A landlord is described as somebody who rents out an investment property to tenants. They can be an individual or an organization that owns the said asset/s. Being one can be rewarding in terms of financial returns but it’s not a job that comes without its challenges. It can be tough and it’s definitely not for the faint of heart.
Managing and administering investment properties are a lot of hard work. Saying that is even an understatement since one wrong move can easily send anyone tumbling down into a pile of losses. Yikes! So we took it upon ourselves to do some research and ask the experts. Here’s their sound advice.
On Repairs and Maintenance
Before anything else, make sure that responsibilities between landlord and tenants are clearly understood among all parties. For instance, the extent of repairs and maintenance procedures to be done by both and the treatment of expenses related to such activities should be contained in the contract. This ensures that dilapidation cases are best avoided and that adequate upkeep is performed to preserve the value and functionality of the investment property.
On Contracts and Documentation
Preservation of documents is just as important as ensuring that they are drafted and written at their best. Things like lease contracts, agreements, memorandums, notices and the like should be kept and preserved for purposes of protection and reference. In the event of disputes, they can be used as evidence in court to prove the inadequacy of the other party and show their legal responsibility. Likewise, they can be used as reference to determine the responsibilities of both to each other and to the asset.
On Approaching Disputes
Legal cases are such a bummer. Not only are they a huge inconvenience but they waste both time and money too. When issues arise, make it a point to tackle it head on and immediately. Waiting for later and wishing it gone won’t do any good. Landlords need to act on these things the second they present themselves to keep the disagreement blowing out of proportion. If needed, get an arbiter.
On Tenant Screening
Making sure that the investment property is leased and that rental vacancies are kept at a minimum if not zero are apparent tasks that any landlord does. What many fail to realize is that they also have to perform a good amount of screening. A bad tenant equates to more losses than no tenant. They can lead the asset to a state of disrepair, drive other lessees away and create losses due to late and/or failure to pay rent. An effective landlord avoids such headaches by running a background check and pre-screening tenants.