Landlords

Landlord (Also known as Lessor) is the owner of a property who allows other persons to occupy a property in exchange for periodic payments of rent. 

Choosing tenants is the most important decision any landlord makes. To do it well, landlords need a reliable system to weed out tenants who will pay their rent late, damage the rental unit or cause legal or practical problems later.

Here are some important points that can help a  landlord in choosing  the right tenants for his/her property:

• Find the right tenants. Don't rent to anyone before checking his or her credit history, references and background. New landlords must select  stably employed renters who can pay their rent on time. 
• New landlords may screen tenants themselves or may elect to pay a percentage of the first month's rent to a real-estate broker to run ads and conduct interviews and credit checks for them. 
• Set the right rent. You can easily check ads and visit comparable apartments to figure out the market rent for your unit. The tricky part is collecting enough money upfront to cover any damage the tenants cause while they're there.
• Establish a fair system for security deposits. Inspect and document the condition of the rental unit before the tenant moves in, to avoid disputes over security deposits when the tenant moves out.
• Know the law. Get all the important terms of the tenancy in writing. Beginning with the rental application and lease or rental agreement, be sure to document important facts of your relationship with your tenants.
• Stay on top of repair and maintenance needs and make repairs when requested.
• Find experienced landlords who will share their mistakes -- and their successes. 
• Respect your tenants' privacy. Notify tenants whenever you plan to enter their rental unit, and provide as much notice as possible, at least 24 hours or the minimum amount required by state law.
• Don't expect a fast return on your investment. 
• Try to resolve disputes with tenants without lawyers and lawsuits.
• Purchase enough liability and other property insurance.  This is an area that is often overlooked when landlords (or tenants) decide to let or rent a property. The risks associated with let properties are significantly different to owner occupied properties therefore you are well advised to use an insurer who specialises in this type of property insurance. 
  Insurance for landlords:
  1. Buildings Insurance
  2. Contents Insurance
  3. Emergency Assistance
  4. Legal Expenses Insurance
  5. Rent Guarantee Insurance
  Insurance for tenants:
  1.Tenants Contents Insurance
• A well-designed insurance program can protect your rental property from losses caused by everything from fire and storms to burglary, vandalism, and personal injury and discrimination lawsuits.

Landlords and Tenants should follow these tips to avoid legal problems:

• Make sure the terms of your lease or rental agreement are clear. 
• Know your rights and responsibilities under federal, state and local law.
• Keep copies of any correspondence and make notes of conversations about any problems. 
• Keep communication open. 
  

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