Business

A Landlord’s Guide: 5 Essential Tips to Manage Your Rental Property Well

As a landlord, you are responsible for collecting the rents from your tenants. You also act as a salesperson, negotiator, repairman, and the conflict solver whenever problems arise within your property. But, your tasks don’t just stop with these clerical routines.

One of your primary duties as a landlord is to educate your tenants about the rules and regulations they should follow on their rental unit. Doing it is essential in supervising your rental unit to help avoid problems. Hence, manage your property well by following these five essential tips.

Manage Your Property Through a Regular Inspection

Managing your property will involve doing a regular property inspection. It’s because the landowner would bear the legal responsibility if in case your tenant sustains an injury on the property. So, it is essential that you must do a regular property inspection to avoid the danger to happen.

One of your duties is to keep your tenants safe on the property. In case that you forget, a reliable source on the internet states that your tenant can recover the compensation if you are behaving recklessly or intently. Aside from that, consider also to keep the health and safety regulations of your tenants, and never forget to make certain repairs.

You also have to be aware of any criminal activity that is happening on and around your rental property. It is one of your responsibilities to provide them with protection against any illegal activities.

Also, you have to protect them from any criminals that might enter your property. Thus, you can provide security features such as deadbolts and security lighting to ensure their safety around your premises. You can also visit pyramiscompany.com and other related sites to help you manage your property well.

Make a Written Landlord/Tenant Agreement

One of the most important things that you should do as a landlord is to make a written rental agreement with your tenants. The written agreement must specify all the rental terms to help guide your tenant.

You also have to include the essential provisions on this written agreement such as the names of your tenants, the amount of security deposit, the length of tenancy, which party is responsible for some specific repairs, and the amount of rent as well.

You can also include whether their pets can live in their rental unit or not. You should not also forget to specify in your lease agreement the specific rental due date, the acceptable form of payment, and whether you allow them with late fees and a grace period.

Do the Repairs Promptly

Repairing and maintaining your rental property to make it fit for occupancy is one of the essential things that you have to do to manage your property well. It is one of your duties to imply the warranty of habitability for your tenants.

As a landlord, you have to do the repairs when you receive a request from your tenants. Thus, your tenants can do several options against you if you don’t do the job. One of them is doing the repairs on themselves, but they can deduct the cost from their rent.

Also, they have the right to withhold their rent, or they will pay their rent, and they sue the difference to the landlord with the real rental value of the property. And also if your tenant gets an injury because of failing on your repair, your tenant could sue the landlord with a compensation.

Don’t Discriminate the Prospective Tenants

As a landlord, you should bear in mind that you cannot reject prospective tenants because of discriminatory reasons. According to some reliable sources, the landlord cannot deny a prospective tenant because of his or her national origin, family status, race or color, and his or her sex.

Thus, you can base your decision on your tenant’s employment history, credit history, and his or her income. If ever your prospect tenant fails with regards to his or her credit history, then you can reject his or her application. You should also keep the written documentation that states the reason for the rejection.

Notify the Tenants Before Entering their Rental Unit

According to some reliable sources on the internet, the law states that you can only enter the rental unit if you have your tenant’s permission. You should always respect their rights and privacy. Therefore, you can get inside their rental unit only with a few specific and legal purposes.

You are only permitted to enter their unit to inspect their property, make repairs, show your property to the prospective tenants, and on emergency purposes as well. So before the entry, you must provide written or verbal notice to your tenant a day before doing it except during emergencies.

Takeaway

Collecting the rent from your tenants, making the repairs for their unit, giving the rules and regulations to your tenants, and acting as the conflict solver are some the most critical responsibilities of managing your property as a landlord.

Being a good landlord or landlady doesn’t only mean providing the best facilities to use for your tenants. It also means that you watch over the tenants for each and everyone’s safety. Follow the steps mentioned above, and you’re one step closer to being the most likeable landlord or landlady for your tenants.

Be the FIRST to Know - Join Our Mailing List!

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Previous ArticleNext Article
Sofia Larosa is a fashion, lifestyle, and self-improvement blogger. She loves to travel around the world and learn the culture of the different places she's been in.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Send this to a friend