How To Be A Responsible Landlord
Any responsible landlord needs to take the following into consideration when renting his property out.
1. PROPER SELECTION OF PROSPECTIVE TENANTS
Prior determination of credit standing, references and background are very important in assessing a tenant. Credit standing is important because it will disclose the tenants ability to meet rental payments. The rental application form should as a minimum request information such as employment status and income. The tenant should also provide proof of identification and current residency.
2. THE TERMS AND CONDITIONS OF THE AGREEMENT MUST BE WRITTEN
The written lease contract is the best evidence of the terms and conditions. The contract will serve as the governing law between the contracting parties in case there is a future dispute concerning the agreement. The lease contract should include at least the following salient details: the names of the parties or all tenants in their respective capacity; nature of the use of the occupancy; provision on sub- letting; duration of the tenancy; rental fee which includes its due date and manner of payment; appropriation of deposits and fees; landlord responsibilities for example repairs and maintenance issues; right concerning access to the property, and prohibited activities etc.
3. APPRIOPRIATE THE DEPOSITS AND OTHER FEES PROPERLY
There must be a standard system of securely holding any tenant deposits for the property. Before the termination of the lease contract, a property inspection should highlight any damage caused by the tenants and hence appropriate deposit retention to cover repairs.
4. SUPERVISE MAINTENANCE BY MAKING NECESSARY REPAIRS CONCERNING THE PROPERTY
The landlord should guarantee peaceful possession of the property by the tenant. The landlord is also obliged to maintain the property by organising any necessary repairs quickly.
5. SECURITY OVER THE PERSON AND THE PROPERTY MUST BE GIVEN THE UTMOST PRIORITY
The landlord should guarantee safety and security of the tenants by providing them with a safe and secure property to reside in.
6. OBSERVE TENANTS RIGHT TO PRIVACY
The tenant has a right of possession over the property without excessive landlord intrusion. Hence, the right to privacy must be given due consideration. Entry within the tenants premises must be coupled by prior notice.
7. DISCLOSE ANY ENVIRONMENTAL RISK
Any known posed danger to the life, limb and property of the tenants must always be revealed.
8. SUPERVISE APPOINTED MANAGERS OF THE PROPERTY
The tenant must always be informed of any development or improvement concerning the leased property.
The landlord should always ensure that anyone working on the property is supervised carefully. Otherwise, the landlord could be held responsible for any disputes that may arise. Background checks of any staff should always be carried out.
9. SECURE INSURANCE
The landlord should always ensure the property is insured adequately to cover it against any risk it might face. Minimal liability cover should also be obtained in the event of a tenant-landlord dispute.
10. THERE MUST BE PROPER AND STANDARDIZED DISPUTE RESOLUTION
Any dispute should first be resolved without the intervention of outside parties. The instruction of solicitors should be left as a last resort if the landlord and tenants are not able to reach a satisfactory resolve.
Related Tags: maintenance, insurance, management, course, manager, landlord, tenant, developer, property investor
Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:http://www.hmopropertyriches.com
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures - Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E - How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced - The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain - The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre - State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years. - Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they - An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl - Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three - Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t