Management of properties is a highly dynamic environment that also changes from one state to the other. It is therefore almost impossible to get a uniform guide, policy or procedure for all properties. However there are tips, Policies and Procedures Manual and Management Guides for Real Estate that can be applied across board to avoid problems with tenants and the law. This will also help you safeguard your investment.
Screening tenants is mandatory for legal and personal reasons. It helps you keep away unwanted characters and incidences from your property including terrorists or rent defaulters. There are professional agents that will help you with vetting so that your tenants are safe and of high quality. Screening is not a license to discriminate since it will land you in trouble with the law.
Write all agreements entered into with your managers and tenants. It is challenging to defend a verbal agreement entered especially because there is no evidence to proof. Some of the items that must be entered in a formal contract include amount to be paid as security deposit and rent, how rent will be paid, when it can be increased, the percentages and penalties that a person will incur for late payment, etc. By engaging a professional legal drafter, your contract will be admissible in court in case a dispute arises.
Inspect and repair your property on regular basis. Any injuries that tenants sustain at your property and especially due to your negligence will cost you a lot. The law allows you to inspect the property on regular basis and even enter for maintenance purposes. Whenever a tenant raises an issue about the condition of your property, take immediate action. Inspection will also help you detect illegal activities within the compound that are likely to compromise the integrity of a property.
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.
The landlord has an obligation to keep the premise secure. Most tenants will sue you if theft occurs within the properties. It is worse if such provisions as a CCTV camera are not available to assist in investigations. The perimeter fence also needs to be in place to guarantee security alongside properly manned entry and exit points.
Are there environmental hazards that tenants within your premises are exposed to? It is time to disclose them and even rectify them. Failure to take such action puts you at a collision path with tenants and the law. Tenants will sue you for health complications that can be linked to your property. They could be related to lead or mold, among other hazards. The law is very harsh in such cases.
You retain the overall responsibility of the property despite managers taking control of daily oversight. Sign a detailed contract and supervise its execution. In case a problem arises, the responsible persons will be easier to identify and ensure that they take responsibility.
Screening tenants is mandatory for legal and personal reasons. It helps you keep away unwanted characters and incidences from your property including terrorists or rent defaulters. There are professional agents that will help you with vetting so that your tenants are safe and of high quality. Screening is not a license to discriminate since it will land you in trouble with the law.
Write all agreements entered into with your managers and tenants. It is challenging to defend a verbal agreement entered especially because there is no evidence to proof. Some of the items that must be entered in a formal contract include amount to be paid as security deposit and rent, how rent will be paid, when it can be increased, the percentages and penalties that a person will incur for late payment, etc. By engaging a professional legal drafter, your contract will be admissible in court in case a dispute arises.
Inspect and repair your property on regular basis. Any injuries that tenants sustain at your property and especially due to your negligence will cost you a lot. The law allows you to inspect the property on regular basis and even enter for maintenance purposes. Whenever a tenant raises an issue about the condition of your property, take immediate action. Inspection will also help you detect illegal activities within the compound that are likely to compromise the integrity of a property.
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.
The landlord has an obligation to keep the premise secure. Most tenants will sue you if theft occurs within the properties. It is worse if such provisions as a CCTV camera are not available to assist in investigations. The perimeter fence also needs to be in place to guarantee security alongside properly manned entry and exit points.
Are there environmental hazards that tenants within your premises are exposed to? It is time to disclose them and even rectify them. Failure to take such action puts you at a collision path with tenants and the law. Tenants will sue you for health complications that can be linked to your property. They could be related to lead or mold, among other hazards. The law is very harsh in such cases.
You retain the overall responsibility of the property despite managers taking control of daily oversight. Sign a detailed contract and supervise its execution. In case a problem arises, the responsible persons will be easier to identify and ensure that they take responsibility.
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