What First Time Landlords Should Know
Once you’ve decided to invest in an Oklahoma City property, there are important things you should know to avoid making costly mistakes. Here are the do’s and the don’t s of Oklahoma rental property management for being a first time landlord.
The Do’s of being a first time landlord –
Keep your rental property insured. In order to protect your home against all sorts of events, you want to be fully insured. Also, make it a requirement that all tenants have renters insurance.
Have a rental application and lease agreement in writing- To avoid getting into trouble with tenants, you need to have to prepare a lease agreement. You should also formalize the rental application process so as to check the potential tenant’s history, credit score and other details.
Prepare a move-in checklist/Condition check list – When your tenant is ready to move into your rental property, give them a check list where they can write anything they don’t want to be charged for later such as marks on the floor or small cracks on the wall.
Have a good management company – Having a good Oklahoma City management agent to manage the rental property on your behalf if you can afford it, is a no-brainer. A property manager will handle problems, conduct regular inspection and maintenance as well ensuring that tenants comply with the landlord’s legal obligations.
The Don’t s –
Don’t discriminate – If you want to avoid being sued, do not discriminate those who rent your property based on race, color religion, sex, national origin, family status, and disability.
Don’t misuse tenant’s security deposit- You may find yourself in a legal battle if you spend tenant’s security deposit now and can’t give it to your tenant later. They have a right to it as long as they have fulfilled all the terms of lease agreement.
Don’t lock out a tenant- if you have a difficult tenant, don’t take the matter into your own hands. Evict a tenant by following all the eviction rules to avoid lawsuits.
Of course, to avoid any issues or problems, contact Real Property Management Enterprises to assist you in your Oklahoma City Rental Property needs. We can help keep the headache from happening.