Property management rules to follow

October 18, 2013  //  Posted by: cooldude  //  Category: Property Investments

Property managementThere are certain rules that you should follow if you are planning to keep tenants and enjoy a profitable land lording experience—

The first rule that you should follow is to choose the correct tenant. It is not an easy job always as because the right tenant will be the one who will love your property. Now the question arises that how would you understand whether the person liked your property or not. The answer should be ‘your sixth sense’. If the person after inspecting your house asks you what is the total procedure to stay in this house, then you should be able to understand that the person loved your house. On the other hand if the same person after looking through all the rooms of your property says that he can only decide after looking at 2 other places, then it will be clear to you that he is not quite interested. Thus in this way you should take enough time and choose the correct tenant for you.

After the tenant is chosen, the next rule should be obtaining the correct amount of deposit that you require. This deposit amount should be paid in cash or money order or cashier cheque if the movement is a fast one. Cheque payments should be re-checked and preferably should not be allowed because it can be returned even after 10days as a bad cheque issue or due to stop payment.

Making an agreement between the land lord and the tenant is the third rule that is a must before allowing the tenants to stay in your property. Legal papers can never be made by you; an attorney is required to do so. You should visit the court to make the agreement where rental duration, rent payments, what can happen if the tenant doesn’t comply, the penalties that will be charged if payments are made late etc should be mentioned. If these basic tips are followed, you can make your land lording more enjoyable as well as profitable.

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