In order for your property management business to run smoothly, there are some tips you should consider before diving head first into the world of being a landlord:
Requiring your tenant to pay a security deposit that you hold until they move out protects you from having to pay for any damages or other losses that a tenant may cause to their living spaces. You should have a system that is fair when it comes to collecting, holding and returning security deposits to the tenant upon move-out. This contract should include information stating that you will inspect the condition of the apartment at the time of move out and compare it to the condition it was before the tenant moved in, and base their deposit returned to them on this.
Keep Up With Repairs
As a landlord it is your responsibility to keep up with repairs and maintenance. It is also on the responsibility of the tenant as well to let the landlord know as soon as a repair is needed, and give notice as soon as something is broken or needs maintenance instead of waiting until the problem worsens. If you do not keep up the responsibility of maintaining the property in good condition, many tenant laws give tenants the right to claim that they are being alienated and may gain the right to withhold rent, or make the repairs themselves and deduct the cost from the rent.
Disclose Any Potential Hazards
You are required to notify your tenants with adequate notice if you are going to be entering their rental unit. Research state and tenant laws to know how much notice you have to give your tenant, and what laws the tenant is protected by.