three essential tips that landlords must do to stay compliant

1. Thorough Tenant Screening 👨‍👩‍👧‍👦

Why It Matters: Choosing the right tenants can make or break your experience as a landlord. Good tenants pay rent on time, take care of the property, and cause fewer problems.

How to Do It:

Credit Checks: Verify the tenant's financial responsibility by checking their credit history. Look for a good credit score and minimal outstanding debts.

Background Checks: Conduct background checks to ensure there are no red flags, such as a history of evictions or criminal activity.

References: Contact previous landlords and employers to get an idea of the tenant’s reliability and behavior.

Income Verification: Ensure the tenant has a stable income that is at least three times the rent amount to confirm they can afford the rent.

2. Understand Your Legal Obligations 💼

Why It Matters: Being a landlord comes with legal responsibilities that protect both you and your tenants. Non-compliance can lead to fines, lawsuits, and other legal troubles.

How to Do It:

Local Landlord-Tenant Laws: Familiarise yourself with landlord-tenant laws, including those related to rent control, eviction procedures, and deposits.

Fair Housing Laws: Understand and comply with fair housing laws to prevent discrimination.

Lease Agreements: Use a well-drafted lease agreement that clearly outlines the terms and conditions, including rent amount, due dates, maintenance responsibilities, and house rules.

Health and Safety Regulations: Ensure your property meets all health and safety standards, including proper sanitation, structural integrity, and necessary safety equipment like smoke alarms and carbon monoxide alarms.

3. Plan for Maintenance and Repairs 🔧

Why It Matters: Regular maintenance keeps your property in good condition, ensuring tenant satisfaction and protecting your investment. Addressing repairs promptly can prevent small issues from costing you thousands in repairs.

How to Do It:

Maintenance Schedule: Create a regular maintenance schedule for tasks like HVAC servicing, gutter cleaning, and pest control. Keep a log of all maintenance activities.

Emergency Fund: Set aside an emergency fund for unexpected repairs. It’s recommended to save at least 1-2% of the property’s value annually for maintenance and repairs.

Responsive Management: Be prompt and responsive to tenant repair requests. Quick action can prevent minor issues from escalating and shows tenants that you care about their living conditions.

Reliable Contractors: Build relationships with reliable contractors and service providers. Having trusted professionals on call can save time and ensure quality work when repairs are needed.

Feeling overwhelmed? Let Quicklet simplify your journey!

We’ll find top-quality tenants, connect you with trusted contractors, and handle all aspects of property management. Contact us today to discover how we can make your landlord experience stress-free and successful!