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 cannot be underestimated because is it a requirement of the law and will prove helpful to the property owner. It will ensure that you do not accommodate terrorists or end up with perpetual rent defaulters. Engage professional agents who have the knowledge and resources to conduct a thorough vetting process. This does not leave you at liberty to discriminate since the law will punish you for it.
Ensure that all agreements with managers and tenants are in writing. Verbal agreements will not stand the legal test and can be challenged since evidence does not exist. For instance, you should agree on the rent to be paid, when it is to be paid, mode of payment, rates and intervals of increase, penalties, etc. The contract should be scrutinized by a legal expert to ascertain that it is within the threshold required by law.
You should inspect the property as often as possible. This allows you to identify areas that need repair attention to avoid injuries on tenants or people within the area. The law allows you to inspect the property after providing a notice to the occupant. The reasons may be repair or for security purposes. Should a tenant raise an issue, it must be addressed immediately. This provides protection in case you are sued.
The security deposit from tenants should be handled with care. The contract should capture the deposit comprehensively including how it should be handled and refunded depending on circumstances. Have a clear mechanism of setting the deposit and have it available to a tenant whenever he or she is required to move out. Be guided by the contract to avoid conflicts and unnecessary lawsuits.
Security within the premises is your responsibility. Tenants will sue you for lost items especially if you have not provided the infrastructure to safeguard the premises. Whether it means the availability of CCTV or a perimeter fence, you will be off trouble if the premise is secured.
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.
The property is your responsibility even with the availability of managers. Ensure that all clauses stipulated in the contract are executed accordingly. With a formal contract, it will be easier to identify the party that was negligent so that responsibility can be assigned.
Screening tenants cannot be underestimated because is it a requirement of the law and will prove helpful to the property owner. It will ensure that you do not accommodate terrorists or end up with perpetual rent defaulters. Engage professional agents who have the knowledge and resources to conduct a thorough vetting process. This does not leave you at liberty to discriminate since the law will punish you for it.
Ensure that all agreements with managers and tenants are in writing. Verbal agreements will not stand the legal test and can be challenged since evidence does not exist. For instance, you should agree on the rent to be paid, when it is to be paid, mode of payment, rates and intervals of increase, penalties, etc. The contract should be scrutinized by a legal expert to ascertain that it is within the threshold required by law.
You should inspect the property as often as possible. This allows you to identify areas that need repair attention to avoid injuries on tenants or people within the area. The law allows you to inspect the property after providing a notice to the occupant. The reasons may be repair or for security purposes. Should a tenant raise an issue, it must be addressed immediately. This provides protection in case you are sued.
The security deposit from tenants should be handled with care. The contract should capture the deposit comprehensively including how it should be handled and refunded depending on circumstances. Have a clear mechanism of setting the deposit and have it available to a tenant whenever he or she is required to move out. Be guided by the contract to avoid conflicts and unnecessary lawsuits.
Security within the premises is your responsibility. Tenants will sue you for lost items especially if you have not provided the infrastructure to safeguard the premises. Whether it means the availability of CCTV or a perimeter fence, you will be off trouble if the premise is secured.
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.
The property is your responsibility even with the availability of managers. Ensure that all clauses stipulated in the contract are executed accordingly. With a formal contract, it will be easier to identify the party that was negligent so that responsibility can be assigned.
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