Renting your property can be challenging and time-consuming, so you need to be vigilant while renting your property. You have to keep several laws like the lease agreement, security deposit, and the return of the property in mind. There is a massive restriction list on you as well. It can get a bit challenging at times.
This article enables you to read about a landlord’s right that will help you get tenants and ensure a positive overall experience with them.
Here are some things to keep in mind while renting your property:
Rights of a Landlord
You get multiple rights as a landlord. You can select your tenants, set the rules and regulations for living in your property, and you can also evict a tenant if they break the rules. Additionally, you have the right to collect rent from your tenants on time. If the tenant doesn’t pay rent, you can send them a notice to pay or move out.
Additionally, you are allowed to make necessary repairs to the property, and you can also set a limit on how many people can live on the property at one time. You can also enter the property whenever you want, as long as you give your tenants reasonable notice.
Finding Tenants
As a landlord, it is your responsibility to find tenants for your property. You can use estate brokers to help you find the right tenants, or you can advertise the property yourself. You can also ask friends or family members if they know anyone looking for a place to rent. When you’re promoting the property, make sure to include all the essential details like the square footage, number of bedrooms and bathrooms, and any special features that the property has.
Once you have found a tenant, it is important to screen them properly. This means checking their credit score, contacting previous landlords, and verifying their employment and income. Moreover, you should also run a criminal check. You should also make sure that the tenant understands the lease agreement.
The right candidate has a good credit score, a steady income, and no criminal record.
Understanding Security Deposit
When you finalize the deal, you need to make a lease agreement. A lease agreement is a legal document that outlines the rules and regulations of living in the property. It should include the names of the landlord and tenant, the property’s address, the length of the lease, the amount of rent, and the security deposit.
It is a sum of money that the tenant gives to the landlord at the tenancy. Security deposit is usually equal to one or two months’ rent. The landlord can use this money to pay for any damages the tenant causes to the property.
The landlord returns the security deposit to the tenant at the end of the agreed-upon tenancy period. You can minus any damages that have been caused by the tenants from the security deposit. However, you cannot include the normal wear and tear under damages as a landlord.
Move-In Inspection
You have to complete the rental inspection report before the tenant moves in. This report records the property’s condition when the tenant first moves in. It is essential to have this report because it can be used as evidence if there is a dispute between the landlord and tenant about who caused the damage to the property.
The report should include pictures of the property, so make sure to take plenty of photos. Once the inspection is complete, both the landlord and tenant should sign the report.
Rent Collection
As a landlord, it is your responsibility to collect rent from your tenants on time. You can either collect the rent in person or as a check. Most landlords arrange rent payments to be due on the first of the month, but you can change this if you want. You can choose a verifiable method such as direct bank deposit, or you can give your tenant the option to pay online.
If the tenant doesn’t pay rent, you can send them a notice to pay or move out. This notice is also known as demand for rent. The notice should be sent by certified mail, and it should give the tenant a specific date by which they need to pay the rent or move out.
Ending Tenancy
As a landlord, you can choose to end the tenancy at any time. However, there are some specific reasons why you might want to do this. For example, if the tenant doesn’t pay rent, damages the property, or breaks the lease agreement terms, you can give them the notice to vacate. This notice will provide them with a specific amount of time to fix the problem or move out.
If the tenant doesn’t comply with the notice, you can file an eviction lawsuit against them. This is a legal process that will require you to go to court. If the judge rules in your favor, the tenant will be ordered to move out within a certain amount of time. You also need to consider the security deposit. If there is no due, you have to return the total amount.
These are your rights as a landlord. You should keep abreast of them and enjoy a great rental experience.
