Google+ Residential Real Estate

Screen Tenants: check all potential tenants’ backgrounds and references thoroughly. Make use of written rental agreement applications for efficient tenant screening. You don’t want to end up with a tenant who pays the rent late, trashed the home, or allows uninvited guests to stay with them.


Get Everything in Writing: use a written lease or rental agreement form. Document important facts, events, complaints or repairs within the relationship you hold with the tenant.


Handle Security Deposits Properly: establish and maintain a system of setting, collecting, holding and returning security deposits. Document the rental agreement unit’s conditions before the tenant moves in to avoid disputes when the tenant moves out. It is an excellent idea to save an inspection report, including photos of the property before moving in.


Maintain and Repair as in Rental Agreement: keep the property in tip-top shape and make necessary repairs. If you fail to do so, a tenant may gain the right to delay rent payment, repair the problem and deduct the cost from the rent, sue for possible injuries, or leave without having to give notice.


Secure the Premises: protect the property and the tenants from possible crime with proper lighting and trimmed landscaping.


Know the Rights of your Tenants: provide your tenant with a minimum of 24 hours notice before entering the rental unit.


Be Aware of Managers: do a background check on your manager. Often if they do something wrong, you may be held financially responsible.


Get Insurance: insurance can protect you and your savings from lawsuits or damage to property, whether it be a fire or simply vandalism.


Resolve Disputes: leave matters in your own hands without need of a costly lawyer. If disputes arise with the tenant, solve it informally on your own, or if necessary, call for a third party mediator.