Being a landlord can be a daunting task. There are so many different responsibilities that come with owning one of more properties that people in this profession often make mistakes that get them into trouble. Trouble can occur at any point in the leasing process and therefore it is important to be prepared. Below are themost common mistakes landlords make and how you can avoid them so that your renters are always happy and you will rarely, if ever be put on the chopping block.
When a tenant breaches their lease, landlords often wait to act for months or even years. Just because a tenant swear they will get you the money they owe within the week, doesn’t mean that they actually plan on it. In cases like this, it’s best to allow a one time extension but should the rent not be paid by the date it is expected, the landlord should take action immediately.
Having a Properly Drafted Lease
The lease is the basis for the entire relationship between a landlord and their tenant. A lease outlines the expectations that both parties are expected to meet. Without a properly drafted lease, there is no way to make sure each person is holding up their end of the deal.
If a tenant has been evicted in the past, it is not a good sign of things to come. By having background checks completed on potential tenants, a landlord can save themselves a lot of trouble in the long run.
If you have already made some of these mistakes and need help sorting them out, call Pavithran Law Office today!