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5 Landlord Responsibilities Every Landlord Should Know – Keyrenter South Florida

Keyrenter Property Management Blog South Florida Landlord Responsibilities

Did you know that there are over 48.5 million rental units in the US? While there aren’t many accurate statistics on how many landlords there are, suffice it to say that that million rental units means that there are quite a few landlords across the US.

If you are a new landlord or are considering purchasing a rental property, there are certain requirements that, by law, you must follow. Keyrenter South Florida outlines some of the most important responsibilities you should have as a landlord below.

1. “Warranty of Habitability”

In simple terms, this means that the landlord must provide a safe and habitable space for the tenant. Habitable means that the rental unit must be secure and free of hazards.

The necessary utilities must be provided, including water, appropriate heating systems, and electricity. The unit must be pest free and any damages to windows or doors that would render the unit unsafe must be repaired.

If there are local requirements pertaining to safety, those must be followed as well, such as lead paint disclosures, providing safety measures such as handrails and appropriate outdoor lighting, and removal of snow, ice, or other hazards (unless it is specified otherwise in the lease).

2. Making Repairs Promptly

Landlords may not be obligated to repair certain things immediately, such as ripped carpet or something that doesn’t impact the habitability of the rental unit, but other repairs must be made promptly. Broken HVAC systems, sewage backups, water damage, malfunctioning sinks or toilets, and shorted wires or electrical problems must be addressed.

Your state or local area may have requirements as to how quickly repairs must be made, so be sure you are adhering to these laws.

3. Maintaining Insurance

Landlords do not have to insure the personal belongings of tenants, but they are responsible for insurance policies covering the structure. Tenants need a renters’ insurance policy to cover any of their personal effects inside the unit, but the landlord will hold the insurance to cover things like the roof, walls, and outdoor spaces.

Any damage to the structure is the responsibility of the landlord and their insurance company, not the tenants.

4. Provide Contact Information for Emergencies

Whether you provide your tenants with your contact information or that of a property management firm who handles emergencies and maintenance requests is up to you, but you must provide some way for tenants to report any emergencies or make maintenance requests.

If you are an absentee landlord who does not maintain the property, you face the risk of legal repercussions from code enforcement or other agencies.

5. Return Security Deposits in a Timely Manner

The lease should specify when the security deposit will be returned. This is typically dictated by state law and is often between 30 and 60 days. When the tenant moves out, landlords must do a walk through and note any damage that is present.

If you are going to withhold any part of the security deposit, you must document the damage and the deduction. Most states will not allow you to withhold part of the security deposit for normal wear and tear, so be sure to clarify what you can charge your tenant for upon their departure.

Landlord 101: What You Should Know Before Becoming a Landlord

These are just a few of the important things you should know before becoming a landlord. It is a big responsibility and can take a considerable amount of time, especially if you want to do it right. One of the most crucial tips is to make sure you are knowledgeable about landlord-tenant law in your state.

If this all sounds a bit overwhelming, considering hiring a property management company to handle the landlord duties for you. They can handle all aspects of renting, from advertising your property, screening tenants, preparing leases, handling repairs and maintenance, and facilitating move out.

How Keyrenter Can Help You Manage Your Property – Keyrenter South Florida

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Are you a new property owner looking to rent out your private unit? Maybe you’ve been a landlord over several multi-unit complexes for some time, and while this industry is nothing new to you, you’d like to optimize the way you manage your property. No matter where you fall on the property ownership spectrum, one thing is sure: managing your property effectively is a laborious and time-consuming task, and making the most out of your investment can require some help.

That’s where Keyrenter property management comes in. We understand the difficulties and nuances associated with property management, and we’re willing to take care of the hard work for you so that you can get back to your life and enjoy the wealth your rental property can bring to you. From finding the right tenants, to performing regular inspections and repairs, to handling the legal work involved with messy evictions, we can bring you peace of mind by dealing with the details so that you can rest assured knowing that you’re getting the most from your rental unit with as little effort as possible. Here are some services we provide:

Advertisement and Tenant Screening – At Keyrenter property management, we understand that one of the most valuable assets a landlord can have is a trustworthy, respectful tenant. Conversely, one of the biggest liabilities a landlord has to deal with is a disrespectful tenant that won’t pay on time. We also know that vacant property equates to lost profit, and that’s why we advertise our client’s rental properties across demographics that our research shows will likely yield the most reliable, respectful tenants. We also have a rigorous tenant screening process that evaluates applicants based on their credit score, employment history, background check, payment history, and more. That way, you’ll know that your rental properties will be filled with stable, reliable tenants who are likely to keep your investment in good condition and pay on time regularly.
Property Inspection and Maintenance – If you’re like many landlords, you may have an additional job throughout the workweek, and regular inspection of your property takes up too much time from your life. Our inspectors provide detailed documentation of the state of your property so that you can stay in compliance with your lease, and become aware of any existing or arising issues. This helps keep your tenants satisfied and paying on time by making sure that all their needs are met, and also helps you as the landlord to know if a tenant has been behaving irresponsibly and has broken the terms of their lease. We also offer maintenance and referrals from qualified professionals so that if any part of your property does become damaged, you can have it restored without delay, thus protecting the value of your investment.
Eviction Advocacy – Evicting an irresponsible tenant can be a time-consuming and unpleasant process, and much legal work is sometimes needed. We can advocate on your behalf to try to resolve any disputes with your tenants, and should the situation require it, we can handle the legal work required to remove problematic tenants from your property.

