Vantage Property Management
Better Qualified Tenants.
Less Time on the Market.
Higher Comparable Rents.
Today we want to take a bit of time going over a few of the "do's and the don'ts" for the brand new landlord.
When dealing with your new tenant, you will want to address all leasing matters in a very professional manner, This doesn't mean that you are trying to come across as a "tough guy", or anything like that.
However, the tenant will be expecting the landlord to treat relationship in a professional way, when various items come up at the beginning of, and during the course of the lease term.
The next area that you want spend some time with is a pretty "dry" subject, but so very important. Take the time to read through the Maryland laws concerning the landlord/Tenant relationship.
Get to know what your rights and obligations to the tenant are, and what are the tenant's rights and obligations to you.
Having a general understanding of the legalities of the Landlord/Tenant relationship ahead of time will go along ways towards heading off legal problems down the road. In addition to the State laws, most Counties have additional local laws and regulations concerning this. (See the * below for reviewing the Maryland code).
Another area which requires some advance planning is how are you going to handle repairs and maintenance items when they come up. Inevitably, that water heater will wait to blow up the day before your planned vacation, or when you're overwhelmed with work, or other family needs.
Do you have an arrangement with a handyman for the small stuff, or do you have the time to do the repairs yourself? Do you have trades persons lined up for items such as a plumbing, electrical, heating and air conditioning, appliance repairs, etc.?
If you want to see a tenant "go ballistic", wait till the A/C goes out for three days in July because you're "shopping around" for the right repair company. (Remember, it's July, so everyone else is competing for service from that same repair company.
The last item that I want to touch on is the handling of tenant security deposits. I know that we mentioned this when we were talking about the general body of Landlord/Tenant laws. However, security deposits require some additional attention on the part landlords.
In the event that you end up in a disagreement with your tenant over a security deposit issue, the local courts do not go easy on the landlord who has not followed the law.
Do you know the maximum allowable amounts which can be held as security deposit? Do you know where you are required to keep the security deposit (the answer is, "NOT in your checking/savings account"). What's this about paying interest on security deposits? What are the tenant notification and time limit requirements concerning security deposits at the lease end?
* To review the majority of the Maryland laws concerning residential leases, search: Maryland Annotated code/Real Property; Title 8. Landlord and Tenant; Subtitle 2. Residential Leases; Subtitle 2. Residential Leases; Subtitle 5. Tenant Remedies; Subtitle 5a. Victims of Domestic Violence.
Go to the link below to get started:
Vantage Property Management
410.729.2770
1120 Benfield Blvd.
Millersville, MD 21108