Being a landlord isn’t always as easy as it sounds, but these tips below will help make the process a little easier.
Make sure to have a written lease or rental agreement with all your tenants. Regardless if it is a month-to-month rental agreement or a long term lease agreement it needs to be documented in writing and signed by both parties. Even if the tenant is a good friend or relative it is still necessary to protect yourself and have the agreement in writing. Other important items to include in the contract would be when rent is due, late fees, eviction fees, pet policy, repair requests/policy to name just a few.
Screen all possible tenants. Poor screening of tenants often results in hassles for the landlord. Often times, landlords will bypass screening their tenants because they seem nice or responsible. This can often lead to a tenant who doesn’t pay their rent on time or at all, damages to the property or keeps undesirable company. Doing a background check, running credit checks, and getting references can help give a better idea of what kind of tenant an applicant will be.
Take care of repairs. Staying on top of repairs and maintenance of the property will help ensure that your tenants are happy. If repairs aren’t handled in a timely manner, tenants can fix the issue themselves and deduct it from the rent or worse case scenario move out without notice. If the needed repairs cause any injury the tenant could hold you liable. It is best just to take care of the issues as they come up.
Get adequate insurance. Purchase liability and property insurance that will be adequate enough to cover any hazards that might occur. This can protect you from lawsuits for injuries or for losses on your property due to fire, weather, and vandalism. Contact your insurance agent for more information on obtaining the right insurance policy.
It’s essential to keep good records. A great way to protect yourself is by keeping records of any transactions, work, or discussions that relate to your property. Any time you have a conversation with your tenants log the date and topic of the conversation. If they called you asking to make repairs log the conversation and then log the time in which you called the maintenance person that will handle the repair. Keep any receipts or notices that correspond with the property. If there is ever an issue these records could be a huge help in proving your case.
If you have an investment property in Las Vegas and would rather have a professional property manager manage your property, give North American Realty of Nevada a call at 702.376.7379.
