If you haven’t already done so, you need to research state and local laws regarding real property management in general and those specific to the issue of resident managers.  In some states and cities a landlord may be required to hire a manager for rental properties having a specified number of units. Most states require […]

A frequent comment from landlords is how much documentation is needed for legal compliances, general business matters, landlord-tenant issues, and tax reporting. Common advice given to new landlords regarding paperwork is to “document everything” closely followed by “just in case.” This is good advice but taken literally can prove to be too much of a […]

The best way to get paid on your judgment is to have the tenant voluntarily pay the judgment and get it over with. That usually does not happen without some landlord encouragement. The judgment gives you the legal right to collect the money owed to you. The court does not have a collection duty. It […]

You should research your state’s landlord-tenant statute regarding eviction to determine what you can do and cannot do regarding accepting rent payments after the eviction process has been started. As a general rule, if you accept a tenant’s full or partial rent payment during the notice period, the pay or quit notice will be cancelled […]

There are many reasons that a landlord may bring legal action to remove a tenant from the rental property. The two most common reasons for eviction are non-payment of rent and chronic late payment of rent. A landlord should always include specific language in his lease agreement regarding all rent issues – e.g. amount, due […]

Similar to property inspections to ensure the physical property is kept in good condition, business policy reviews are essential to ensure legal compliances, business protection insurances, risk reduction measures, and property management standards provide best practices coverages to protect the landlord’s business entity and rental operations. Legal Compliances Landlords conduct business under multiple levels of […]

The lease agreement is a legal contract between landlord and tenant that sets out the terms and conditions of the landlord-tenant relationship. The lease agreement must be compliant with landlord-tenant statutes and applicable laws of all relevant jurisdictions and sufficiently detailed regarding landlord and tenant rights, obligations, duties and responsibilities. A lease agreement should incorporate […]

A traditional rental policy of collecting a security deposit in the amount as allowed by statute may help protect the landlord’s business to a great degree. The tenant has an obligation to take good care of the rental unit and pay rent as agreed in the lease contract. The tenant has a vested interest to […]

Few landlords would argue against the value of tenant screenings to protect their business. Selecting a tenant may be the most important business decision a landlord makes. Tenant screening is the assessment of the applicant’s potential future risk of financial or material default of lease terms and conditions. A landlord’s number one concern is late […]

Evaluating business risk and implementing best practices to control business risk underlies the selection of a new tenant. The beginning of a new calendar year gives opportunity to review your business rental policies and practices and to determine whether those policies and practices have been good for your business. Your best practices for the coming […]