Leasing properties can be a very profitable form of passive income. However, running a leasing business is not as easy as you think. As a landlord who rents out properties to a number of tenants, you sometimes find renters who take advantage of you. Yes, you are always thankful for good tenants, those who faithfully pay their dues and dutifully maintain the upkeep of their rented space. However, there are a few disagreeable ones that come in the batch. It is essential to know your legal rights as a landlord, so you know how to deal with the not-so-good tenants in your property.
Inform your tenant of your basic contact details
It is imperative that you inform your tenant in writing of your name and address. Alternatively, you can provide your tenant with the name and address of your agent or property manager. This is the most important first step when renting out your property. The contact details you provide will allow your tenant the ease of sending his or her demands and required notices.
Adhere to local housing and business codes
As a landlord of a single detached house or a duplex, you are expected to adhere to all the local housing and business codes. Should there be no building codes, you must ensure that your unit is structurally sound, including plumbing, wiring, and the like. Your property must be in solid, working order.
Provide pest extermination, prevention, and maintenance
For landlords who own apartment complexes, you are required by law to provide sufficient pest extermination, prevention, and maintenance. Additionally, you must make sure that your locks and keys, garbage bins, as well as heating and hot water facilities are in tip-top condition.
Water service, utilities, and garbage removal fees are not to your account.
As a landlord, you do not have to pay for water service, utilities, and garbage removal fees, unless you want to include this in the rental agreement with your tenant.
The legal process of eviction
If you have a disagreeable tenant that you need to evict, you must follow a legal process of eviction. If the issue is about non-payment of rent, a landlord must inform a tenant with a written notice to pay the rent due within three days. If the tenant does not pay after three days, legal action can already be taken. If the problematic issue deals with a matter other than non-payment of rent, the landlord must do the same, sending a written notice with a clear explanation of how the tenant is not meeting expectations. The tenant must be given seven days to correct the issue before any legal action can be taken.
Property condition when the lease ends
The landlord has a legal right to receive his property undamaged at the end of the lease term, except for the normal wear and tear associated with residential living.
Often, the money you earn from leasing a property will not be sufficient to cover expensive lawyer fees for evicting a tenant or collecting unpaid rent. So it’s best that you follow the tips enlisted above, so you know what steps to take before consulting professional help.