As a landlord renting out property to tenants, there are a few basic responsibilities that you’ll need to be aware of, so you don’t make a costly mistake or violate an existing law. This can be challenging if you’re a new landlord, so reach out to a professional property management company if you find yourself overwhelmed or in need of help. These are some of the things you’ll need to do when your home is on the rental market.
Advertising and tenant screening will be among your first responsibilities when you decide to rent out your property. Be careful not to violate fair housing laws on the state and federal level when you are describing your property and reviewing your tenants’ applications. Some landlords will get into trouble, especially when their advertising isn’t correct.
Once you have successfully screened a tenant, you will need to handle all of the lease paperwork. It’s very important that you and your tenant review the lease and sign it. You’ll also need to get a number of additional forms signed, such as the move in inspection report. That must be signed by the landlord and the tenant. Also, you have to pay attention to the lead-based paint disclosure if your property requires it. This applies to any homes that were built before 1978. Fines are steep when you neglect to file this paperwork. You also need a mold form as well.
Preventative maintenance is very important for the protection of your property, and you’ll also need to handle any repair requests that come from the tenants. Some items must be fixed within 24 hours, some items must be repaired within 72 and then other things simply need to get your attention as soon as possible. Be careful – landlords can get in trouble when they ignore a tenant’s request.
As a landlord, you have a number of legal responsibilities, so make sure you are educated on all the provisions of the landlord tenant law. There are traps and pitfalls that can cause problems. There are specific requirements for how you handle the security deposit. It must be held in a separate account, and the tenant must know where it is. Upon move out, you need to notify the tenant within the allotted time if they will be getting their security deposit back. You need to send a detailed report when you’re retaining any part of that deposit.
If you have any questions about your responsibilities as a landlord, please contact us at SunWorld Group Property Management.