Property Management: Rules for Renting Out Property
One important feature in property management is renting the property. There are some rules that should be followed to enjoy property management Chula Vista. Following them make renting the property profitable as well as enjoyable.
1.Acquiring a good tenant: Property Management Menifee becomes easy when a right tenant is picked up. A tenant who likes the property is sure to stay long. When the place is shown to the tenant for the first time, if he likes the place it is reflected in his eyes. Accept the deposit in the form of cash or check. The check must have dates ten days ahead of the tenant moving into the property. Check the personal account details of the tenant.
2.The Lease: Renting out the property is definitely an easy way of property management. Rental agreement has to be prepared for leasing out the property. The lease contains all the rules of the house, details related to rent payments, duration and if things go wrong what the tenant should do etc. rental agreement is prepared by an attorney.
3.Rent Payments: tenant should make the rental payment through check or money orders. These can be produced in the court as proof of payments in court if needed. If the rent is paid late, there should be a penalty after some days. Three or five day’s grace period is given for late payment of rents. The landlord should never accept partial payments.
4.Security: One month rent is taken as security by the landlords for any damages to the rental unit. The tenant should deposit this amount in a bank account. This should not anytime be converted as rent. If it is converted as missed rent payment, the landlord will be left with no compensation.
5.Maintenance: keep the tenant happy. A happy tenant will be a long term tenant. The landlord should respond to the requests of the tenant. If any maintenance work is to be done in the rented property give at least one day notice to the tenant. Maintenance of the work does not include replacing light bulbs etc. This should be clearly told to the tenant in advance to prevent n number of repair calls from the tenant.
6.Non payment of Rent: if the tenant fails to pay rent on time, he can be evicted as per the rules mentioned din the lease. A five day notice is to be given to the tenant. Then the landlord can complaint with the court and take necessary action.