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.
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.
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.
Be cautious with the security deposit you ask and get from tenants. Indicate clearly about existence of a deposit and how it can be retrieved, used or handled in different circumstances. Set the deposit at a reasonable amount, hold it in liquid form and be ready to return it whenever the tenant wants it back, albeit through the guidance of the contract. This helps you avoid disputes with tenants when it is time to leave your property.
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.
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.
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.
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.
Be cautious with the security deposit you ask and get from tenants. Indicate clearly about existence of a deposit and how it can be retrieved, used or handled in different circumstances. Set the deposit at a reasonable amount, hold it in liquid form and be ready to return it whenever the tenant wants it back, albeit through the guidance of the contract. This helps you avoid disputes with tenants when it is time to leave your property.
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.
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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