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Policies And Procedures Manual And Management Guides For Real Estate

By Lisa Snyder

Management of properties is a highly dynamic environment that also changes from one state to the other. It is therefore almost impossible to get a uniform guide, policy or procedure for all properties. However there are tips, Policies and Procedures Manual and Management Guides for Real Estate that can be applied across board to avoid problems with tenants and the law. This will also help you safeguard your investment.

Screening tenants cannot be underestimated because is it a requirement of the law and will prove helpful to the property owner. It will ensure that you do not accommodate terrorists or end up with perpetual rent defaulters. Engage professional agents who have the knowledge and resources to conduct a thorough vetting process. This does not leave you at liberty to discriminate since the law will punish you for it.

Tenancy and contracts with managers should be in writing. Many landlords have ended up in trouble because of verbal agreements that lack evidence. Agree on the amounts to be paid, the deadlines, penalties, rent increments, modes of payment, etc and put all that in writing. Have the contract scrutinized by a lawyer to ensure that it meets the required threshold.

You should inspect the property as often as possible. This allows you to identify areas that need repair attention to avoid injuries on tenants or people within the area. The law allows you to inspect the property after providing a notice to the occupant. The reasons may be repair or for security purposes. Should a tenant raise an issue, it must be addressed immediately. This provides protection in case you are sued.

Be cautious with the security deposit you ask and get from tenants. Indicate clearly about existence of a deposit and how it can be retrieved, used or handled in different circumstances. Set the deposit at a reasonable amount, hold it in liquid form and be ready to return it whenever the tenant wants it back, albeit through the guidance of the contract. This helps you avoid disputes with tenants when it is time to leave your property.

The security of rented premises lies in your hands. Tenants sue landlords and managers whenever they lose items within rented premises. Ensure that the perimeter fence is intact, entry and exits are covered and CCTV cameras are there to aid in recovery. Such measures will keep you off trouble.

Are there environmental hazards that tenants within your premises are exposed to? It is time to disclose them and even rectify them. Failure to take such action puts you at a collision path with tenants and the law. Tenants will sue you for health complications that can be linked to your property. They could be related to lead or mold, among other hazards. The law is very harsh in such cases.

The property is your responsibility even with the availability of managers. Ensure that all clauses stipulated in the contract are executed accordingly. With a formal contract, it will be easier to identify the party that was negligent so that responsibility can be assigned.

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