If you are a landlord, keep the following landlord advice to ensure that you have a successful business.
Screen the tenants: You do not have to rent the house to any person if you are not aware of his background, references and history. When you are not careful in tenants’ selection, it may lead to problems. A tenant may pay the rent late, he may refuse to pay, he may destroy your place and he may bring friends to stay with him. You can use written form for potential renters to feel if they want to move into your house.
Let it be in writing: Have everything written down about how you want the relationship with the tenants. This includes handling the complaints with the tenants, repair problems and the notice to give to a tenant if you would like to view your building.
Handle the deposit in a proper manner: Have the system of how you can collect, hold or return the security deposit. You have to document the house condition before a tenant enters so that you may avoid the dispute over security deposits.
Make the repairs: Be sure that all the repair needs and maintenance are done at the right time. When the property is not in good condition, you will chase away the tenants. The tenants have also the right of withholding the rent or they may repair the problem and then deduct the cost from your rent. You can be sued if there is an injury caused by the defective issue or he can move out without giving you any notice.
Secure the premises: Make sure that your property or tenants are not easy target for criminal activities. Assess the security of your property and then take the right steps to in order to protect it. You can try proper lighting and trimmed landscaping which is too expensive.
Give a notice before visiting: Remember the tenants have the right to privacy. Let the tenants know that you are planning to enter into the unit and give enough notice. At least 24 hours at the minimum is what the law requires.
Tell the tenants about any environmental hazards: If the house is at risk of mold or lead, the tenants will have to know. As a landlord, you are liable if your tenant is exposed to health problems because of your house.
Oversee the manager: Choose well and supervise the property manager of your house. When the manager is incompetent or commits the crime, you will be the one to pay for it. Before hiring a property manager, do the background check and be clear about his duties so that you can prevent future problems.
Get the insurance: Buy the liability insurance or any other property insurance when it is applicable. When you choose a good insurance program, it will protect you against the injuries caused to tenant and you will not lose your property completely if you suffer vandalism, burglary, storms and fire.
The last landlord advice is to know how you can resolve the dispute: Whenever it is possible, solve the problem with the tenants without involving lawsuits and lawyers.