Sunday, July 27, 2014

Handy Landlord Dos And Don’ts

Landlords need to familiarize themselves with real estate laws and set standards of good tenant behavior among other things. 

Enforce standards of cleanliness and good behavior in the building. While you can't police your tenant, you can give stern warnings if their behavior or hygiene interferes with their neighbors and building management. 

Dos

1. Familiarize yourself with the laws of real estate and property. 

2. When writing up the contract, be specific. 

3. Have rules regarding proper use of fixtures around the property such pipes and furnishings. 

4. Impose penalty charges for bounced checks or late rental payments. Make sure those charges are specified and clear in the contract. 

5. Ensure that repairs requested by the tenant are attended to immediately and completed in a timely fashion. 

6. Give advance notice if you intend carrying out any repairs or renovations. Ask for the tenant's permission beforehand and give them a schedule. 

7. Enforce standards of cleanliness and good behavior in the building. While you can't police your tenant, you can give stern warnings if their behavior or hygiene interferes with their neighbors and building management. 

8. Give advanced notice if you intend repossessing your property. By Philippine law, you are required to give at least three months' notice if you intend to do so. 

9. Give a detailed breakdown of costs incurred after a tenant has moved out, to explain what was deducted from the security deposit. 

Don’ts

1. Don’t hand over the keys until the contract has been signed. 

2. Don’t declare any new rules regarding the unit outside of the signed, official contract. 

3. Don’t lease to family and friends. This will ensure that the transactions are conducted smoothly without infringing on any personal feelings. 

4. Don’t be too friendly with the tenants to the extent that it impairs upholding contract and property rules and regulations. 

5. Don’t take things at face value.  Ask the right questions and be sure to do a background check of your tenant. 

6. Don’t enter the unit without warning or advance notice. 

7. Don’t put off repairs requested by your tenant. 

8. Don’t take too long in returning the security deposit after a contract is over.  


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