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5 Rental Details that are Easily Forgotten
As a first time landlord, or property manager it is easy to overlook certain details.
Taking the time to brush up on your knowledge of landlord-tenant law, and making sure your house is in good shape and ready for renters are two important things that should be done before you rent.
Here are some other important details that are easily forgotten. Read on to see how these steps can help to protect your rental, and eliminate problems down the road.
Home Inspection
Having a home inspection in between tenants is a good idea for any rental. This helps in case of any damage that tenants may cause. By having a house inspection, and taking photos to document your house before you rent it, you have indisputable proof of the condition of the house before tenants. This valuable proof can come in handy in case of a court case, or if you need to keep the security deposit.
Insurance
Don’t skimp on home insurance -especially when renting. A comprehensive policy is important when renting, in case of damage, or a potential liability lawsuit. While no one wants to think about these things happening, an insurance policy can help to protect your interests -just in case.
Tenant Screening
It is important to have a standardized systematic screening process to run each tenants through. This helps to cover all of your bases, and ensures you don’t forget anything. It also helps to prevent any accusations of discrimination from being brought against you. It is fine to have criteria such as no smoking and no pets, but keep in mind that it is illegal to discriminate against things such as race, gender, disabilities, and marital or family status.
Legal Advice
You may consider working with an attorney to go over your rental screening policy, late-fee policy, and other paperwork before you rent. Of course, you could do much of this research on your own, but hiring a knowledgeable attorney is a safe way to make sure your paperwork is in order and that you are in the clear legally. It is best to work with an attorney who is knowledgeable on landlord-tenant law.
Property Manager
You may want to consider hiring a property manager to handle the everyday details of the property. A property manager will be able to oversee the tenant screening process, as well as help you implement policies, and make sure those policies are enforced. They will also advertise your property for you, and may even be able to rent your property faster, since they have experience with finding tenants, tenant screening, and background checks. A property manager will also be able to provide valuable information, and help you with any questions you have pertaining to your rental.
