Letting Real Estate is a serious business and a landlord needs to be equipped for the implementation.
Letting Real Estate is a serious business. There can be many legal and financial consequences when not done properly. Most Landlords think it is as simple as just renting out their rental property to a tenant until they face some problems. Some Landlords end up in a court case or living an ongoing battle that is wasting resources and energies unnecessary.
To help you navigate through the challenges of being a Landlord here are some of the most common mistakes that Landlords make. Be aware of them and ensure you are fully knowledgeable about the law pertaining to rental contracts.
• The failure to properly screen applicants
• Using rental deposits incorrectly
• Improperly completing the lease and rental agreement
• Failing to issue proper notice before entering a tenants unit
• Failing to respond to repair requests in a timely manner
• Failing to conduct a thorough walk-through with a move-in and / or move-out checklist
• Failure to return a security deposit within the timeline stipulated by law
• Failure to perform and report Security Deposit Accounting and complete it correctly
Make always sure to comply with the legal requirements in respect of a lease agreement and know the tenants’ rights and the landlord’s rights. Become a member of the in2assets buyers’ club and you will gain access to vital information guiding property investors.