Renting out properties can be complicated. As a landlord, your responsibilities are not just limited to fixing the leaky pipes and painting walls, but you must also pay attention to details with respect to legal requirements. Mistakes can be costly, but can be avoided.
Let’s take a look at some of the common mistakes that landlords make:
- Verbal Agreements: Oral tenancy is quite common, especially when you are renting out your property to your relatives or friends. Remember, you do not have a legitimate contract that seeks compliance from your tenants. If things do not go according to plan, landlords and tenants would have no clear guidelines of their responsibilities and obligations to refer to and there is no way of proving what was agreed. Therefore, written tenancy agreements are strongly recommended over verbal agreements.
- Poor rental application screening: Ensure not to miss this procedure. Tenant screening is one of the best methods to gain more knowledge abouttenants’ past issues, if any. Hiring PORTIQO’s services or seeking guidance of an experienced property management company will certainly enable you to perform a proper and thorough applicant screening.
- Maintenance issues left unsolved: Replying swiftly, when your tenant asks you to fix something in your property, is very crucial. Ignoring requests can lead to significant deterioration in the relationship with renters. If you are looking forward to renting out your property on a long-term basis, make sure that you are there to help your tenants.
- Ignoring eviction rules: Eviction is the big step taken by a landlord to remove a tenant from his/her rental property. A landlord can evict a tenant under circumstances like non-payment of rent, failure to leave the property even after the expiry of lease agreement. While evicting the tenant out of your property, ensure that you follow the eviction process. Otherwise, the tenant may recover damages for all the actions taken by the landlord.
- Incorrect termination of rental agreement: This is one of the most common mistakes that landlords make. Terminating the rental agreement without prior notice not only disappoints the tenants but also impacts the reputation of your property. Therefore, when you decide to terminate the rental agreement, try to follow law of the land.
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