Discover the Effective Property Management Tips for Landlords

property management

A landlord is the owner of a property which is rented or leased for a fee to a tenant. The property can be an apartment building, a rental house or land. The tenant, also known as a renter can be an individual or business organization. A contract between the landlord and the tenant is known as a rental agreement or lease. It specifies the names of the tenants, the price paid for the property, the acceptable form of payment, the period of the rent, penalties for late payments if any and the period of notice required for the cancellation of the contract by either the landlord or the tenant.

The landlord may be the manager of the property or real estate. However, a landlord may hire the services of a property manager or a property management company to handle the management of his real estate especially if the landlord owns a multi-unit rental building. The following tips will aid the landlord in the effective management of his property.

Screen Prospective Tenants: Thorough screening of prospective tenants is important before selecting any tenant. Ensure that the background, credit history and references of the tenants are checked, as a habitual debtor may not pay rent at all or pay it late. The services of a real estate broker and the use of written rental application are required for proper screening of the tenants.

Written Rental Agreement: It is important to record the interactions between the landlord and his tenants. A written rental agreement can be used to document vital information such as how to handle maintenance and repairs of the property, tenant complaints and other facts. Thus, an attorney is needed to draft the rental agreement that will guide landlord and tenants.

Regular Inspection and Secure Premises: Regular inspection of the property by the landlord is necessary for safety purposes and maintenance of the property. A landlord should ensure that his property and tenants are protected by providing security facilities such as security lightings and deadbolts.

Make Prompt Repairs: It is the responsibility of the landlord to repair his property whenever a tenant makes a request for repairs. If the landlord fails to repair his property, the tenants may carry out the repairs and deduct the cost from the rent or they may withhold their rents. Also, the tenants may move out or even sue the landlord if any injury is sustained from faulty features.

Entering the Rented Unit: A landlord should respect tenant’s rights by notifying the tenants before entering into their rental unit. It is proper to give an advance notice to the tenants usually before entering the rented premises even to make repairs. Also, landlords should supervise the activities of their property managers and purchase insurance for their rental property.