Whether you’re just starting out in the property ownership industry, or you’re a seasoned real estate investor, there’s no question that you could benefit from having a group of talented property managers working on your behalf to make sure all of your units are occupied with the right tenants, are regularly checking on the condition of your investment and fixing whatever needs to be repaired, and are getting you the right value for your property. We can do all of that and more at Keyrenter South Florida, so contact us today to see how we can take the stress out of managing your property!

What You Should Expect from a Tenant History

A thorough vetting process is one of the greatest means at our disposal as property owners and property managers in Boynton Beach to avoid bad renters. Thanks to the Internet and other technologies, we have more information at our disposal than ever before, and we can access that information quickly and at nominal costs. While such an extensive tenant history can be a great resource, it also provides a lot of potential for misuse. With that in mind, let’s discuss what your expectations should be and how you should use that information.

Don’t Expect a Perfect History

For starters, don’t expect a perfect tenant history. In fact, if someone has leased many years rather than own — which is a perfectly valid approach financially — a blemish here or there is to be expected. Inexperienced landlords will often take the counterproductive approach of seeking out that perfect history, but in doing so, you’re potentially eliminating a lot of great tenants. A better way is to take the approach that a property management company in Boynton Beach is likely to take: define specifically what isn’t acceptable and specifically look for those items.

Use References Too

Another mistake that inexperienced landlords make is not using all of the resources at their disposal. A tenant history might provide a lot of details — or not many at all — but references can provide a human context to the information — or lack of information — that’s available. Request references, and follow through on them. Make sure those references are for landlords. You can use employment and character references in addition to, but they shouldn’t be used in place of.

Rental Payment History

Rental payment history is a focal point for almost every property management company in Boynton Beach and for good reason. Tenants that have demonstrated a history of late and non-payments are going to be more trouble that they’re worth. What you should look for is a pattern of missing or non-payments. Also, watch for any time a landlord choose to write off a missing payment. In may not have ended up in court, but it just means the landlord deemed it not worth his or her time or money. You probably shouldn’t be too harsh on just one or two late payments since we all make mistakes.

Complaints from Neighboring Tenants

Complaint records are another area where modern tenant histories have proved incredibly useful. In the past, many complaints would go unrecorded because the landlord had no means to record them or police involvement didn’t result in a citation. With the online resources we have now, not only can landlords record complaints but the neighbors themselves can as well. Any property management professional will warn you to be very wary of these complaints because the damage from a tenant like this can extend far beyond that single residence.

Property Damage and Security Deposits

Property damage is a great concern for anyone working in property management. Upkeep is one of our greatest costs, and unnecessary repairs can make a hard job that much more difficult. It’s the reason we work so hard to vet tenants and why we take advantage of our right to a security deposit. When screening histories, pay particular attention to tenants who’ve caused significant damage. Even a tenant who’s done that once is a risk probably best avoided.

Pay Careful Attention to Evictions

Evictions should never be tolerated unless there are extenuating circumstances. Evictions require a great amount of effort. If someone were evicted, it means that the property owner wanted them gone so bad that they were willing to go through that effort. Evictions are often costly measures, and even though they may make financial sense in the long-term, they’re always losses in the short-term. If you accept a tenant that’s been evicted, you’re setting yourself up for a lot of trouble.

Be Mindful of Any Lawsuits

If a prospective tenant has previously been involved in a lawsuit with a landlord, pay careful attention. If that person sued a landlord, then they may be willing to do the same to you. If that person was sued by a landlord, then they likely left that property owner no other choice. Certainly, judge these on a case-by-case basis, but always dig a little deeper to uncover the truth.

No Credit and Bad Credit

Many property managers in Boynton Beach require credit histories as part of tenant histories. People that handle their money well are likely to pay on time and handle other aspects of their lives well. Most tenants won’t have perfect credit histories, however. To make a decision, note how a person has been operating in the last several years rather than over a longer period. When it comes to no credit, judge each young person on their own merits and consider requesting a parent to co-sign the lease.

Criminal Records

Criminal records should always be reviewed when available and when legal to do so. Recent infractions demonstrate poor decision-making that likely makes the person a bad tenant. When it comes to older infractions, it depends on what those infractions are. A good way to look at this is to consider how your other tenants would feel if they found out about it.

Ask the Prospective Tenant to Contest or Explain the History

There will be times when a negative rental history will be so extensive that you simply eliminate that person as an option. Most of the time, however, it won’t be so cut and dry. A great way to ease your mind and make a decision is to give the applicant a chance to tell their side of the story. In some cases, prospective tenants are working to clear unfair histories, and they may even broach the subject with you before you have a chance to ask. Give people a chance to explain and be honest with you, and you may just be satisfied with the answer. People make mistakes but also learn from them and mature.