When working with people, their stuff, and real estate, you know that you will have plenty of legal things to consider. Mistakes can be costly and even cause you to lose your rental investment options. So proper management and understanding the law is more than important for Aledo property management companies. Here are 3 legal mistakes landlords should avoid.
1) Never Refuse Repairs
A landlord has a legal obligation to provide a rental unit that is fit to live in. That usually means having utilities in good working order like heat, electricity, and clean water. States have laws of “implied warranty of habitability” for rentals to make sure that they are livable places. Roofs and windows are also needed to be kept safe and adequate. Leases and rental agreements can state who is allowed to make repairs, but ultimately the landlord is required to maintain the upkeep of a property. Refusing to make necessary repairs could lead to a lawsuit against the property owner.
2) Poor Tenant Screening practices
With careful property management, Aledo TX landlords will screen potential tenants. That’s a good idea. But choose your questions carefully. With the Federal Fair Housing Act, questions and screening processes cannot in any way be discriminatory. You cannot deny rental to someone based on race, religion, national origin, color, gender, disability, or family status. You can use standard screening tools such as credit checks, rental histories, criminal background checks, and even terrorist checks. Recognize the difference between discrimination and good business practices.
3) Don’t Forget the right to Privacy
As much as Aledo property management companies and property owners feel they have a right to access to their rental property, once a tenant has signed a lease and the keys are handed over, that tenant has a legal right to privacy. A tenant should have at least 24 hour written notice that their home will need to be entered. Notice can be given about possible repairs or inspections that need to be done. Of course emergencies don’t require notice, but always try to be respectful to the tenant.
While many think that owning investment properties is an easy way to make money, the truth is that it takes a lot of hard work, time and dedication to turn a profit with these properties. This is why so many local real estate investors are turning to the Aledo, Texas property managers at Specialized for help. While the help of these professionals will cost you a little money, the benefits far outweigh the price you will pay for the provided services.
- Stress Reduction: For many real estate investors, the greatest benefit of hiring professional property managers in Aledo, Texas is the amount of stress that is instantly gone! Good property management professionals will handle the majority, if not all, of the issues associated with your rental properties. This means that you will not have the stress and worry that comes with having to do all of these things on your own. Therefore, ultimately you are giving yourself a more enjoyable life when you hire an Aledo property management professional to manage your rental properties!
- Customizable Services: One of the biggest misconceptions associated with property management in Aledo is that the services provided are “all or nothing,” meaning that if you have to pay for all of the services to get the one or two that you want. This isn’t true at all. In fact, we companies are willing to customize our services to meet your needs, as well as, your budget. You have the ability to be as involved or non-involved as you want!
- Affordable: Another misconception regarding Aledo, Texas property managers and the services they provide is that they are not affordable and cost more than what they are worth. This also is false. First of all, your rental properties will benefit greatly from receiving specialized care from Specialized’s professional property management in Aledo, making it well worth the cost. Secondly, when you take the time to visit with our property management firm about the services provided and the rates, you’ll be surprised to find that they are affordable. Additionally, as mentioned above, Specialized Property Management offers customized services to ensure that clients are able to afford the services provided.
Above are just three of the many positives associated with property management in Aledo provided by Specialized. If you are interested in learning more about how our Aledo, Texas property managers can help your business boom, contact the professionals at Specialized Property Management. We will happily answer all of your questions and concerns!