You can’t go to a college and get a degree in “Landlord-ship”. There’s no training program or classes you can enroll in once you’ve decided to invest in a rental property. Many first-time landlords make a lot of mistakes when they’re getting started. Mistakes are a part of the learning curve, but some can cost you both financially and land you in legal trouble. That’s why Specialized is here to give you advice on the do’s and don’ts of Dallas rental property management.
Here Are the Do’s
- Keep your rental property insured and require your tenant to have insurance. For effective property management in Dallas, you want to be fully insured. Though you might trust your tenant, you don’t know all of their friends and associates. With maximum liability coverage, you’ll keep out of legal trouble and protect your rental home.
- Have a Rental Application and Lease Agreement in Writing. You’ll want your prospective tenant to fill out a rental application, listing references and former rental history. You should also include a credit check and criminal background check. Once the tenant has passed the rental application with flying colors, both parties should sign a lease agreement. In the Dallas rental property management agreement, you should outline how long the lease is, how much the rental rate is, any and all security or pet deposits, and stipulations for maintenance and repairs.
- Give your tenant a move-in checklist. The checklist will give the tenant a chance to write down anything they don’t want to be charged for later such as small holes in the wall or marks on the floor. This will ensure better property management in Dallas and protect you and your investment from damage.
And the Don’ts
- Don’t discriminate. The Fair Housing Act states that you can’t pick and choose who rents your house based on race, color, national origin, religion, sex, familial status, and disability. So don’t discriminate if you want to stay out of court.
- Don’t lock out a tenant. You can’t just evict a tenant when you feel like it. You have to have a court order! Make sure you follow all the eviction rules to avoid a lawsuit in Dallas rental property management.
- Don’t use your tenant’s security deposit for your vacation getaway. First of all, it’s just not a good idea. Secondly, if you spend it now and can’t give it to your tenant later, you can find yourself in legal trouble. The tenant has the right to have their security deposit back if they have fulfilled all the terms of the lease agreement. Keep it separate from your personal bank account!
Protect yourself in property management in Dallas. Hire professional Dallas rental property management. With Specialized, we keep up with landlord/tenant codes and train all of our team members to be in strict compliance with the law. Our in-house legal counsel makes your first-time as a landlord a successful one. Call us today!