Green Residential
Whether you’re an experienced landlord or just getting your feet wet, it’s easy to unknowingly make mistakes managing a property. Many property management mistakes seem small. However, they have a way of snowballing quickly into costly problems. You could be dealing with the fallout of a mistake for months, or even years, as it gathers into a bigger and bigger issue.
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Being a landlord is a profitable choice of professional. However, it can be legally complicated. There are many laws in place across the state and the country regulating landlord practices, and rightly so – tenants must be protected from bad landlord practices. As a landlord, it’s important to know these rules and follow them to the letter.
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It’s easy to become blasé about renting out your property, particularly if you’re an experienced landlord. However, have you considered how much trust is involved when you rent to a tenant? Most tenants are complete strangers to you, but you trust them to live in your property anyway. Even when you protect yourself legally, renting to the wrong tenant can have big consequences. Renting out your property isn’t something to be taken lightly.
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Keeping your property in good shape and responding quickly to requests for repairs is one of the biggest jobs of a landlord. Failing to respond in a timely manner can negatively impact your relationship with your tenant. Providing low quality repairs can have the same effect. To ensure you do your job properly as a landlord, it’s of the utmost importance to hire the right contractors.
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Any landlord who has performed the difficult search for the right tenant knows it’s more cost-effective to keep a tenant than to continually find new ones. Keeping a good tenant for a long time means less work, less stress, and reliable income. The goal of every landlord should be to attract and keep high quality tenants, reducing turnover rates and maximizing profit.
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Investing in real estate is a wise decision. As a landlord, you stand to make a lot of profit on your property. However, when it comes to real estate, doing your due diligence is crucial, particularly when you’re investing in property for the purpose of leasing. A poor investment can be a killing blow to your savings account.
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The landlord-tenant relationship is a business relationship. One of the most important aspects of maintaining the health of this relationship is the lease. A vague or generic lease agreement is a sure ticket to legal trouble. Some new landlords make the mistake of downloading a lease from the internet. These leases are almost guaranteed to not be legal according to local rental laws.