Being a landlord takes on many responsibilities besides picking up a check at the end of the month. There are many legal responsibilities that are taken on during this process that can come to hurt you down the road to come. However, there are some things that can be looked at that can save you money and legal trouble.
1: Lease Agreement- Having a descriptive and detailed lease agreement that goes over every detail or issue that may arise is critical. The reason for this is because every issue that you and your tenants have that is not on the lease agreement can be a potential lawsuit waiting to happen. So take time to create an extensive lease agreement that goes over any potential issues, so there want be surprises later.
2: Document Everything- It’s critical to document every piece of information, signature, paper that has names or agreements on them, and anything between you and the tenant. Any expenses related to the property and communication between you and the tenant should be kept and copied. If there is any issue that is serious, record calls, or video the situation, and save it as extra reassurance.
3: Make Repairs Quickly- As a landlord, you are responsible for any repairs needed, and your job is to get those repairs fixed as quickly as possible. When a tenant is requesting for a repair, quickly set up a date and time for someone to come over, and get the repair done quickly. If you fail to do this, you don’t want any of the tenants getting hurts because of the repair you didn’t fix, which could cause you to look at some lawsuits.
4: Screen Tenants Extensively- Screening your tenants is extremely important when being a landlord. It gives you confidence in the tenants living in the home, but I can also save you fewer financial difficulties in the future that may arise. So make sure the tenants living in the home are responsible and fit what is needed for the properties standards.
5: Sit and Talk- The best way to avoid any legal and stressful situation between you and the tenants is having a sit down and talk before the tenants move into the home. This might sound simple but it’s very effective. This establishes a relationship between you and the tenant and you notify them that once they are in the home both of you will do their best to work with each other on any situation that arises. You can also explain the rules in more detail and simply welcome the new tenants to the home.
These are the top 5 ways to avoid any legal confrontations and build a strong relationship with the tenants. Avoiding any legal disputes will not only benefit you but also the tenants, so as a landlord provide the best care needed for your tenants and you will have fewer headaches.