You have been in the real estate business for quite some years now. You have a few concrete properties which you have left empty, and now you are thinking about getting some passive income out of that.
So, you are finally planning to rent out your estates. It is not very uncommon to think that it is very simple. All you need to do is find tenants and just get the monthly rent whenever you please.
There is a legal matter which comes attached to it. Why?
– How do you ensure that the renters are genuine?
– How to ensure that the renters leave the place after the given lease time or renew their lease?
– How do you ensure what are the home bills they will be paying, and what will be added to the rent?
There are factors to discuss and administrate, and according to the Tenant Lawyers Atlanta, you should never get into the matter of tenancy without taking legal advice from an attorney.
You can contact some of the best tenancy lawyers from Edmons Law Office.
Tips On Renting Your Property
Here are some of the expert-given tips which can help you rent your properties smoothly and ensure that there are no unwanted consequences after that.
- Hire someone who will take care of your property and be at the beckoning call of your tenants because you might not be available. After All, this is a passive income, and we are talking about a property manager who does this for a living.
- Take this tenancy administration as a business, which means you might need to reach out and take some actions to let people know about you.
- Do not forget about the online domain. In today’s day and age, everyone is listing their properties online, either to get some renters or buyers. So, you will get most of your ‘Customers’ online.
- Ensure that the properties which you are renting out are property checked and ready with essential equipment. Some of this equipment are smoke detectors, internal and external plumbing, and proper waste disposal. If you want, you can also get some smart security installed as it can increase the demand and rent rate of the property.
- Talk to a rental attorney and set the right price legally. You shouldn’t overestimate the pricing system and select a renting amount that is almost skyrocketing, but at the same time, you shouldn’t underestimate the amount. It should be valued on the equipment and the facilities that you are providing.
- Do not make hasty decisions with the tenant screening process. Unless and until you get a positive green signal from your first tenant, you do not have to rent them the property. Talk to your attorney and fix a screening process, and let your attorney legally check all the documents which are submitted.
- Encourage your renters to get insurance, and you do the same for your property as well. You cannot see a disaster before it essentially happens, so you need to be prepared and ensure that your estate is safe.
- Having a handwritten rental agreement is the best way to protect yourself legally if ever the situation comes. Therefore, talk to an attorney and get your renters to agree to a handwritten lease.
- Understand the laws and regulations of landlords in the area. Take legal advice from your tenant lawyer, and abide by these rules. Your tenants are most likely to follow the rules if they see you doing the same. Rent should be due on the date; yes, there could be a 24-hour grace time but not more than that.
- Yes, you would want your renters to be amiable with you. However, they might take leniency in this friendship. So, try to have all the legal conversations beforehand in the presence of a lawyer, like notice period before handing over the property before the lease is over or notice of eviction when the rent is due.
Ensure that all communication is happening in the presence of a lawyer. Do not sign agreements without proper knowledge or analysis or without any legal documentation.
Try to have regular communication with your renters, and be strict with the protocols of property damage.