As a rental property business owner, hiring a professional manager is the best thing to do. For this capital venture, your every move and decision should be calculated and well-thought first before executing them. You don’t want to waste money and time that’s why having the armor of a certified property manager is a very practical thing to do. Remember that every once in a while, you will be challenged or put to the test as a landlord.
Now to make a foundation of where you stand as a property owner, you make clear terms on your lease agreement. No matter what happens, these rules should be followed for the benefit of both you and the tenant. So the first thing you must do when making a lease agreement is to consider the tenancy laws and the real estate laws in your area. This is because laws vary from state to state; one thing is allowed in a particular place while it is prohibited or not considered legal in another.
Mostly, the law also requires the owner disclosure of some specific information regarding your property or some parts of your property. The reason for this usually is for safety issues. In the contract, you must emphasize which part of your property needs extra caution so that accidents can be avoided. Or, which part is restricted for the tenants because it contains toxic substances, etc. Whatever it is or whatever the current rules in the area are, the important thing is first to make your business able to accurately handle everything on the legal matters. This is why you must have a certified skilled manager to do the most effective ways to avoid violating laws and therefore, prevent unnecessary expenses.
There are different types of anti-discrimination laws in the federal Fair Housing Act. Also, know as the Civil Rights Act of 1968, it “protects individuals and families from discrimination in the sale, rental, financing, or advertising of housing”. The Fair Housing Act amended in 1988, on the other hand, prohibits discrimination on the basis of race, national origin, physical disability, sex, religious belief, lifestyle choices, and other factors that an applicant has. Though, these laws protect both renters and landlords. But whatever are the specific rules in your area, as a property owner, it is important that you become totally familiar with them. However, if this is not possible, the right thing to do is to hire a company to manage your property.
Keep in mind that the rules you must learn are almost endless, therefore it is highly recommended that you seek professional help in dealing with these laws. However, it’s not so much of a problem because when you hire a manager for your property, the company has landlord-tenant attorneys that could handle your business well using applicable laws. Therefore you can instead focus on the lease. On the lease, you must make everything clear and when it comes to the specific rules for the property, you must emphasize them to wherever extent necessary. For example, by thoroughly discussing the following:
Highly protected areas
Repair and maintenance policies
Deposits and security fees
Term of the tenancy and all the important rules and policies
Holding all the occupants responsible
Next, do not forget to take all the names of all occupants. In this way, you will have legal means to go after another in case one of them attempts to evade responsibility. When you require all the adult occupants to sign as an official tenants, it plays an advantage to your part because it means that each of them will become legally responsible for paying the rent. So if one of them fails to pay the rent, you can still pursue other members of the household to pay. It also means they are now required by the law to follow the landlord’s rules, including of course all the terms in the lease. Lastly, as another example, when one tenant violates the agreement, you can terminate the tenancy of all if you wish to. Therefore, be sure to be specific on the clause; it should concretely state what you want as the owner of the property so that your rules will not be violated and possible eviction is avoided. Eviction is necessary to protect your business, however, it can cost you a large amount as well. So in general, it is still not helpful to your investment.
The next thing to do is to make sure you can clearly state your maintenance policies so you can have a strong defense against possible issues with regard to damages. Usually, strategic property managers require the tenants to help maintain the premises clean by being responsible for their wastes, sanitary stuff, food trash, excesses, etc. And if the damage is done by the tenant, the tenant must pay the cost. Another thing is that the tenant is also required to alert the manager immediately about concerning conditions. Though, this is also an opportunity for them to raise a complaint and request for a particular favor such as repair, inspection, etc. Following this rule, both parties can benefit as defects and other kinds of problems will be addressed accordingly. However, it is important to make the tenant completely aware that they are not allowed to do alterations or repair on their own, not unless the landlord allows it through written consent.
Special rules with immediate consequence
Lastly, to avoid complaints of illegal entry, the tenants should be informed in advance before the landlord visits for inspection and for repairs. This is for the owner not to violate the tenant’s privacy rights. This can be done by giving notice a week or days before doing the inspection or the actual maintenance works. You can also include special rules that you consider very important for tenants to follow; rules that you want to have an immediate consequence when violated. This might be regarding illegal activities such as drugs, gambling, pornography, and even online hacking. It could also include rules for pets, drinking, smoking, or any other situations that might cause discomfort or even harm or injury to other tenants. As a property owner, you have all the right not to put your business and your tenants in danger therefore it is necessary to emphasize this on the lease. And to be efficient in doing all of these tasks, always remember that you can hire Jaxon Texas. We are professionally trained to make you succeed with your rental business.