Each year residential property owners lease out a rental homes for the first time. One of the biggest mistakes made by novice owner-landlords is not putting their rental property in good order. Here are some things to consider: first, marked up walls and unclean carpet will create a longer vacancy period; Secondly, if a poorly maintained home rents, its usually rented by a undiscriminating tenant, and its likely that the home will suffer from further neglect; Finally, if a residence is leased out in inferior condition and is damaged during the rental period, it will probably be harder to recover compensatory damages in a court of law. Experience has shown that it is much easier to hold tenants to a higher standard of accountability when the home is documented to be in clean condition at move in.
Another mistake many landlords make is to authorize their tenants to make repairs to the rental property for a reduction in the rent. While this agreement may seem reasonable, it exposes the landlord to liability issues by not using a licensed contractor. It is a frequent source of dispute when the repairs are not to code or high work standards are not used by the tenant.
Other mistakes may occur because of the owner-landlord is unaware of applicable state laws. It’s critical in property management to possess a firm grasp of “The Arizona Landlord Tenant Act.” With out a doubt, staying within the law will help owner-landlords steer clear of unnecessary disputes.
When a residential homeowner decides to lease out their home, it’s a good idea to consult a property manager. If a property management company is retained by the homeowner, then that owner can expect certain obligations to be met. In General, these property management obligations are: to act in the best interest of the homeowner, and to deal fairly with tenants, and prospective tenants. In addition to understanding and conforming to all relevant Arizona laws, a property manger must also adhere to federal fair housing laws. Of course, property managers do more than this, and are often very knowledgeable in things like marketing and preparation of the rental home as well. This is a lot of responsibility, and many homeowners find relief in such assistance.
Desert Wide Properties is one of Arizona’s largest property management companies, and its Chandler location is very convenient for Gilbert residents. Desert Wide has a thorough understanding of all aspects of residential property management, and is the place to start when seeking a consultation. For further information contact: www.desertwide.com